GL1 +6.85%: while there was some recovery across lithium stocks today, Global Lithium saw a stronger-than-sector move higher thanks to a resource upgrade at their Manna deposit near Kalgoorlie in WA. The latest resource estimate increased to 36Mt of lithium at a grade of 1.13%. This is a 25% increase in lithium with a 13% increase in grade mostly coming from unconfirmed assay results from the 2022 exploration program. This upgrade to the resource follows the recent announcement regarding significant strikes of rare earth elements. The company will continue to expand the resource with a further 50,000m of drilling to get underway, likely to lead to another upgrade next year if results are similar, while a Definitive Feasibility Study is running concurrently.
MM is long and bullish GL1
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