Raising will see Essential Metals advance its strategy to become a new force in the lithium supply chain
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.