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Mandrake Resources Ltd ( (AU:MAN) ) has issued an update.
Mandrake Resources Limited has signed a non-binding Letter of Intent with Stardust Power Inc., a U.S.-based lithium refinery developer, to supply 7,500 metric tons of lithium chloride annually from its Utah Lithium Project. This agreement underscores the strategic importance of Mandrake’s project in strengthening the U.S. battery supply chain and aligns with the broader goal of achieving energy independence by domesticating critical mineral supply chains. Stardust Power is constructing a lithium refinery in Oklahoma, with significant state support, to bolster the U.S. industrial base.
More about Mandrake Resources Ltd
Mandrake Resources Limited is a company involved in the lithium industry, focusing on the extraction and supply of lithium chloride from its Utah Lithium Project. The company is strategically positioned to contribute to the localization of the U.S. battery supply chain, enhancing energy independence through its operations in the Paradox Basin.
YTD Price Performance: 4.55%
Average Trading Volume: 1,099,220
Technical Sentiment Signal: Sell
Current Market Cap: A$14.43M
For an in-depth examination of MAN stock, go to TipRanks’ Overview page.