Mandrake Resources (ASX:MAN) secures funding for Utah Lithium Project

Mandrake Resources Limited (ASX:MAN) has secured a US$1 million grant from the US Department of Energy for its Utah Lithium Project. The project, which holds a 100%-owned large-scale lithium brine asset with access to historic wells, aims to assemble existing data on lithium brine, sample multiple wells to obtain lithium data, and assess the commerciality of lithium production using Direct Lithium Extraction (DLE). The company's Managing Director, Mr. James Allchurch, expressed enthusiasm about the partnership with Idaho National Laboratories, National Renewable Energy Laboratory, and the University of Utah, which will provide access to sophisticated US-funded laboratories.

Executive Commentary

The US$1 million grant from the US Department of Energy marks a significant milestone for Mandrake Resources. This funding will enable us to accelerate the advancement of our Utah Lithium Project, particularly in the areas of data assembly, lithium sampling, and the assessment of commercial production viability using Direct Lithium Extraction. The partnership with leading US scientific institutions and laboratories will provide invaluable expertise and resources to drive the project forward. We are committed to leveraging this grant to further our position in the US critical minerals market and contribute to the country's decarbonization and energy security efforts.

Summary

Mandrake Resources (ASX:MAN) has successfully secured a US$1 million grant from the US Department of Energy to advance its Utah Lithium Project. The project, which holds a 100%-owned large-scale lithium brine asset, aims to leverage the grant to assemble existing data on lithium brine, sample multiple wells to obtain lithium data, and assess the commerciality of lithium production using Direct Lithium Extraction (DLE). The company's partnership with Idaho National Laboratories, National Renewable Energy Laboratory, and the University of Utah is expected to provide access to sophisticated US-funded laboratories, enhancing the project's development. With the US energy revolution and focus on critical minerals self-sufficiency, Mandrake Resources is strategically positioned to contribute to these initiatives and drive its Utah Lithium Project towards successful outcomes.