Liontown Resources has successfully concluded the share purchase plan (SPP) introduced on October 19, aiming to fully finance the Kathleen Valley lithium project in Western Australia.
The SPP offered shares at a price of $1.47 each, representing a two percent discount compared to the five-day volume-weighted average price of Liontown shares leading up to and including the SPP closing date of November 20, rounded to the nearest cent.
Designed to raise up to an additional $45 million at a price matching the lower end of the placement offer price, the SPP saw the issuance of over nine million new Liontown shares on November 27. These newly issued shares are anticipated to be listed on the Australian Securities Exchange (ASX) on November 28.
Recent drilling at De Grey's Hemi gold project in Western Australia is unveiling promising prospects for the project's expansion, both in open-pit development and potential underground mining. Focus has centered on the Diucon-Eagle open pits, revealing significant mineralization during recent exploration at Eagle and Diucon sites.
The findings suggest considerable potential for expanding the Diucon-Eagle open pit shell. Extensions below the Eagle pit and shallower Diucon areas display impressive mineralization, with drilling uncovering extensions at least 250 meters down plunge to the west and over 300 meters down dip beneath the current Eagle pit plan.
St. Barbara has unveiled its FY24 outlook report, focusing on its Atlantic and Simberi operations. The company has committed $8 million to the Atlantic growth strategy, with an additional $13-15 million to be invested by FY24's end. The major allocation is for the 15-Mile project in Nova Scotia. St. Barbara plans to provide updates on Beaver Dam mineral resources and conduct drill testing at Cochrane Hill in Q3 and Q4. For the Simberi growth strategy, a capital investment of $10-13 million is expected, funding resource definition drilling and optimization studies. The company holds a $236 million cash balance as of Q1 September FY24, including $47 million for the Touquoy mine reclamation bond. Interest income for FY24 is estimated at $3-5 million.