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The latest update is out from Mandrake Resources Ltd ( (AU:MAN) ).
Mandrake Resources Limited has lodged a Notice of Intent for a new well at its Utah Lithium Project, with a permit pending upon payment of a US$165,000 bond. The project is positioned as a top-tier US-domiciled lithium brine asset, and the company is prioritizing permitting processes while putting capital-intensive operations on hold due to market conditions. Mandrake is also reviewing precious and base metals opportunities to enhance shareholder value, maintaining a strong cash position of $13.3 million with no debt.
More about Mandrake Resources Ltd
Mandrake Resources Limited is an Australian company operating in the mining industry, primarily focusing on lithium extraction. The company owns the Utah Lithium Project, a large-scale lithium brine asset in the United States, with an inferred resource estimate of 3.3 million tonnes of Lithium Carbonate Equivalent (LCE).
YTD Price Performance: -23.08%
Average Trading Volume: 17,065
Technical Sentiment Signal: Buy
Current Market Cap: €6.71M
Learn more about MAN stock on TipRanks’ Stock Analysis page.