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2026-11-06
◂ Monitor GL1 ASX

Global Lithium Resources Limited

DFS Unfunded Developer · Lithium · Australia Rating locked: sign in to view v6.2
Last 2026-11-06
A$0.9
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$249.7M
EV
A$223.5M
Cash
A$26.2M
Debt
A$0
3 newer ASX announcements not yet reflected in this valuation

Funding, performance and ownership

Financials & Capital

As of 2026-06-30
Cash A$26.2M Finite
Debt A$0 Net cash A$26.2M
Basic shares 277.5M 2026-09-22
Runway 25.47 quarters Appendix 5B item 8.7 divides A$26.231 million available funding by A$1.030 million quarterly relevant outgoings.

Liquidity

Financial position

A$26.231m 30 June cash supports near-term corporate work, not the A$180.1m integrated pre-production funding. Titan announced a conditional up-to-A$120m bridge on 22 September at 7% interest; no draw is established at cutoff, so undrawn facilities in this balance snapshot stay zero. Lopal US$75m prepayment remains FID-conditioned.

Capital structure

Ownership and dilution

Ordinary shares
277.5M
Fully diluted
289.4M

Titan scheme announcement footnote states 277,494,839 ordinary shares, 605,050 options, 8,737,920 performance rights and 2,550,000 proposed director rights; fully diluted equivalent is 289,387,809. Nova purchase may involve up to 13,333,333 further ordinary shares, still unissued at cutoff; modelled only in breakup stress.

Security classes3
ClassTypeQuantityStrikeExpiry
Options on issue at Titan scheme announcementOption605K——
Performance rights on issue at Titan scheme announcementPerformance Right8.7MA$0—
Director performance rights proposed before scheme effective date, subject to shareholder approvalPerformance Right2.6MA$0—
Company guidance5
MetricProjectPeriodLowHighStatus
Manna Nova Integration Study CompletionmannaSeptember quarter 2026—— milestoneAchieved
Final Investment DecisionmannaDecember quarter 2026—— milestoneCurrent
Dso Production CommencementmannaMarch quarter 2027—— milestoneSuperseded
Spodumene Concentrate Production CommencementmannaMid-2027—— milestoneCurrent
First Direct Shipping Ore ShipmentmannaMay 2027—— milestoneCurrent

Capital history

Capital events

5 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-09-22DebtA$120M——Announced—
2026-07-16Ann. 2026-07-17Raising—67.6K—Completed—
2026-07-15RaisingOrdinary Fully Paid SharesA$2M13.3M—AnnouncedMaximum proposed scrip consideration for Nova; GL1 may cash-settle some or all and no shares were issued at cutoff.Max 13.3M · Until 2026-12-15 · 10-day VWAP before completion, subject to the maximum share cap
2026-07-01Raising—625K—Completed—
2026-05-28Ann. 2026-04-22RaisingA$7.3M13.8M—Completed—

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Partial · as of 2026-09-26

Annual report and later quarterly, transaction and scheme disclosures cover material publicly stated agreements; Native Title financial terms and any undisclosed side letters remain unavailable.

Canmax takes at least 30% of available Manna concentrate. Price formula review deadline was 31 August 2026; no amendment evidenced by cutoff.

Offtake · Active
Counterparties
Canmax Technologies Co., Ltd
Applies to
Manna Lithium Project · Lithium
Economic direction
Mixed
Period
From 2022-03-03; no end date stated
Key terms
minimum allocation: 30 % of available concentrate
term: 10 years
price formula: market index formula USD/t
How it affects our valuation

No valuation treatment is available for this arrangement.

Lopal 40% offtake and conditional US$75m prepayment; floor protects only its share for first three years, with no upside cap.

Offtake · Conditional
Counterparties
Jiangsu Lopal Tech. Group Co., Ltd
Applies to
Manna Lithium Project · Lithium
Economic direction
Mixed
Period
From 2026-04-22; no end date stated
Key terms
production share: 40 % annual actual SC5.5
floor price: 1,000 USD/t CIF
prepayment maximum: 75,000,000 USD
interest: 5 % per year
repayment deadline: 4 years from first supply
How it affects our valuation

No valuation treatment is available for this arrangement.

Binding sale of Marble Bar lithium tenements and mineral rights; proceeds remain conditional.

Other · Conditional
Counterparties
Lopal Tech Perth Pty Ltd
Applies to
Marble Bar Lithium Project · Lithium
Economic direction
Benefit
Period
From 2026-04-22; no end date stated
Key terms
completion payment: 11,850,000 AUD
mining lease contingent payment: 3,000,000 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.

Nova acquisition became unconditional after ACCC waiver; asset transfer and rehabilitation assumption occur at completion.

Other · Active
Counterparties
IGO Limited
Applies to
Nova Operation · Manna Lithium Project · Lithium
Economic direction
Mixed
Period
From 2026-07-15; no end date stated
Key terms
cash consideration: 5,000,000 AUD
scrip consideration maximum: 13,333,333 ordinary shares
rehabilitation: unquantified AUD
How it affects our valuation

No valuation treatment is available for this arrangement.

Native Title Mining Agreement supports Manna access and contains social/economic commitments; financial terms are not disclosed.

Other · Active
Counterparties
Kakarra Traditional Owners
Applies to
Manna Lithium Project · Lithium
Economic direction
Mixed
Period
From 2025-08-13; no end date stated
Key terms
commercial obligations: undisclosed AUD
How it affects our valuation

No valuation treatment is available for this arrangement.

Binding all-cash scheme subject to expert, shareholder, court, FIRB and ACCC gates; no financing or due-diligence condition.

Other · Conditional
Counterparties
Titan Australia Mining Pty Ltd
Applies to
Manna Lithium Project · Nova Operation · Lithium
Economic direction
Mixed
Period
From 2026-09-21; no end date stated
Key terms
cash scheme consideration: 1.15 AUD/ordinary share
shareholder meeting: late December 2026 window
How it affects our valuation

No valuation treatment is available for this arrangement.

Up-to-A$120m development bridge during scheme; draws and repayment terms are conditional and not cash on hand.

Other · Conditional
Counterparties
Titan Australia Mining Holdings Pty Ltd
Applies to
Manna Lithium Project · Nova Operation · Lithium
Economic direction
Mixed
Period
From 2026-09-21; no end date stated
Key terms
facility limit: 120,000,000 AUD
interest: 7 % annual
maturity: 12 months
How it affects our valuation

No valuation treatment is available for this arrangement.