Progress Tracker
Mandrake Resources ��ASX: MAN
Disclaimer: We are NOT geologists - this document is used by our team to internally to try and track MAN’s progress with its drilling program, it should not be relied upon by anyone to make any decisions. This document will change over time as the project evolves. For all disclaimers and disclosures please visit our website.
Our Big Bet:
“MAN returns 1,000%+ by making a lithium discovery significant enough to move into development studies, or attract a takeover offer”
NOTE: our “Big Bet” is what we HOPE the ultimate success scenario looks like for this particular Investment over the long term (3+ years). There is a lot of work to be done, many risks involved - just some of which we list in our MAN Investment Memo. Success will require a significant amount of luck. There is no guarantee that our Big Bet will ever come true.
24 February 2023 - MAN stakes lithium brine project in Utah, USA
24 February 2023 - Why we hold and what we want to see:
23 February 2023 - Utah lithium project key points:
Galan Lithium (capped at $344M) is Investing $1.5M at 5c per share into MAN + has the right to allocate another $700k.
The shares being issued to Galan are escrowed for 12 months.
Galan’s lithium brine project in Argentina - being progressed into development.
The US$400BN Inflation Reduction Act (IRA) mandates that by the year 2027 80% of the critical minerals in US-made EV batteries must come from US-based mines or from countries with a free trade agreement with the US.
Neighbour with Lithium developer Anson Resources (Capped at $224M)
01 May 2023 - Project area increased by ~60%.
MAN’s project now covers ~88,096 acres.
A total increase of ~60% from February.
Lithium developer Anson Resources capped at $256M -
Mandrake Resources (ASX: MAN) capped at $23.3M -
~356km^2 of ground - about to start exploration.
22 May 2023 - Well Access Agreement signed
Agreement signed for MAN to re-enter existing suspended oil and gas wells.
New wells cost ~US$3M each, re-entering an existing well cost ~US$300k each - 1/10th the cost.
Ultimately aiming to sample the wells for lithium and put together a resource estimate.
6 pre-approved wells ready for immediate re-entry.
1 June 2023 - Washington based advisor appointed
MAN appointed a Washington based senior advisor focused on exploring potential government/commercial investment opportunities for its project in Utah.
MAN’s advisor is Douglas W. Hollett.
Hollett has over 40 years’ experience in the energy and critical minerals sector, most recently as Special Advisor, Critical Materials and Supply Chain at the US Dept of Energy (DOE).
Ultimate focus is to secure funding - like the US$1Bn loan that was given to ASX listed Ioneer which is developing a US based lithium project.
8 June 2023 - Specialist drilling contractor appointed
“Vanoco” appointed as drilling contractor
Specialist contractor given MAN is re-entering existing oil and gas wells.
5 July 2023 - Two high priority wells selected for re-entry
MAN’s plan:
24 July 2023 - 3D Seismic data analysis results
~181km^2 of existing 3D seismic data remodelled.
Our key takeaways from today’s announcement are: