Global Lithium Resources Limited (ASX: GL1) has executed a Binding Term Sheet with Jiangsu Lopal Tech. Group Co., Ltd (Lopal), a leading battery materials producer listed on both the Shanghai and Hong Kong stock exchanges.
The deal covers equity participation, a major offtake prepayment, and the sale of the Company’s Marble Bar Lithium Project, all in a single package that materially strengthens GL1’s balance sheet and development runway.
What the Global Lithium Term Sheet Actually Covers
The agreement is structured across three interconnected transactions.
- First, Lopal will subscribe for a 5% equity stake in Global Lithium via a placement of AUD 7.32 million.
- Second, Lopal commits a US$75 million offtake prepayment to secure future spodumene concentrate supply from the Manna Lithium Project in Western Australia.
- Third, a Lopal subsidiary will acquire the Marble Bar Lithium Project and certain non-core tenements for AUD 14.85 million.
All three transactions proceed without the need for foreign investment approval, removing a procedural hurdle that often delays deals of this kind.
Under the 10-year offtake arrangement, Lopal will purchase 40% of Manna’s annual production at market-based pricing. A three-year price floor of US$1,000 per tonne applies, providing downside protection for Global Lithium during the project’s early production years.
Shipments are targeted from 2028, aligned with the current project development timeline.
The remaining 30% of future production sits unallocated, giving Global Lithium flexibility for additional sales agreements or further strategic arrangements.
Why the Manna Lithium Project Matters
Manna sits about 100 kilometres east of Kalgoorlie in Western Australia’s Eastern Goldfields, one of the most established hard-rock mining regions on the planet.
Manna is the 3rd largest Resource in the Kalgoorlie Lithium Province [Global Lithium Resources]
It holds a JORC-compliant Mineral Resource Estimate of 51.6 million tonnes at 1.0% lithium oxide, making it the third-largest lithium resource in the Kalgoorlie Lithium Province.
The project has been moving steadily through its development phases. In August 2025, Western Australia’s Minister for Mines granted Mining Lease M28/414 over the project for a term of 21 years under the Mining Act 1978.
That same month, Global Lithium signed a Native Title Mining Agreement with the Kakarra Part B Native Title Group, resolving a critical regulatory step that had been outstanding.
The Definitive Feasibility Study (DFS) remains on track for completion by the end of the 2025 calendar year.
How This Fits the Broader Funding Picture
The Lopal deal sits alongside an existing 10-year offtake agreement GL1 holds with Canmax, a company affiliated with Contemporary Amperex Technology (CATL), one of the world’s largest EV battery makers. Canmax holds a 9.6% interest in Global Lithium.
Together, these two offtake arrangements now cover 70% of Manna’s projected annual production. That level of committed demand, combined with the US$75 million prepayment, the Marble Bar sale proceeds, and the equity raise, puts GL1 in a significantly stronger position ahead of any Final Investment Decision.
Spodumene offtake deals from Chinese battery manufacturers have become a defining feature of how Australian junior lithium developers secure project financing. For Global Lithium, getting two such partners on board before the DFS is completed is a meaningful signal of Manna’s commercial credentials.
A Market Recovery Arrives at the Right Time
The deal arrives as lithium prices in 2026 have rebounded from multi-year lows. Analysts now expect the global lithium market to shift from surplus to deficit this year, driven by accelerating electric vehicle production, rapid growth in grid-scale energy storage, and supply curbs from Chinese regulators.
The three-year price floor of US$1,000 per tonne included in the Lopal offtake reflects current market realities. It also gives Lopal certainty over supply costs while the Australian lithium sector navigates what may be a tighter supply environment through 2027 and beyond.
Investor Outlook
Global Lithium Resources (ASX: GL1) has gained significant traction over the past 12 months. According to the most recent available data from the ASX, GL1 shares are trading around AUD 0.135 to AUD 0.695 per share, reflecting a 52-week gain of approximately 139%. Analyst consensus target sits at AUD 0.65 per share, with at least one broker maintaining a Buy rating and a AUD 1.50 price target.
GL1 Price chart [ASX]
The combination of a binding Lopal partnership, two locked-in offtake agreements, a 21-year mining lease, and a DFS nearing completion positions Manna as one of the more advanced pre-production lithium assets in Australia.
Whether the project ultimately proceeds to construction on schedule will depend on the DFS outcomes and the macro environment at the time of any final investment decision.
FAQs
Q: What is the Global Lithium and Lopal term sheet?
A: Global Lithium Resources (ASX: GL1) has signed a Binding Term Sheet with Jiangsu Lopal Tech. Group. The deal covers a AUD 7.32 million equity placement, a US$75 million offtake prepayment, and the sale of the Marble Bar Lithium Project to a Lopal subsidiary for AUD 14.85 million.
Q: What is the Manna Lithium Project?
A: The Manna Lithium Project is a 100%-owned hard-rock lithium asset located 100 kilometres east of Kalgoorlie in Western Australia. It holds a JORC mineral resource of 51.6 million tonnes at 1.0% lithium oxide, ranking it the third-largest resource in the Kalgoorlie Lithium Province.
Q: Who is Jiangsu Lopal Tech?
A: Jiangsu Lopal Tech. Group Co., Ltd is a Chinese battery materials producer listed on the Shanghai and Hong Kong stock exchanges. The company is investing in Manna to secure long-term spodumene concentrate supply.
Q: When will Manna begin shipping lithium?
A: First shipments of spodumene concentrate from Manna are targeted from 2028, pending the outcome of the DFS and a Final Investment Decision.
Q: Does Global Lithium have other offtake agreements?
A: Yes. Global Lithium already has a 10-year offtake agreement with Canmax, affiliated with CATL. The Lopal deal adds 40% of annual Manna production. Combined, 70% of projected production is now under offtake agreement.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Investing in ASX-listed companies carries risk. Always consult a licensed financial adviser before making investment decisions.
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Last modified: April 23, 2026
