Mandrake Resources

What Mandrake Resources does

Mandrake Resources Ltd (ASX: MAN) is an Australian-listed mineral exploration company headquartered in West Perth, Western Australia. The company is advancing two core assets: the Utah Lithium Project in the Paradox Basin of southeastern Utah, USA, and the Berinka Pine Creek Gold Project in Australia's Northern Territory. The Utah Lithium Project is the strategic focus, comprising 93,755 acres (approximately 379 sq km) of lithium-brine acreage with a JORC 2012-compliant Inferred Resource of 3.3Mt Lithium Carbonate Equivalent (LCE). Mandrake partners with two independent Direct Lithium Extraction (DLE) technology providers — including Electroflow, which has demonstrated 92% lithium recovery and production of 99.9% battery-grade lithium hydroxide from Paradox Basin brines — to extract lithium from brines accessed through re-entered oil and gas wells.

The business model is pre-revenue and project-development-oriented. Mandrake has signed a non-binding Letter of Intent with Stardust Power Inc. to supply 7,500 metric tonnes per annum of LCE over a 12-year term (with an optional 6-year extension) to feed Stardust Power's planned 50,000-metric-ton battery-grade lithium carbonate refinery in Muskogee, Oklahoma, but no definitive purchase agreement has been disclosed. Revenue is intended to come from lithium brine sales to refineries under future offtake agreements, with secondary optionality from the Berinka gold asset. The company is publicly listed on the ASX, raising A$12 million via placement in June 2021, and has secured US federal support including a BLM permit (Feb 2024), a US Department of Energy grant (Aug 2024), and additional DOE funding (Feb 2026) under the Inflation Reduction Act and American Battery Materials Initiative.

Customer concentration is presently critical, with a single named offtake counterparty and no contracted commercial revenue. Operations target three end-use segments — US EV and battery manufacturers, the US government/defense industrial base, and lithium refineries — and the company markets primarily through ASX announcements, investor presentations, and its corporate website to retail and institutional shareholders. Mandrake operates with a lean team of 1-10 employees under Managing Director James Allchurch, Non-Executive Chairman Lloyd Flint, and Non-Executive Director Roger Fitzhardinge.

Name

Mandrake Resources

Legal name

Mandrake Resources Ltd

Website

https://mandrakeresources.com.au

Company type

Public

Founded year

2019

Operating status

Operating

Headcount range

1–10 employees

Short description

Mandrake Resources Ltd is an ASX-listed mineral exploration company developing the Utah Lithium Project — a 93,755-acre lithium brine asset in the Paradox Basin with a 3.3Mt LCE inferred resource — using Direct Lithium Extraction partnerships, and the Berinka Pine Creek Gold Project in Australia's Northern Territory. The company is pre-revenue, targeting US EV/battery and critical-materials customers under a non-binding offtake LOI with Stardust Power.

Ownership category

akta.pro rank

Product category

Lithium Mining and Mineral Exploration

NAICS

Support Activities for Metal Mining (213114)

SIC

Metal Mining (1000)

akta.pro primary industry

Lithium Mining & Brine Extraction (IMAKAFAA)

akta.pro secondary industries

Battery Raw Materials Mining & Refining (Lithium, Nickel, Cobalt, Manganese, Graphite) (EUAFABAA), Exploration & Resource Development (Critical Minerals) (IMAKAFAL), Battery-Grade Chemical Processing (LiOH/Li2CO3, Ni/Co Sulfates, Mn Sulfate) (IMAKAFAI)

Keywords

• Lithium brine exploration
• Mineral exploration services
• Gold exploration projects
• Critical battery materials
• Direct lithium extraction

Headquarters

HQ city

Perth

HQ country

Australia

HQ region

Oceania

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales

Revenue model

1. Lithium Production and Sales: Pre-revenue mineral exploration company planning to produce and sell lithium carbonate equivalent from its Utah Lithium Project. The company has signed a Letter of Intent with Stardust Power Inc. for offtake of 7,500 metric tonnes per annum over 12 years. Revenue will come from lithium brines sales to refineries under definitive purchase agreements.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels6 records

Core offering

Mandrake Resources is an ASX-listed mineral exploration company primarily advancing the Utah Lithium Project, a large-scale lithium brine extraction operation in the Paradox Basin of southeastern Utah spanning 93,755 acres with an Inferred Resource of 3.3Mt Lithium Carbonate Equivalent. The company also holds the Berinka Pine Creek Gold Project in Australia's Northern Territory and partners with Direct Lithium Extraction providers to process lithium brines into battery-grade lithium chemicals.

