Mandrake Resources
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.
- Company typePublic
- Founded2019
- HeadquartersPerth, Australia
- Headcount1–10
- GTM typeB2B
- OfferingHardware or Manufacturing
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.
Mandrake Resources firmographics
Firmographics- 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
Mandrake Resources industry classification
Industry- 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
Where Mandrake Resources is headquartered
LocationHeadquarters
- HQ city
- Perth
- HQ country
- Australia
- HQ region
- Oceania
Offices2 records
Markets served
Mandrake Resources business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales
Revenue model
- 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
Mandrake Resources product offering
Product offeringCore 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
Companies that use Mandrake Resources
Customer profileNamed customers1 record
Segments3 records
Ideal customer profiles3 records
Mandrake Resources technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature5 records
Mandrake Resources partnerships and signals
Strategic signalPartnerships
Three partnerships are on record, tiered core and minor.
- Stardust Power Inc.coreStardust 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.
- ElectroflowcorePartnership 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 ConsultingminorIndependent 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
Mandrake Resources competitors and assessment
Company assessmentDirect 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
Mandrake Resources social profiles
Digital presenceMandrake Resources financial estimates
Financial estimateRevenue estimate
Valuation estimate
Mandrake Resources leadership team
Management profileNumber of profiles
Profiles3 records
Mandrake Resources funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Mandrake Resources M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Mandrake Resources
What does Mandrake Resources do?
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.
Is Mandrake Resources a public or private company?
Mandrake Resources is a public company. It is classified as public and is currently operating.
When was Mandrake Resources founded?
Mandrake Resources was founded in 2019. It employs 1 to 10 people.
Where is Mandrake Resources based?
Mandrake Resources is headquartered in Perth, Australia, in the Oceania region.
How does Mandrake Resources make money?
One revenue line is on record: lithium Production and Sales.
Who are Mandrake Resources's main competitors?
Direct peers on record are Standard Lithium, Piedmont Lithium, ioneer Ltd and Anson Resources. Emerging players are Vulcan Energy Resources, Lake Resources, EnergySource Minerals and Controlled Thermal Resources (CTR). Broad incumbents are Albemarle Corporation and Livent Corporation.
Does Mandrake Resources have an API?
No public API is recorded for Mandrake Resources.
What industry is Mandrake Resources in?
Mandrake Resources's product category is Lithium Mining and Mineral Exploration. Its primary akta.pro industry code is IMAKAFAA, Lithium Mining & Brine Extraction, with a secondary code of EUAFABAA, Battery Raw Materials Mining & Refining (Lithium, Nickel, Cobalt, Manganese, Graphite). Its NAICS code is 213114 and its SIC code is 1000.