GL1 has reported new metallurgical results for the Manna Lithium Project. Whole of rock flotation achieved average recoveries of 78% from sample composites simulating direct and ore sorted mine feed. We have updated our Manna development model. Two key outstanding requirements for the project to move forward include finalisation of the Native Title Mining Agreement and security of sufficient process water. Ongoing weakness in GL1’s share price increases the dilutionary impact of modelled equity requirements. We maintain our Speculative Buy recommendation and moderate our Price Target to $0.45 per share (previously $0.85). Anticipated near-medium term potential catalysts include finalisation of the Native Title Agreement, release of the Manna DFS, grant of the Mining Lease and change in lithium market sentiment.
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