only 2 weeks ago, $3.20 folks, $3.20Global Lithium Resources...

only 2 weeks ago, $3.20 folks, $3.20

Global Lithium Resources maintains A$3.20 price target from Shaw and Partners

Last updated: 11:53 27 Dec 2023 AEDT First Published: 11:37 27 Dec 2023 AEDTWritten by: Ephrem JosephAbout this contentViewGlobal Lithium Resources LtdASX:GL1Global Lithium Resources Ltd (ASX:GL1)has maintained its A$3.20 price target, as resource drilling at Manna Lithium Project continues to demonstrate high grades, according to analysis by Shaw and Partners.The analyst's price target is based on the company further expanding its resource base by 25% in the next 12 months and trading at an industry average developer multiple of $900/tonne of lithium oxide.GL1 shares are currently trading A$1.20 at with a market cap of $311.49 million.Following are excerpts from Shaw and Partners research report.Core drivers and catalystsGL1 is a hard-rock lithium developer focused on tier-1 jurisdictions.The company’s key assets – the Marble Bar Lithium Project (MBLP, 100%) and the Manna Lithium Project (Manna, 100%) – are located close to world-class lithium deposits and appear to be in similar geological settings.Both projects are in well-established mining regions with access to infrastructure – the Pilbara region (MBLP) and close to Kalgoorlie (Manna).The company’s projects have a combined mineral resource of 54 million tonnes at over 1% Li2O.The company’s assets are located adjacent to Mineral Resources’ Wodgina and Mt Marion deposits, and Mineral Resources has a 9.6% interest in GL1.Canmax (formerly Suzhou TA&A, 9.6% of GL1) is affiliated with China’s largest electric vehicle battery maker, Contemporary Amperex Technology (CATL).GL1 recently announced a 10-year offtake agreement with Canmax.Executive director Ron Mitchell has more than 11 years in the lithium and battery metals industry with senior roles at Tianqi Lithium Corporation and Talison Lithium.Non-executive director Greg Lilleyman was previously the chief operating officer of Fortescue Metals for four years and has held senior roles at Rio Tinto
source: proactive