Global Lithium Resources scrimps on spending amid lithium price crunch and board pressure

Global Lithium Resources will shed directors, dock its chair’s pay and put its flagship exploration project on ice in the wake of an attempted board ousting and as prices for the battery metal languish.

The Mineral Resources and Hancock Prospecting-backed WA lithium explorer revealed a corporate and operational overhaul on Tuesday aimed at cutting costs to see through what it called a “protracted downturn in the lithium market”.

As part of cost-cutting measures GL1 will shed two board members — Greg Lilleyman and Hayley Lawrance— who aspiring director and property investor Leon Zhu has been calling to be axed as part of a campaign to appoint himself on the board since early August.

GL1 has pushed back on the appointment of of Mr Zhu, who it’s understood had expressed concerns about the company’s approach in developing the flagship Manna project 100km east of Kalgoorlie to the board last week.

“We would have preferred matters to be dealt with internally. It seems they’re (GL1) now responding to the documents we expected to have released tomorrow,” Mr Zhu’s lawyer Tim Houewling of Cornerstone Legal said.

GL1 said on Tuesday that its “budgets and operations have been under constant review by the board for some time, with protection of the balance sheet and capital assets uppermost in mind.”

GL1 has said in late August that it did not understand “how Mr Zhu’s experience in property will enhance the key skills of the GL1 Board”.

Leave a Comment

url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url url