Lopal Tech inks deal to secure Australian lithium concentrate supply

On April 20, Jiangsu Lopal Tech Co., Ltd. signed a legally binding term sheet with Global Lithium Resources Limited and its wholly- owned subsidiary GLR Australia Pty Ltd, covering share subscription, offtake, and prepayment arrangements.

Under the agreement, Lopal Tech will subscribe for 13,840,111 ordinary shares in Global Lithium Resources at AUD0.52875 per share, representing a 5% stake post-issuance, for a total investment of AUD7.32 million.

GLR has committed to supplying Lopal Tech with 40% of the annual spodumene concentrate output from its Manna project over a 10-year period starting from first delivery, with a minimum guaranteed volume of 70,000 tonnes per year.

GLR expects to make a final investment decision (FID) on the Manna lithium project by the end of 2026, with construction to follow. First shipments are targeted for June 2028. The project, located in Western Australia, holds total resources of 51.6 million tonnes at an average grade of 1.00% Li2O.