Global Lithium Resources (GL1) H2 2024 earnings summary

Executive summary

• Advanced the Manna Lithium Project DFS, with activities paused pending market improvement; Manna MRE increased 43% to 51.6Mt @ 1.0% Li₂O, making it the second-largest lithium resource in the Kalgoorlie Lithium Province.

• Combined MRE across Manna and Marble Bar projects now totals 69.6Mt @ 1.0% Li₂O.

• Significant cost reductions and board restructuring implemented in response to challenging lithium market conditions.

• Strong focus on sustainability, stakeholder engagement, and progressing key environmental and native title approvals.

Financial highlights

• Net loss after tax for FY24 was $4,369,519, similar to FY23 ($4,387,791).

• Total income rose to $2.45M (FY23: $1.90M), mainly from interest and government grants.

• Cash and cash equivalents at year-end were $26.85M, down from $61.95M in FY23.

• Exploration and evaluation assets increased to $138.6M (FY23: $108.5M).

• No dividends declared or paid.

Outlook and guidance

• DFS for Manna Lithium Project suspended until market conditions improve; focus on prudent expenditure and maintaining a strong balance sheet.

• Anticipates improved lithium market sentiment from 2025, with a tight supply/demand balance expected in 2026-2027.

• Targeting completion of Native Title Mining Agreement and securing mining lease for Manna.