Global Lithium Resources Ltd (ASX:GL1) has made strong progress towards the completion of its definitive feasibility study for the Manna Lithium Project, 100 kilometres east of Kalgoorlie in Western Australia.
The DFS will incorporate an updated mineral resource estimate (MRE), detailed mine schedule, metallurgical and process flowsheet test work results and detailed operating and capital costs, amongst other key work streams.
Furthermore, a significant number of assays remain pending from the 60,000-metre drilling program completed at Manna in 2023 with remaining assay results expected in the current quarter.
The Manna DFS remains on track and is scheduled to be completed during the first half of this year.
“In a strong position”
Global Lithium managing director Ron Mitchell said: “GL1 is in a strong position and is on track to reach several major project milestones in 2024.
“This quarter, we will announce the remainder of the drilling results from the ~60,000-metre CY23 drilling program at the Manna Lithium Project, paving the way for an update to the mineral resource estimate and mine schedule.
“Coupled with our ongoing metallurgical studies, these updates will form integral parts of the DFS which we plan to announce the results of during H1 CY24.”
2024 exploration program
Planning for the 2024 exploration program is nearing finalisation and significant upside remains with new lithium targets identified which will be tested during the year.
Additional advanced metallurgical test work is nearing completion with this work focused on delivering a further increase in lithium recoveries.
Key approvals including environmental and Native Title negotiations are well advanced, with the Mining Lease expected to be granted once the Native Title mining agreement is finalised.
Mitchell added: “From an approvals viewpoint the company has put a tremendous effort in advancing key approvals on multiple fronts, and we anticipate execution and receipt of these key approvals and agreements in H1 CY24.“
Offtake agreements and financing
Discussions with potential offtake partners are progressing as part of the financing strategy for the Manna Lithium Project.
The company continues to have constructive engagement with a number of potential offtake counterparties seeking to secure a supply of spodumene from the Manna Lithium Project and particularly the tier-one mining jurisdiction of Western Australia.
“We have recently seen several new and existing individual and institutional shareholders take advantage of an opportunity to establish and or increase their holdings within the company," Mitchell said
“The company welcomes the strong and ongoing support shown by these shareholders and the opportunity that GL1 represents as the company works towards achieving its major milestone of completing the Manna DFS.
“GL1 is well funded and has a clear strategy in place in relation to the continued development of the Manna Lithium Project which we anticipate can withstand the current lithium market conditions and related near-term headwinds.
“The board of GL1 expects the positive advances we have made at Manna will allow the company to benefit from improved market conditions going forward.
“We are excited by the opportunities ahead for the company in 2024 and look forward to keeping shareholders well informed of our progress.”