Done some dodgy calculations and ive come up with a rough...

Done some dodgy calculations and ive come up with a rough estimate for the resource upgrade next month

Previously used to say that i believe the resource will be increased to between 30mT and 40mT
But now im fairly certain its going to be 40mT (do note though that i could be wrong - we'll find out soon enough)

I came up with approximately (a little more) than 10mT at both Manna and MBLP respectively (in total an increase of just over 20mT) - bringing the updated MRE to just over 40mT

MBLP should be slightly higher than Manna (for now anyway)

(this isn't including if we get any new assays prior to the upgrade - though im not sure if we will or if the drilling programs have completed?)

I think the reason they've decided to focus more on Manna is because firstly, the original resource was defined with only ~4000m of drilling. Secondly, the second round of drilling (~24,000m at Manna - which i believe hasn't yet completed) intersected around the same amount of lithium minerlisation as the much larger (60,000m - also yet to be completed i believe) drilling campaign at MBLP but with significantly less drilling. So its showing much more potential to keep increasing as more drilling is completed / more targets are identified

Also, i believe that not all the Manna results from this campaign will be included in this resource upgrade next month (because there may be assays released after the upgrade has already happened - but im not 100% sure on that). If it's the case, these assays/results will fall into the next planned resource upgrade in Q2 2023

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As for future growth potential

MBPL
20,000m RC and 2,500m diamond drilling from April to October 2023
existing intersects are mostly from surface, which is really great from an economical view
Additional prospective exploration corridors discovered at the MBLP
Regional exploration uncovers multiple corridors or prospective pegmatite zones to the North and East
New expanded exploration strategy planning is underway to cover off the larger project area to generate new drilling targets
New LCT pegmatite "the Lantern Prospect"

Exploration within the MBLP has been focused mainly on the Archer prospect, which covers an approximate area of 6km2

In total, the GL1 MBLP tenements cover approximately 280km2 so there remains a considerable opportunity to expand its exploration focus to include other areas within the MBLP tenements.

The newly discovered pegmatite corridors 2, 3 and 4 follows the interpreted depositional “Goldilocks Zone” for LCT pegmatites distance from the parent Granite rock (Figure 2). Each of these areas are being assessed in the field by reconnaissance mapping and sampling surveys currently.

A small number of holes have been drilled south of the Corridor 2 area with one hole, MBRC0236 intersecting several wide mineralised zones with 20m @ 0.47% Li2O from surface and 12m @ 0.53% Li2O from 44m (refer ASX release dated 2nd May 2022). These wide anomalous lithium values indicate the zone may be close to a more significant mineralised system.

Manna
30,000m RC and 4,000m diamond drilling (including exploration in the broader tenement package) from March to October 2023
they acquired the tenaments around the existing Manna resource from Breaker, which also have high potential for lithium mineralisation (E28/2551 and E28/2522). Undertaking a broad drilling campaign to understand the extent of mineralisation in the immediate project vicinity and more regionally

*Manna DFS during 2023 including a further MRE update and Mining Lease application
*Feasibility to consider both a full spodumene concentrate beneficiation plant scope and optionality around a downstream lithium hydroxide production plant
*Further MRE update expected in H2 CY2023


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This company will be a producer
In particular, Manna will have its FID in 2024 with construction planned to begin in H2 2024

-MinRes (ASX:MIN) increases its stake to 9.9% most recently at $2.25
-Suzhou TA&A (associate of CATL group) maintains its 9.9% stake and also contributed recently at $2.25
-10 year offtake with Suzhou TA&A for atleast 30% of spodumene at market prices
-Partnership with Korean Battery Maker SK ON (MOU) - potential collaboration/investment/offtake

All signs point to a successful future operation with plenty of upside potential. Most recently Macquarie Research stated "GL1 offers the greatest near-term exploration upside." increasing their price target to $4.40.