Manna

The 100%-owned Manna Lithium Project, the 3rd largest Resource in the Kalgoorlie Lithium Province, is an outcropping spodumene dominant hard rock lithium project located approximately 110km east of Kalgoorlie in the Goldfields region of Western Australia.

In November 2025, Global Lithium took another step towards production from the Manna Lithium Project, with the release of robust Definitive Feasibility Study (DFS) results.

The DFS for Manna incorporates extensive work to enhance project economics, systematically de-risk future development and position Manna for a Final Investment Decision (FID) in a disciplined manner, leveraging what has been a year of significant milestones for the project development team, which include the grant of Mining Lease[1] M28/414 and the signing of a Native Title Mining Agreement[2] with the Kakarra Part B Native Title Group.

DFS highlights:

• Post-tax NPV8 of A$472 million; – at US$1,400/t SC6.0 CIF price assumption and AUD:USD 0.67 exchange rate;
• Post-tax IRR of 25.7%;
• Payback period of 3.5 years;
• Breakeven price of US$784/t SC6.0 (EBITDA=0) – demonstrating significant project resilience;
• Competitive operating costs – DFS projects a competitive LOM all-in sustaining cost (AISC) of US$738/t (SC5.5) excluding sea freight and insurance;
• Capital efficiency – total preproduction capital expenditure (CAPEX) estimated at A$439.1 million;
• Significant resource confidence and long mine life – Manna confirms its position as the third largest lithium deposit in the Eastern Goldfields;
• 51.6 million tonnes (Mt) at 1.00% Li₂O[3] – total Mineral Resource Estimate (MRE); and
• 19.4 Mt at 0.91% Li₂O Maiden Ore Reserve – underpinning an initial LOM of 14.3 years, with more than 82% of the mining inventory supported by Ore Reserves.

[1] GL1 ASX Announcement, 25 August 25 2025, “Mining Lease granted for Manna Lithium Project”

[2] GL1 ASX Announcement, 13 August 2025, “Manna Lithium Project – Native Title Mining Agreement signed with Kakarra Part B Native Title Group”

[3] GL1 ASX Announcement, 12 June 2024, “43% Increase in Manna Lithium Deposit Mineral Resource”

Manna is the 3rd largest Resource in the Kalgoorlie Lithium Province