An updated resource is now being worked on with new drill hits reported including 17m at 1.76% lithium oxide from 341m downhole.

Recent scoping work outlined an operation east of Kalgoorlie featuring an open pit developed to 400m depth.

The current Manna resource is 32.7 million tonnes grading 1% lithium oxide, with Global Lithium looking at a circa A$400 million development processing two million tonnes per annum of ore and producing an average of about 220,000tpa of spodumene concentrate.

The financial metrics reported in the scoping work were outstanding, though critics of the study questioned the lithium price used.

Global Lithium plans to do 35,000m of drilling in 2023.

The company had $76 million cash at the end of December.

Shares in Global Lithium were down 2% to $1.57 in morning trade during a negative session for lithium stocks.

At that price Global Lithium is capitalised at $411 million.

The stock has been on downwards trend since reaching $2.94 last September.

Global Lithium's IPO two year ago priced new shares at 20c each.