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Mandrake Resources Limited (ASX:MAN)

ALERT: Price-sensitive ASX Announcement for MAN
Current share price for MAN : $0.019 -0.004 (-17.39%)+
Announcement
Release
3 Nov 2025 8:18AM
Price at Release
$0.023
Full Release
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Summary
Mandrake Resources Limited has signed a non-binding Letter of Intent (LOI) with Stardust Power Inc., a US lithium refinery developer, to supply 7,500 metric tons of lithium chloride annually from its Utah Lithium Project located in the Paradox Basin. This agreement underscores the strategic importance of the Utah Lithium Project in bolstering the U.S. battery supply chain and aligns with the U.S. government's push for energy independence and domestic production of critical minerals. Stardust Power is developing a lithium processing facility in Oklahoma with a capacity to produce 50,000 metric tons of battery-grade lithium carbonate per annum, supported by significant state incentives. The initial term of this supply agreement is set for 12 years, with potential for extension, and involves a cost-plus pricing model.
Key Points
  • Mandrake signs LOI to supply 7,500 metric tons of lithium chloride per annum to Stardust Power.
  • Stardust Power is developing a lithium refining facility in Oklahoma.
  • Utah Lithium Project is strategically important for U.S. energy independence.
  • Supply agreement term is 12 years with an option to extend for six years.
  • Agreement involves a cost-plus pricing model.
  • Stardust Power benefits from US$257M in potential funding incentives.
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.