Global Lithium Resources (ASX:GL1) said the Australian government's Takeovers Panel declined to conduct proceedings on its application, according to a Friday Australian bourse filing.

It had alleged in an application to the panel that parties with purported undisclosed associations, holding about 30% to 40% voting power in the firm, attempted to gain control of its board and the company since at least February 2024, in an earlier filing.

The panel considered that a significant amount of time had passed since certain relevant events occurred and the application was not timely.

It concluded there was no reasonable prospect that it would make a declaration of unacceptable circumstances.

The firm's shares rose past 11% in recent trading on Friday.