GLOBAL LITHIUM RESOURCES LIMITED (GL1)
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14/09/2026

1

Outperform

$0.85

27.82%

Macquarie flagged the build-up in energy storage systems inventories in August, and notes oversupply concerns are garnering more market attention. The concerns are expected to depress sentiment.

Notably, the Gfex lithium carbonate contract peaked at RMB161k/t on August 31 and has since fallen -16% to RMB135k/t by September 11. In contrast, the analyst notes, CS6 spodumene prices have remained resilient and remain above US$2,000/t.

The broker believes there continues to be EV/EBITDA upside at spot levels despite the volatility in lithium prices, relative to the Macquarie base case forecasts.

At spot prices, lithium miners continue to trade on "resilient" multiples, the analyst states.

IGO Ltd remains the preferred exposure. Global Lithium Resources remains Outperform rated with a $0.85 target.

FORECAST
Macquarie forecasts a full year FY27 dividend of 0.00 cents and EPS of minus -5.60 cents.

21/09/2026

1

Buy

$1.75

163.16%

Shaw and Partners maintains a Buy rating for Global Lithium Resources with a $1.75 target price following the release of the Manna-Nova integration study.

The study quantifies a streamlined development pathway treating Manna ore at the recently acquired Nova processing plant, avoiding a $440m greenfield concentrator build.

By leveraging Nova's existing infrastructure via a 135km haul route and integrating $31.2m of targeted process additions, Shaw notes pre-production capex falls -59% to $180.1m, mitigating the initial funding hurdle and reducing project execution risk.

The analyst highlights the substitution improves project economics, expanding post-tax net asset value to $945.7m and generating an internal rate of return of 119.6% with an 11-month payback period.

While unit operating costs rise 8% to $1,042 per tonne to reflect haulage fees, commentary concludes the capital-light approach preserves strategic optionality ahead of a targeted December quarter 2026 final investment decision.

First spodumene concentrate production is slated for mid-2027.

FORECAST
Shaw and Partners forecasts a full year FY27 dividend of 0.00 cents and EPS of minus -4.60 cents.
Shaw and Partners forecasts a full year FY28 dividend of 0.00 cents and EPS of minus -3.50 cents.