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Mandrake Resources Limited (ASX:MAN)

ALERT: Price-sensitive ASX Announcement for MAN
Current share price for MAN : $0.019 -0.001 (-5%)+
Announcement
Release
4 Aug 2026 8:19AM
Price at Release
$0.020
Full Release
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Summary
Mandrake Resources Limited has optimized its tenure at the Utah Lithium Project by successfully acquiring three strategic SITLA leases in a competitive sale. This strategic move consolidates high volume lithium brine acreage in the central area of the project while relinquishing marginal leases in the south and east. This optimization aims to enhance high brine volume per acre and reduce administrative costs. The total net acreage now includes both BLM claims and SITLA leases, totaling approximately 77,740 acres. The company is also preparing for operations to produce bulk lithium brines from the Evelyn Chambers #1 well, with plans for technical and commercial appraisals by Electroflow Technologies Inc. to produce battery grade lithium carbonate and lithium iron phosphate.
Key Points
  • Mandrake Resources Limited consolidates high volume lithium brine acreage in Utah Lithium Project.
  • Three strategic SITLA leases acquired, marginal leases relinquished.
  • Total net acreage includes 77,740 acres of BLM claims and SITLA leases.
  • Bulk lithium brine production to begin at Evelyn Chambers #1 well.
  • Electroflow Technologies to appraise and produce battery grade lithium products.
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.