Global Lithium Resources (ASX:GL1) has entered into a binding scheme implementation deed with Titan Australia Mining, a subsidiary of UAE-headquartered critical minerals group Titan Lithium.
Under the terms, Titan will acquire 100% of Global Lithium shares for $1.15 per share in cash. The offer price represents a 73% premium to Global Lithium’s last traded price of $0.665 per share on 18 September 2026 and values the company at approximately $333 million on a fully diluted basis.
The acquisition provides Titan with exposure to Global Lithium’s Manna Lithium Project, which hosts a total indicated and inferred mineral resource estimate of 51.6 million tonnes (Mt) @ 1.0% lithium oxide (Li2O) and ore reserves of 20.96Mt @ 0.89% Li2O.
Managing Director Dianmin Chen says the board has “weighed the certain and immediate value” on offer against the funding requirements and execution risk involved in constructing the Manna project amid continued lithium market volatility.
“In our view, the offer fairly recognises the value and quality of the Manna Lithium Project and the work our team has done to advance the project, and allows shareholders to realise that value in cash today,” Chen says.
Titan Lithium Group founder Vaibhav Jain says the company is building a fully integrated lithium business from mine through to battery-grade materials.
“The Manna Lithium Project is a high-quality asset developed by a capable team, and Australia is home to some of the best lithium resources in the world,” Jain says.
To ensure project development continues uninterrupted during the scheme process, Titan will provide Global Lithium with a loan facility of up to $120 million split across four tranches. The facility carries interest of 7% per annum with bullet repayment at maturity.
The scheme is subject to standard conditions including regulatory approvals from the Foreign Investment Review Board and Australian Competition and Consumer Commission, court approval, and Global Lithium shareholder approval requiring 75% of votes cast and a majority by number of shareholders present and voting.
Global Lithium’s board unanimously recommends shareholders vote in favour of the scheme, subject to no superior proposal emerging and an independent expert concluding the scheme is in shareholders’ best interests. Directors controlling 12.5% of issued shares have reportedly indicated they will vote in favour subject to the same qualifications.
The scheme meeting is expected to be held in late December 2026, with implementation targeted for mid-January 2027 if conditions are satisfied.
Global Lithium Resources is a diversified Western Australian lithium explorer and developer focused on its 100% owned Manna Project, located 110km east of Kalgoorlie in the WA Goldfields.
Write to Paula Fabe at Mining.com.au
Main image: Global Lithium Resources
