Hawkstone increases US exposure with over-the-counter market listing

Hawkstone is capitalising on strong interest in its Big Sandy lithium project in Arizona from North American investors by listing on the OTCQB stock market.

The listing under the code OTCQB: HWKMF will enhance the company’s visibility and accessibility to North American investors while allowing trades and settlements in US dollars with trading during the North American time zone.

Hawkstone Mining (ASX:HWK) managing director Paul Lloyd says the listing on the OTCQB is part of the plan to raise its profile in the US.

“With a large developing lithium resource in Arizona, USA, and the recent confirmation of the production of battery grade lithium of 99.8% from the Big Sandy sedimentary material, the time is right to increase activity in the USA,” he added.

“The company will look to bolster the in-country management team and seek out USA based directors with the appropriate skill set to take the company to the next development level in the shortest possible time.”

Separately, Hawkstone is in the process of seeking DTC eligibility from The Depository Trust and Clearing Corporation (DTC), which manages electronic clearing and settlement of publicly traded companies across the US and in over 130 other countries.

This gives investors around the world the opportunity to trade in the securities of member companies electronically from their online accounts by providing cost-effective clearing and guaranteed settlement, simplifying and accelerating the settlement process of daily trades.

DTC eligibility will ensure a more liquid and transparent market for the company’s common shares within the US.

Big Sandy lithium

In March, Hawkstone produced battery grade (99.8%) lithium carbonate from the Big Sandy sedimentary project in Arizona at high recoveries of 90.7%.

Work is underway to move to full-scale bench-scale testing and design of a continuous-operation pilot plant — a smaller version of a full-sized processing plant.

Approvals to carry out further drilling is imminent.

Big Sandy currently has a resource of 32.5Mt grading 1,850 parts per million lithium, or 320,800t of lithium carbonate equivalent.

Additionally, the company has estimated an exploration target of between 271Mt to 483Mt of sedimentary material grading between 1,000ppm and 2,000ppm lithium between the Northern and Southern Mineralised Zones.

This article was developed in collaboration with Hawkstone Mining, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.