Global Lithium Resources Limited (GL1.AX) Secures Transformational Funding to Underpin Future Development of the Manna Lithium Project

Perth, April 22, 2026 AEST (ABN Newswire) - Global Lithium Resources Limited (ASX:GL1) (GBLRF:OTCMKTS), announced 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."

The Binding Term Sheet sets out the commercial terms for the proposed arrangements, including:

1. The Company has entered into a strategic equity investment arrangement with Lopal through the Placement as below:

- Lopal will subscribe for 13,840,111 fully paid ordinary shares in Global Lithium (Placement Shares) at an issue price of A$0.52875 per share, based on the 20-day volume weighted average market price up to, and including, 20th April 2026, raising A$7,317,959 (Placement).

The Placement is conditional only on obtaining any necessary regulatory approvals and will be completed utilising the Company's existing placement capacity under ASX Listing Rule 7.1A. Following the issue of the Placement Shares, Lopal will hold approximately 5% of Company's issued capital.

The Placement Shares are targeting completion of the Placement as soon as practicable, and any Placement shares will rank equally with existing fully paid ordinary shares. Proceeds from the Placement will be applied in the advancement of the Manna Lithium Project toward a final investment decision and for general working capital purposes.

2. Long-term offtake agreement structure with Lopal:

- Product: Spodumene concentrate produced from the Manna Lithium Project, with a target Li2O content of 5.5%;

- Term: A 10-year term from the date of the first supply of product, with an option for Lopal to extend for a further four years;

- Quantity: Lopal will offtake 40% of Manna's annual actual production. From commencing production, Global Lithium will use reasonable endeavours to supply at least 70,000 tonnes of product per annum. With the new 40% offtake to Lopal and existing 30% offtake to Canmax Technologies Co., Ltd the remaining 30% production quantity is remaining at GL1's sole discretion; and

- Pricing: The contract price each shipment of product in US$/metric tonne will be calculated based on market price formula determined by internationally recognised price reporting agencies. However, a floor price of US$1,000/tonne (on a CIF basis) will apply for the first three years of the offtake term, with no upside price limitation.

3. Significant Offtake Prepayment Structure with Lopal:

- Quantum: Lopal will provide a maximum Offtake Prepayment of US$75 million;

- Use of proceeds: The prepayment is to be used for development expenditure for the Manna Lithium Project, including costs required to develop, build and commission (and once constructed, operate) the Project;

- Prepayment Cost: The cost of prepayment advances shall be borne by GL1 at an annual rate of 5%, calculated daily on the outstanding balance.

- Repayment: Following a 12-month grace period from the first product supply, repayment will occur from each product invoice issued under the Offtake Agreement. Advances are subject to a final repayment date of four years after the supply commencement date; and

- Condition precedent: Payment is subject to completion of the Placement and GL1 making a positive Final Investment Decision (FID) for the Manna Lithium Project.

The Binding Term Sheet includes obligations on the parties to negotiate full form documents to reflect the commercial terms above.

Strategic divestment of non-core Marble Bar lithium tenements to Lopal Tech

The terms of GL1's separate binding Tenements and Mineral Rights Sale Agreement include:

- Assets sold: The agreement covers the sale of exploration tenements E45/4309, E45/4328, E45/4631 (held by GL1) and E45/4669, E45/4724 (held by MB Lithium Pty Ltd, a wholly-owned subsidiary of GL1), along with associated mineral rights and mining information.

- Conditions precedent: Completion of the Tenements and Mineral Rights Sale Agreement is subject to entering into a number of deeds of assignment and assumption with third parties. But is not subject to Lopal Tech obtaining FIRB approval.

- Consideration: The total potential consideration is A$14.85 million, comprising:

i. A completion payment of A$11.85 million payable at the satisfaction or waiver of various conditions precedent (including assignments of existing agreements); and

ii. A contingent consideration payment of A$3.0 million payable upon the grant of a mining lease over the subject tenements to the Buyer.

- Strategic rationale: This divestment aligns with GL1's strategy to focus its resources and capital on the accelerated development of its flagship Manna Lithium Project, while also generating non-dilutive funding.

The Manna Lithium Project, located approximately 110 kilometres east of Kalgoorlie, continues to advance rapidly toward FID, anticipated to occur before the end of this calendar year. The execution of this binding Term Sheet solidifies Global Lithium's position as a key player in the global lithium supply chain.

About Lopal

Jiangsu Lopal Tech. Group Co., Ltd, which is listed on both the China and Hong Kong Stock Exchanges, is a highly reputable and significant participant in the global battery materials sector. The commitment through both the strategic equity investment and substantial prepayment facility, alongside a key offtake agreement represents a strong endorsement of the quality, scale and development potential of the Manna Lithium Project.

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About Global Lithium Resources Limited

Global Lithium Resources Limited (ASX:GL1) (OTCMKTS:GBLRF) is a diversified West Australian lithium  exploration and development company with a primary focus on the 100% owned Manna Lithium Project  located 110km east of Kalgoorlie in the Goldfields of Western Australia. 

Global Lithium has defined a total Indicated and Inferred Mineral Resource of 51.6Mt @ 1.0% Li2O at its Manna Lithium Project, confirming Global Lithium as a significant global lithium player. The Manna Lithium Project has Grand Total Ore Reserve of 19.4Mt @ 0.91% Li2O.

   

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