Global Lithium Resources Ltd (ASX:GL1) is set to debut on the ASX in early May after closing its fully subscribed, $10 million initial public offer early.
The company’s main focus upon listing will be the Marble Bar Lithium Project (MBLP), an emerging lithium discovery in the globally renowned Pilbara region of Western Australia.
Funds raised through the IPO will be used to continue exploration at the project, where it has already declared a maiden inferred mineral resource of 10.5 million tonnes at 1.0% Li2O at the Archer deposit.
Global Lithium thanks supporters
Global Lithium managing director Jamie Wright said the board was “overwhelmed and extremely gratified” by the response to the IPO.
“Interest has been solid and the offer has been strongly supported by a mix of institutional, sophisticated and retail investors.
“We would like to thank participating shareholders for their interest and look forward to working for their best interests.
“We have an exciting period ahead, including recommencing drilling and other exploration activities at the MBLP once we have finalised our ASX listing.”
Marble Bar Lithium Project
The company is extremely bullish about the ground beneath its feet at the project in the Pilbara, about 180 kilometres southeast of Port Hedland and 15 kilometres northwest of Marble Bar.
It consists of three granted exploration licences covering about 243 square kilometres of ground.
Lithium opportunity
Wright told investors ahead of the IPO that the time was now for lithium.
“The Pilbara is the engine room for many commodities delivered to global markets, quickly becoming a force delivering critical minerals including lithium to the battery metals supply chain,” he said.
“Following a number of years of exploration, we believe this is a fortuitous time to be embarking on our public listing as the lithium market thematic builds momentum.
“As investors are rapidly embracing the global push for carbon neutrality driven by EV adoption and energy storage, it is a great time to be involved in lithium exploration.”
Since Proactive last covered Global Lithium, prices of the soft, silvery-white metal have risen further.
Lithium carbonate, a critical ingredient in lithium-ion batteries, is the best-performing commodity in 2021 to date, having risen an astonishing 94% to ¥90,000 a tonne.
- Daniel Paproth