Mandrake Resources (ASX: MAN) has announced significant progress at its 100%-owned Utah Lithium Project, despite placing field operations on hold to conserve capital amid a weak lithium market. The company has lodged a Notice of Intent (NOI) for a new well, ‘MAN A’, with the permit expected upon payment of a US$165,000 bond. The project boasts an Inferred Resource estimate of 3.3Mt Lithium Carbonate Equivalent (LCE). Mandrake has also initiated permitting for another drill site near a historical well with lithium concentrations of 340 mg/L. These permitting activities are designed to eliminate delays when field operations resume. Managing Director James Allchurch emphasized the company’s focus on permitting, data aggregation, and technical knowledge development during the operational pause. Mandrake is uniquely positioned to quickly recommence activities when market conditions improve. With a strong cash position of $13.5 million as of December 2024 and no debt, Mandrake is actively reviewing potential acquisitions in precious and base metals within the US and globally. The Utah Lithium Project, located in the Paradox Basin, spans over 93,000 acres and benefits from a pro-mining jurisdiction, Tier 1 infrastructure, and alignment with US government initiatives to promote domestic critical materials production.
