Join our daily newsletter At The Bell to receive exclusive market insights
- Global Lithium Resources (GL1) has debuted on the ASX today as the latest addition to the growing list of public Australian lithium miners
- The company began trading after a heavily oversubscribed $10 million initial public offering (IPO), under which GL1 issued 50 million shares at 20 cents each
- GL1 plans to produce lithium from its core Marble Bar Lithium Project (MBLP) and said it has already seen major success at the Pilbara project
- This comes from the Archer deposit at the MBLP, which GL1 said has an inferred mineral resource of 10.5 million tonnes at one per cent lithium oxide
- The company said now that it has listed on the ASX, it plans to increase the size of the Archer deposit and explore more of the MBLP area
- In tandem with its ASX debut, Global Lithium has kicked off a 4000-metre reverse circulation (RC) drilling program at the Marble Bar project
- Shares in Global Lithium are trading at 26 cents each this afternoon on the company’s first day on the ASX
Global Lithium Resources (GL1) has debuted on the ASX today as the latest addition to the growing list of public Australian lithium miners.
The company began trading on the ASX after a heavily oversubscribed $10 million initial public offering (IPO), under which GL1 issued 50 million shares at 20 cents each.
According to Global Lithium, the IPO was supported by a mix of institutional and sophisticated investors, resource funds and mum and dad investors.
The company plans to produce lithium from its Marble Bar Lithium Project (MBLP) in the Pilbara region of Western Australia.
While Global Lithium was established in 2018, the company said it has already seen some “significant success” at the project through the discovery of the Archer deposit, which has an inferred mineral resource of 10.5 million tonnes at one per cent lithium oxide.
The company said now that it has listed on the ASX, it plans to increase the size of the Archer deposit and explore more of the MBLP area.
Global Lithium Chair Warrick Hazeldine said it’s a proud day for the company.
“After two years of successful exploration activities, this is a great time to bring this investment opportunity to the market,” Warrick said.
“It’s a great time to be in the lithium industry and Global Lithium is one of only a handful of opportunities for investors to gain exposure to lithium via the ASX,” he said.
Marble Bar drilling
Global Lithium has hit the ground running with its public debut, announcing soon after listing it has kicked off a 4000-metre reverse circulation (RC) drilling program at the Marble Bar project.
The company said it expects the program to take around one month to complete, with another 800 metres of diamond core drilling in planning.
The purpose of the drilling is to help Global Lithium gain a better understanding of the lithium mineralisation at the Archer deposit and to help complete geological mapping and desktop studies for some core project areas.
Managing Director Jamie Wright said its geology partner, Resource Potentials, and drilling company Profile Drilling are on site, with the RC program well underway.
“Both groups have been part of our previous exploration programs and, as such, know the ground well,” Jamie said.
“We will continue to push ahead with our aggressive exploration strategy at the MBLP and look forward to updating shareholders on our progress,” he said.
Shares in Global Lithium are trading at 26 cents each at 3:07 pm AEST on the company’s first day on the ASX.
