Global Lithium Resources (GL1) Q1 2027 TU earnings summary

Executive summary

• Quarter marked by a proposed Titan acquisition for A$1.15/share and completion of a Manna–Nova integration study that materially improved projected project economics and reduced funding needs.

• Binding agreement to acquire 100% of IGO Nova Pty Ltd, owner of Nova Operations, supports processing Manna ore through existing infrastructure rather than building a greenfield concentrator.

Financial highlights

• Integration Study post-tax NPV at 8% was A$945.7m versus A$472.4m in the DFS; financial outcomes use different spodumene price and exchange-rate assumptions.

• Study forecast revenue of A$6,044.0m, EBITDA of A$2,534.6m and post-tax free cash flow of A$1,563.1m over the project life.

• Quarter-end cash was A$20.844m; net operating cash outflow was A$4.303m and net investing cash outflow was A$1.016m.

Outlook and guidance

• Scheme meeting expected on or about 22 December 2026, with implementation expected in mid-January 2027, subject to approvals and other conditions; scheme booklet intended for late November.

• Works Approval expected before the end of the December 2026 quarter; grade-control drilling was planned to start in early November 2026.

• The Integration Study is intended to inform a Final Investment Decision and carries a Class 3 capital cost estimate with ±20% accuracy.