Venture to hit tin-tungsten targets at Mt Lindsay with $5.5m cap raise
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Venture Minerals has plans for $5.5 million cap raise via a placement and share purchase plan (SPP) to fund the underground feasibility study and ramp up exploration at its Mount Lindsay tin-tungsten project.
The company will undertake a $4.25 million placement and a $1.25 million SPP at an issue price of $0.036 per share.
This represents a 14.3% discount to the last closing price and a 19% discount to the volume weighted average price.
Higher tin prices and the recognition of tin as a fundamental metal to the battery revolution has refocused the company’s approach to developing Mount Lindsay – which is one of the world’s largest undeveloped tin-tungsten deposits.
The company will use the funds to build a feasibility study team and pursue additional drill rigs to ramp up exploration.
“The time for tin is now,” Venture Minerals (ASX:VMS) managing director Andrew Radonjic says.
“This placement allows Venture to accelerate the updated underground feasibility study at Mount Lindsay as part of our strategy of becoming an ESG compliant tin producer in the near future, whilst continuing the search for the next tin discovery in Australia’s premier tin district.
“Tin is an EV metal and Mount Lindsay is one of the largest undeveloped tin deposits in the world that also hosts a substantial Tungsten resource.
“Tungsten is a critical mineral that governments throughout the world (including Australia) are looking to support the development of new mines such as Mount Lindsay,” Radonjic adds.
Tin is a key part of the green industrial revolution, required for solar cells, electric vehicles, recycling, wind power and energy storage.
Prices are around record highs of US$38,000/tonne an increase of 185% since 2016 and almost four times the price of copper.
Tungsten is also a critical mineral due to its economic importance as a key input into industries vital to national security – with prices hovering around US$315/mtu.
This article was developed in collaboration with Venture Minerals Limited, 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.