Global Lithium Resources (GL1) Q4 2024 TU earnings summary

Executive summary

• Manna Lithium Deposit Mineral Resource Estimate (MRE) increased by 43% to 51.6Mt @ 1.0% Li₂O, making it the second largest lithium resource in the Kalgoorlie Lithium Province.

• Total contained Li₂O rose 26% to 515,000 tonnes, with LCE at 1,276 Kt; Indicated JORC classification up 63% to 32.9Mt @ 1.04% Li₂O.

• Definitive Feasibility Study (DFS) for Manna is well advanced, with release expected in H2 CY24; mine schedule and mineral reserve to be updated with new MRE.

• 6,000m RC drilling program commenced at Manna to test resource extensions; water exploration drilling also underway.

• EIS grant awarded for gold-silver-copper drilling at Marble Bar Lithium Project.

Financial highlights

• Cash balance at 30 June 2024 was $26.9m, with no debt.

• Net cash outflow from operating activities for the quarter was $2.93m; $3.5m spent on exploration activities.

• No mining development or production activities conducted during the quarter.

Outlook and guidance

• DFS for Manna Lithium Project to be released in H2 CY24, with a mineral reserve to be announced concurrently.

• Native Title Mining Agreement expected in 2H CY24, clearing the way for mining lease grant.

• Ongoing engagement with potential strategic and offtake partners; positive signs for lithium market rebound in 2025.

• Final Investment Decision (FID) for Manna targeted in 2025.