Raising will see Essential Metals advance its strategy to become a new force in the lithium supply chain
HIGHLIGHTS
Essential Metals Limited (“Essential”, “the Company”) is pleased to announce that it has received firm commitments from institutional and sophisticated investors to complete a placement of $5,000,000 (gross proceeds) (“Placement”).
The Funds received from the Placement will be used to advance the Company’s 100%-owned Pioneer Dome Lithium Project, located 150km south of Kalgoorlie in Western Australia, over the coming financial year.
Activities planned include: • Additional drilling at Dome North to follow-up results from the drilling programme currently underway; • Expanding exploration activities, including over the under-explored gneiss belt which runs the full length of the project and in the Dome South area to the south of the Pioneer Granite Dome ; and • Commencement of feasibility studies once lithium Mineral Resources (currently 11.2Mt @ 1.21% lithium (Li2O)) are of sufficient size. Such a decision will be influenced by spodumene market pricing as well as the quantity and grade of the Mineral Resource and other factors.