Global Lithium Resources corporate update

Global Lithium Resources Limited (ASX:GL1) is implementing significant corporate and operational changes in response to the current and anticipated prolonged downturn in the global lithium market. The company is pausing several components of work related to the Definitive Feasibility Study for its 100% owned Manna Lithium Project, reducing monthly expenditure on corporate overheads and operational spending, and decreasing the Board size from four to three members. These changes are aimed at protecting the company's balance sheet and capital assets while ensuring it remains in a strong financial position to advance Manna in the future.

Executive Chairman's commentary on corporate and operational changes

The changes we are implementing at both corporate and operational levels are appropriate, given the macro circumstances facing the Company and the lithium industry more broadly. Our focus must remain on protecting and enhancing value for our shareholders, which is why these tough decisions are now unavoidable. Nevertheless, the Company is in a robust financial position and is well placed to weather the current market conditions. The proposed Board changes have been put in place to facilitate the orderly transition at the upcoming AGM and to ensure the Company can properly implement required cost reductions in the coming months. Both Greg and Hayley remain strong contributors to Global Lithium and their willingness to put the interests of shareholders at the forefront of their thinking is a testament to their commitment to the Company. We will continue to update shareholders as these matters progress.

Summary of corporate update and outlook

Global Lithium Resources Limited is taking proactive measures to navigate the challenging lithium market by implementing significant corporate and operational changes. The company's decision to pause work on the Manna Lithium Project, reduce expenditure, and decrease the Board size reflects its commitment to safeguarding its financial position and capital assets. Despite the cutbacks, the company remains well-positioned with a strong balance sheet and no debt. It plans to continue scaled-back work on the Manna Feasibility Study and evaluate multi-commodity exploration opportunities to unlock shareholder value. The company's robust financial position and strategic adjustments indicate its readiness to weather the current market conditions and capitalize on future opportunities when lithium market conditions improve.