On April 21, Lopal Technology announced that it had signed a Share Subscription, Supply, and Prepayment Term Sheet with Global Lithium Resources Limited (GLR) and its subsidiaries. The company plans to subscribe for 5% of GLR's issued shares at approximately AUD 7.318 million. The agreement also stipulates that GLR will supply the company with 40% of the spodumene concentrate produced from the Manna Lithium Project annually, with a minimum annual supply of 70,000 tonnes.
Subject to certain conditions, the company will provide a prepayment of up to USD 75 million, of which an initial prepayment of USD 7.5 million will be made, with the remaining amount to be paid in installments based on construction progress. The prepayment will be offset against future supply invoices and will accrue a capital occupation fee at a compound annual interest rate of 5%. The project is expected to reach a final investment decision (FID) by the end of 2026, with first shipments scheduled for June 2028. This transaction does not constitute a related-party transaction and therefore does not require approval from the board of directors or the shareholders' meeting.
Edited by Cassie Li, lixiangying@mysteel.com
