Global Lithium Resources Limited advised that it has entered into binding agreements to acquire the underlying Manna Lithium Project (Manna or the Manna Project) tenements in conjunction with the remaining 20% interest in the exploration and future mining rights to lithium and lithium associated co-mineral rights in the tenements from Breaker Resources NL (Breaker) (the Manna Transaction). Manna is an outcropping spodumene bearing pegmatite project located in an infrastructure rich Tier 1 mining jurisdiction approximately 100km east of Kalgoorlie, Western Australia. Since Global Lithium acquired an interest in the Manna Project in late 2021, the Company delivered a maiden Mineral Resource of 9.9Mt @ 1.14% Li2O1 and is currently undertaking an extensive exploration program comprising over 24,000m of RC and diamond drilling Global Lithium, through its wholly owned subsidiary GLR Australia Pty Ltd, has agreed to acquire the underlying Manna tenements E28/2551 and E28/2522 (Tenements) plus the remaining 20% interest in the exploration rights and future mining rights to lithium and lithium associated co-mineral rights at Manna, being the defined project area (Manna Project Area).

Breaker will continue to hold the precious metals rights over the Tenements Total cash consideration payable to Breaker of A$60 million due at completion, which includes an amount of $20 million by way of deferred consideration relating to Global Lithium's initial acquisition of the 80% interest in Manna in December 20212 which Global Lithium has agreed to pay on an accelerated basis Completion of the Manna Transaction is not subject to any conditions precedent and is expected to occur by 15 November 2022 Global Lithium has granted Breaker a 1.5% net smelter return royalty over all minerals mined from the Tenements (excluding the Manna Project Area), but excluding gold, silver and platinum group metals that are mined by Breaker (Royalty) Breaker has granted Global Lithium a right of first refusal on any future sale by Breaker of the Royalty Global Lithium is continuing its 20,000m RC and 4,000m diamond drilling programs at Manna, working towards an updated JORC Mineral Resource Estimate (MRE) in early December 2022. Results from the Manna drilling campaign which are being carried out up until the end of October 2022 will be incorporated into the updated MRE. Any subsequent drilling will be included in a further MRE update, which is expected in H2 CY2023.

Global Lithium has already commenced planning a substantial exploration and drilling campaign at Manna in 2023 which is proposed to include: Applying systematic exploration approach to build on the targeting and drilling work already completed; Undertaking a broad drilling campaign to understand the extent of mineralisation in the immediate project vicinity and more regionally; An additional 30,000m RC and 4,000m diamond drilling campaigns, including exploration in the broader tenement package; and Working towards a further MRE update expected in H2 CY2023.