Australia

Ioneer completes huge fund raise

Ioneer Ltd (ASX:INR) has raised A$40mln to fund the development of its 100%-owned Rhyolite Ridge Sedimentary Lithium-Boron Project, located in Nevada, USA.

The placing has been completed at a price of A$0.20, which is an 11% discount to the previous close price. Rhyolite Ridge has a JORC 2012 compliant mineral resource estimate of 475.4 million tonnes (mt) at a grade of 0.9% lithium carbonate equivalent (Li2CO3), and a contained lithium content of 4.1mt Li2CO3. So, its a mid-grade and mid-scale resource in terms of tonnage compared to its peer group (Figure 1).

Figure 1: Grade and tonnage distribution of sedimentary lithium deposits[hhmc]

Source: Metals and Mining Research Corporation

The placing was completed at a price of US$48.9 per tonne of contained lithium carbonate equivalent, which is around 45% below the average price for a lithium deal this year, but many of those deals were completed earlier in the year when sentiment towards lithium equities was nRead More – Source

Related Articles

Back to top button