Ann: Change in substantial holding, page-29

Reproduced below are the original deal terms as announced by BRB - so the number we are looking for GL1 to announce is at least 250,000 tonnes JORC at Manna which will trigger the next $10m payment.

Whilst BRB used a cut-off grade of 1.25% Li2O in their announcement below, the GL1 announcement of the same date stated that the 250,000 tonne JORC is based on "a cut-off grade of at least 0.5%."

Key terms of the transaction are:
 Global Lithium will pay Breaker $13 million upfront comprising $6.5 million in cash and $6.5 million in Global Lithium shares, payable by 31 December 2021, to secure the rights;
 Global Lithium will pay Breaker a further $10 million payable on the definition of a Mineral Resource containing more than 250,000 tonnes of contained Li2O (equivalent to 20Mt @ 1.25% Li2O for illustrative purposes);
 Global Lithium will pay Breaker $10 million payable upon the production of 100,000 tonnes of contained Li2O, (equivalent to approximately 1.67Mt @ 6% spodumene concentrate for illustrative purposes);
 Global Lithium to fund all exploration and technical studies to completion of a definitive bankable feasibility study within five years. If Global Lithium fails to achieve this outcome, its equity will revert to a 50% joint venture arrangement; and
 Breaker to retain at least a 20% equity interest in the Manna Lithium Project by way of its wholly-owned subsidiary, Breaker Resources Lithium Pty Ltd.

GLTA & DYOR