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Mandrake Resources Limited (ASX:MAN)

ALERT: Price-sensitive ASX Announcement for MAN
Current share price for MAN : $0.019 -0.002 (-9.52%)+
Announcement
Release
22 Jul 2026 8:19AM
Price at Release
$0.021
Full Release
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Summary
Mandrake Resources Limited has provided its Quarterly Activities and Appendix 5B Cash Flow Report for the period ending 30 June 2026. The company has made significant progress in its Utah Lithium Project, which has an Inferred Mineral Resource Estimate of 3.3Mt Lithium Carbonate Equivalent. A Well Access Agreement has been signed to produce up to 600 barrels of lithium brine for technical and commercial appraisal, with support from a US$1 million federal grant. Financially, Mandrake ended the quarter with A$11.7 million in cash, with net cash used in operations amounting to A$177,000 for the quarter. No financing facilities were used, and funds were primarily directed towards exploration and evaluation activities.
Key Points
  • Mandrake Resources Limited's Utah Lithium Project has an Inferred Mineral Resource Estimate of 3.3Mt LCE.
  • A Well Access Agreement was signed to produce lithium brine from the Evelyn Chambers #1 well.
  • Mandrake received a US$1 million federal grant to support its lithium brine production.
  • The company ended the quarter with A$11.7 million in cash and no debt.
  • Net cash used in operations during the quarter was A$177,000.
  • Mandrake is pursuing further project opportunities focusing on precious and base metals.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.