WA graphite explorer Battery Minerals has received $19.5 million in share placements and $500,000 from its drilling contractor (in return for equity) in order to fund its Balama and Montepuez projects in Mozambique.
The funds will be used to fast-track a feasibility study at the Balama project and provide further funding for grade control drilling at Montepuez in advance of the company receiving its mining lease. First graphite at the project is expected in the first quarter of 2019.
David Flanagan, executive chairman of Battery Minerals, described the fundraising as a key milestone in the company’s mission to become a supplier for lithium battery materials.
“The overwhelming support we have received from investors around the world reflects the quality of our project and its outstanding potential to tap into the lithium battery market,” he said. “We have received a huge response to our strategy to develop a project with low capital costs, limited funding requirements and a short lead-time to production.”
Drilling results from Montepuez are expected to be released shortly.