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Mandrake Resources Ltd ( (AU:MAN) ) has shared an announcement.
Mandrake Resources reported quarterly progress at its Utah Lithium Project, which hosts an inferred resource of 3.3 million tonnes lithium carbonate equivalent, positioning it as a top-tier U.S.-domiciled lithium brine asset. Brine flow modelling has identified high-grade lithium brines with concentrations comparable to leading formations, reinforcing the project’s potential strategic role in the domestic battery metals supply chain.
During the quarter, the Paradox Basin Lithium Group, including Mandrake, received US$1 million from the U.S. Department of Energy to advance geological, hydrological and environmental studies on direct lithium extraction in Utah’s Paradox Basin. The work, supported by Idaho National Laboratory and the National Laboratory of the Rockies, is expected to refine resource understanding, assess economic feasibility and support potential DLE facilities, while Mandrake also advanced review of new metals projects to enhance future growth options.
More about Mandrake Resources Ltd
Mandrake Resources Ltd is an ASX-listed exploration company focused on lithium brine assets in the United States, particularly its 100%-owned Utah Lithium Project spanning nearly 94,000 acres. The company is also evaluating precious and base metal opportunities in the U.S. and internationally as it pursues both organic and inorganic growth strategies.
Average Trading Volume: 432,794
Technical Sentiment Signal: Sell
Current Market Cap: A$14.43M
Find detailed analytics on MAN stock on TipRanks’ Stock Analysis page.