Lithium Plus Minerals has successfully raised A$8 million in a strategic capital move that positions the junior explorer for significant advancements at its Bynoe lithium project in the Northern Territory. This financial boost, backed by major industry figures, is set to accelerate the company's momentum towards unveiling its maiden resource.
Strategic Investment Backing Fuels Growth
The capital raise was executed at 40c per share, with strong support from existing shareholders and a notable endorsement from Suzhou CATH Energy Technologies. Develop Global, led by mining veteran Bill Beament, also played a key role in the funding, signaling increasing confidence in Lithium Plus's exploration potential.
Develop Global's Expanding Lithium Portfolio
Develop Global's involvement in the raise is part of a broader strategy to strengthen its footprint in the lithium sector. Following its recent $153 million acquisition of Essential Metals, Develop continues to expand its portfolio, focusing on high-potential assets like the Pioneer Dome lithium project. This latest move aligns with Develop's commitment to capitalizing on the growing demand for lithium in battery technology.
Market Momentum and Investor Confidence
The market response to these developments has been overwhelmingly positive, with Lithium Plus's shares climbing by 8% to 55c in early trading. This uptick reflects investor optimism not only in the company's upcoming maiden resource but also in the broader potential of the Bynoe project, which has shown promising drilling results, including high-grade lithium pegmatites.
Accelerating Resource Development at Bynoe
The A$14 million raised will be directed towards aggressive development of Lithium Plus’s assets at Bynoe. The focus will be on expanding the Lei prospect, where recent discoveries have highlighted some of the highest-grade mineralized intervals ever recorded from the region. This funding also enables the company to expedite studies for a potential direct shipping ore operation, enhancing its growth trajectory in the competitive lithium market.
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