Even those that took part in a $30 million placement announced this week are already circa 50% up (on paper) given the pricing of new shares in that case of $1.35 each.

They included established lithium/spodumene producer Mineral Resources, which invested $13.6 million for a 5% stake.

Global Lithium's Marble Bar asset currently has 10.5 million tonnes grading 1% lithium, while the recently 80% acquired Manna deposit near Kalgoorlie has an initial estimate of 9.9Mt at 1.14% lithium.

In return for that, a "strategic" offtake deal signed earlier this month and a heavyweight board - that is currently searching for a new managing director - the market has given Global a pro forma market capitalisation of circa $400 million, equivalent to an enterprise value of $360-370 million.

In midday trade today shares in Global were up 11% to $2.01.