Product overview

Mandrake Resources operates as a mining exploration company with two core projects: the Utah Lithium Project (primary focus) and the Berinka Pine Creek Gold Project. The Utah Lithium Project is a large-scale lithium brine extraction operation in Utah's Paradox Basin using Direct Lithium Extraction (DLE) technology. The company also holds a gold exploration asset in Australia's Northern Territory.

Differentiator

Problem solved

Functional benefit

Products and services

• Utah Lithium Project Large-scale lithium brine extraction project in the Paradox Basin, southeastern Utah, spanning 93,755 acres with an Inferred Resource of 3.3Mt Lithium Carbonate Equivalent. Uses Direct Lithium Extraction (DLE) technology to extract lithium from deep brine reservoirs for sale to lithium refineries serving EV and energy storage markets.
• Berinka Pine Creek Gold Project 100%-owned gold exploration project in the Pine Creek Orogen, Northern Territory, Australia, covering 289 square kilometres. Drilling has defined gold mineralisation over a 2-kilometre strike length with high-grade intersections including gold, silver, copper, platinum, and palladium.

Quantifiable outcome

• 92% lithium recovery rate from Paradox Basin brines
• +3 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Three partnerships are on record, tiered core and minor.

• Stardust Power Inc.coreStrategic or Co-development Partner · 3 November 2025Stardust Power Inc. has entered into a Letter of Intent with Mandrake Resources Limited to secure 7,500 metric tonnes per annum of lithium carbonate equivalent from Mandrake's Utah Lithium Project over a twelve-year term with an optional six-year extension. The lithium chloride will feed into Stardust Power's planned 50,000-metric-ton battery-grade lithium carbonate refinery in Muskogee, Oklahoma, strengthening domestic U.S. lithium supply for electric vehicle and energy storage markets. The agreement is non-binding and subject to execution of a definitive purchase agreement.
• ElectroflowcoreTechnology or Integration · 22 December 2023Partnership with US-based Electroflow for Direct Lithium Extraction (DLE) technology. Electroflow has demonstrated 92% lithium recovery from Paradox Basin brines and the ability to produce 99.9% battery-grade lithium hydroxide. A lithium brine supply agreement was signed with Electroflow in August 2024.
• Auralia Mining ConsultingminorOthers · 22 December 2023Independent geologist providing technical consulting services. Listed as Independent Geologist in the corporate directory: Suite 1, 19-21 Outram Street.

Scale indicators8 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Standard Lithium: Direct peer pursuing Direct Lithium Extraction from Smackover Formation brines in Arkansas. Highly comparable as a publicly-listed DLE-focused lithium developer with offtake agreements and resource-stage economics.
• Piedmont Lithium: Lithium developer with US-focused projects and offtake agreements with major automakers. Comparable as a publicly-listed lithium developer targeting the US EV supply chain.
• ioneer Ltd: Lithium developer advancing the Rhyolite Ridge project in Nevada with binding offtake agreements. Comparable as a small-cap ASX-listed lithium developer focused on US battery-grade lithium supply.
• Anson Resources: Direct peer also developing lithium brine projects in the Paradox Basin, Utah, using similar extraction approaches. Directly comparable on geography, geology, and target customers.

Emerging players

• Vulcan Energy Resources: Lithium developer using geothermal-brine DLE in the Upper Rhine Valley, Germany. Comparable technology pathway (DLE from brines) and similar pre-revenue, offtake-driven business model.
• Lake Resources: ASX-listed lithium developer using DLE technology on Argentine brines. Comparable as a small-cap DLE-focused lithium developer with similar pre-revenue profile.
• EnergySource Minerals: DLE-focused lithium developer at the Salton Sea, California. Comparable as a US-based DLE developer targeting battery-grade lithium production for the domestic EV supply chain.
• Controlled Thermal Resources (CTR): US-based lithium developer pursuing combined geothermal power and lithium extraction in California. Comparable technology approach (DLE from deep brines) targeting US domestic lithium supply.

Broad incumbents

• Albemarle Corporation: World's largest lithium producer with diversified brine and hard-rock operations globally. Comparable as the dominant incumbent in lithium extraction that Mandrake's DLE strategy seeks to partially disrupt in the US market.
• Livent Corporation: Major lithium chemicals producer with brine-based operations in Argentina. Comparable as an established producer serving the same battery-grade lithium hydroxide end-market.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xtwitter.com/Mandrake_Res
• LinkedInlinkedin.com/company/mandrake-resources-limited

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Mandrake Resources