Diversified Western Australian lithium explorer Global Lithium (ASX:GL1) has appointed independent corporate advisory firm Azure Capital as financial advisor for its Manna Lithium Project in Western Australia.
Global Lithium, which has a $353.41 million market capitalisation, says Azure will support the company by helping it structure and secure offtake agreements, partnerships, and financing for the Manna project.
Azure will also work with Global Lithium to implement funding solutions that will enable it to be in a position to make a positive final investment decision (FID) on the project once a Definitive Feasibility Study (DFS) is completed and all requisite approvals are in hand.
Under the agreement, Azure will also deliver financial model development for project evaluation and funding optimisation, as well as support Global Lithium with key decision-making.
Global Lithium Chief Financial Officer (CFO) Matthew Allen says the company appointed Azure following a ‘competitive’ tender process.
“Azure has significant experience in not only the metals and mining industry but particularly the lithium sector, where it has advised a number of ASX-listed companies.
“Azure will have an important role supporting Global Lithium’s decision-making in securing offtake agreements, partnerships, and project financing…”
Azure will have an important role supporting Global Lithium’s decision-making in securing offtake agreements, partnerships, and project financing, allowing us to progress the future development of the Manna Lithium Project.
We looking forward to working with Azure as we continue to fast-track activities at the Manna Lithium Project towards an FID in CY2024.”
Global Lithium is a lithium explorer and developer with multiple assets in key jurisdictions, with a primary focus on its Manna Project in the Pilbara region of Western Australia.
The company has established a total indicated and inferred Mineral Resource Estimate (MRE) of 54 million tonnes (Mt) @ 1.09% lithium oxide (Li2O) at its Manna and Marble Bar lithium projects.
Azure Capital is a Perth-based independent corporate advisory firm with a 20-year history in the metals and mining sector, including ‘extensive’ experience in lithium since 2010.
Global Lithium had $62.072 million cash and cash equivalents at hand as of 30 June 2023, according to its latest quarterly report.
Write to Adam Drought at Mining.com.au
Images: Global Lithium Resources
