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Global Lithium Resources has entered into binding agreements to acquire the underlying Manna lithium project tenements.

Global Lithium Resources has announced the results of the scoping study conducted at its Manna Lithium project.

The project, located 100km east of Kalgoorlie in the WA goldfields, has been recommended to proceed directly to a definitive feasibility study (DFS).

The scoping study was conducted to understand the potential viability of developing a mine at the site.

A potential globally competitive lithium project was confirmed by the end of the scoping study, with a life-of-mine (LoM) of 10 years and an estimated total production run of 2.2 million tonnes of spodumene concentrate.

“The results of the scoping study show the true quality and real potential of the Manna Lithium project,” Global Lithium managing director Ron Mitchell said.

Global Lithium acquired 100 per cent ownership of the project in late 2022.

“The Global Lithium board is delighted with the robustness of the project and its resilience to multiple factors that the resource industry is experiencing here in Western Australia with increasing cost escalation and market conditions,” Mitchell said.

“The development team will now diligently progress all the necessary technical components and engineering work streams to ensure the project is sufficiently de-risked, allowing the company to progress to a final investment decision next year.

“The board has unanimously resolved for the project to proceed directly to formal feasibility, due to the compelling economics and the continuing strong lithium market fundamentals.”

Global Lithium will now proceed to a DFS on the project, with the aim of reaching final investment decision in 2024.