Global Lithium Resources (GL1) Q1 2025 TU earnings summary

Executive summary

• Completed 6,261m RC drilling at Manna Lithium Project, confirming a 600m southwest extension with significant intercepts up to 21m @ 0.99% Li₂O.

• Manna DFS metallurgical testwork finalized, achieving 78% lithia recovery; ore sorting trials show >97% spodumene recovery and >90% iron rejection.

• All required Aboriginal Heritage Surveys and key land access approvals completed for Manna.

• Significant corporate restructuring and cost reductions implemented due to lithium market downturn, including pausing parts of the Manna DFS and reducing board size.

• Cash position of $21.5 million and listed equity investments of A$3.4 million as of 30 September 2024.

Financial highlights

• Net cash outflow from operating activities was $5.17 million for the quarter, mainly due to exploration, DFS costs, and restructuring.

• Cash and cash equivalents at quarter end were $21.5 million, with no debt.

• Estimated quarters of funding available: 4.16, based on current cash burn.

Outlook and guidance

• Expects to maintain sufficient funding to weather a prolonged lithium market downturn, with further cost reductions effective from December 2024 quarter.

• Plans to resume full DFS and construction at Manna when market conditions improve.

• Ongoing evaluation of multi-commodity exploration opportunities for additional value.