Global Lithium Resources Limited (ASX: GL1, “Global Lithium” or “the Company”), is pleased to announce it has executed a Binding Term Sheet with Jiangsu Lopal Tech. Group Co., Ltd (Lopal) – a leading global battery materials producer listed on the Shanghai and Hong Kong stock exchanges – which provides for an equity investment of A$7.32 million (Placement) and an offtake Prepayment of US$75 million which will accelerate the development of the 100% owned Manna Lithium Project in Western Australia.
GL1 and its wholly owned subsidiary, MB Lithium Pty Ltd have also entered into a separate binding Tenements and Mineral Rights Sale Agreement with Lopal Tech Perth Pty Ltd (Lopal Tech), a wholly-owned subsidiary of Lopal, for the sale of GL1’s interest in its Marble Bar Lithium Project, in the Pilbara region of Western Australia, including certain non-core exploration tenements and associated lithium mineral rights for a total consideration of A$14.85 million.
Under Australia’s foreign investment rules, the above transactions are not conditional to FIRB approval.
GL1 Managing Director Dr Dianmin Chen said the transformational arrangements with Lopal represent a pivotal advancement in the Manna Lithium Project toward a final investment decision (FID) on its development.
“The arrangements with Lopal provide a robust initial contribution to fund Manna’s future development, securing critical long-term customer relationships and validating the demand for Manna’s substantial and high-quality lithium resource.”
