Global Lithium Resources Ltd. has secured funding for the development of its Manna lithium project in Western Australia, signing agreements with global battery materials producer giant Jiangsu Lopal Tech. Group.
The deal, worth more than AU$120 million in combined equity, prepayments, and asset sales, provides Global Lithium with the necessary capital as it moves toward a Final Investment Decision (FID) for the project, located 110 kilometres east of Kalgoorlie.
Under the binding term sheet, Lopal will invest A$7.32 million in an equity placement, taking a 5 per cent stake in the company.
The agreement also includes a US$75 million (A$116 million) offtake prepayment facility, which will be utilised directly for the construction and commissioning of the Manna site.
In exchange, Lopal has secured a 10-year offtake agreement for 40 per cent of Manna’s annual spodumene concentrate production.
This includes a floor price of US$1,000 per tonne for the first three years, protecting the project from the price volatility that has recently plagued the sector.
To further focus its capital on Manna, Global Lithium is divesting its interest in the Marble Bar lithium project in the Pilbara to Lopal for A$14.85 million.
This sale provides the company with significant non-dilutive funding, allowing management to concentrate entirely on its flagship asset.
Global Lithium Managing Director Dr Dianmin Chen described the arrangements as a pivotal advancement.
“These arrangements provide a robust initial contribution to fund Manna’s future development, securing critical long-term customer relationships and validating the demand for our high-quality lithium resource,” Chen said.
The Manna lithium project is advancing rapidly, with an FID anticipated before the end of the 2026 calendar year.
With 70 per cent of the project’s future production now committed to major international partners, Lopal and Canmax Technologies, Global Lithium is well-positioned as a key contributor to the global EV battery supply chain.
The transactions are not subject to Foreign Investment Review Board (FIRB) approval, allowing the company to proceed with the placement as soon as possible.
