Total
0
Shares
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Element 25 (E25) has raised $35.5 million for the expansion of its Butcherbird Project in Pilbara, Western Australia
  • The company is offering shares at $2.2o, which is an 8 per cent premium to the 30-day volume-weighted average price
  • Proceeds will be used to fund the stage two expansion of manganese concentrate production from Butcherbird
  • On the market this morning, Element 25 is down 7.84 per cent and trading at $2.47 per share

Element 25 (E25) has raised $35.5 million to fund stage two expansion at the Butcherbird Project in Western Australia.

The company has received commitments from investors to raise the money through a placement, offering shares at $2.2o, which is an 8 per cent premium to the 30-day volume-weighted average price.

Proceeds will be used to fund the stage two expansion of manganese concentrate production from Butcherbird.

Funds will also allow Element 25 to put a dedicated team in place to accelerate the flowsheet and plant design work to produce lithium-ion battery-grade manganese sulphate from the concentrate produced at the project.

Notably, manganese is emerging as an increasingly important ingredient for electric vehicle (EV) batteries, with potential supply constraints for nickel and cobalt forcing battery manufacturers to look to high manganese cathodes to produce the vast amount of cathode material required by the EV industry in the coming years.

The project is ideally placed to feed this potential demand, with the expanded production at Butcherbird to provide over one million tonnes per annum of manganese concentrate.

On the market this morning, Element 25 is down 7.84 per cent and trading at $2.47 per share at 10:19 am AEDT.

E25 by the numbers
More From The Market Herald
Adriatic Metals PLC (ASX:ADT) - CEO, Paul Cronin

" Adriatic Metals (ASX:ADT) releases silver assays for Rupice Mineral Resource

Adriatic Metals (ADT) has released silver assays for its wholly-owned Vares Silver Project in Bosnia and Herzegovina.
Turaco Gold (ASX:TCG) -Managing Director, Justin Tremain

" Turaco Gold (ASX:TCG) receives results from Bouake North

Turaco Gold (TCG) has received results from its recently completed auger drilling program at the Bouake North prospect in Côte d’Ivoire.
Australasian Gold (ASX:A8G) - Managing Director, Qingtao Zeng

" Australasian Metals (ASX:A8G) and CSIRO detect high priority lithium at Mt Peak

Australasian Metals (A8G) and CSIRO have announced the detection of high priority pegmatite and lithium at its wholly-owned Mt Peak project in the
Green Technology Metals (ASX:GT1) - CEO, Luke Cox

" Green Technology Metals (ASX:GT1) begins drilling at North Aubry

Green Technology Metals (GT1) has begun drilling at the North Aubry deposit within its Seymour Project in Ontario, Canada.