17 May 2024
17 May 2024
The funding to Fortune is aimed at advancing the NICO cobalt-gold-bismuth-copper project in Canada towards construction.
Raymond James acted as the lead underwriter and sole bookrunner on behalf of a syndicate of underwriters.
The company staked 104 unpatented mineral lode claims covering around 1,880 acres.
The mining lease, which commences on 1 June 2024, encompasses an area of 881.7 hectares (ha).
The Special Mining Business Permit (IUPK) allows PT Vale to continue its operations within the concession area and supports its growth strategy.
The option covers four tenements (exploration tenements) in the Tier 1 Caldeira Rare Earth complex.
The equity raise will see the issuance of around 1.6 billion new shares, equating to about 49.9% of the existing shares on issue.
The tenements are located near the Horse Rocks, Kangaroo Hills and Mt Marion Lithium projects, and the Spargoville region.
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