Global Lithium Resources (GL1) H2 2024 earnings summary

Executive summary

• Advanced the Manna Lithium Project, increasing its Mineral Resource Estimate by 43% to 51.6Mt @ 1.0% Li₂O, positioning it as the second largest lithium resource in the Eastern Goldfields.

• Completed a 60,000m exploration program and progressed the Definitive Feasibility Study for Manna, with a focus on ore sorting and process optimization.

• Implemented significant cost reductions and paused several components of the Manna DFS in response to a downturn in the global lithium market.

• Board changes post-year-end, including reduction in board size and new executive appointments.

Financial highlights

• Net loss after tax for FY24 was $4,369,519, nearly flat compared to FY23's $4,387,791.

• Total comprehensive loss for the year was $6,129,519, impacted by a $1,760,000 decrease in the fair value of equity investments.

• Cash and cash equivalents at year-end were $26,850,459, down from $61,952,063 at the prior year-end.

• Exploration and evaluation assets increased to $138,576,126 from $108,479,414 year-over-year.

• No dividends were paid or proposed for the year.

Outlook and guidance

• Immediate pause on several Manna DFS workstreams and material reduction in monthly expenditure to preserve financial strength.

• Targeted exploration activities planned to add value while awaiting improved lithium market conditions.