Join our daily newsletter At The Bell to receive exclusive market insights
- Elementos (ELT) has entered back-to-back trading halts ahead of a capital raise announcement
- Earlier this month, the tin explorer and producer sought to maximise financial returns at its Oropesa Tin Project by starting an optimisation program
- An economic study for the project was released in May, which outlined a low-cost development with a prospective annual production of 2440 tonnes of tin-in-concentrate over 14 years
- Elementos claimed it’s pursuing new financing plans and has received interest from multiple parties wanting to fund the development of the Oropesa Project
- Company shares last traded for 0.8 cents each on Thursday, July 30
Elementos (ELT) has entered back-to-back trading halts ahead of a capital raise announcement.
The company’s shares will remain in a trading halt until the announcement is released or the commencement of normal trading on August 6.
Elementos is a tin explorer and producer focused on the Oropesa Project in Spain and Cleveland Project in Tasmania.
Earlier this month, the company sought to optimise financial returns at its Oropesa Tin Project by starting an optimisation program. This program aimed to increase the project’s overall resource, annual production and mine life.
In May, an economic study was released for the project, which outlined it as a low-cost development with a prospective annual production of 2440 tonnes of tin-in-concentrate over 14-year mine life.
On July 20, Elementos announced it would retain 100 per cent of Oropesa after deciding to withdraw from a proposed one per cent gross revenue royalty (GRR) deal with Canada’s electric royalties for C$500,000 (roughly A$516,895) cash and 1.5 million common shares.
“Retaining full ownership of Oropesa at this time ascribes maximum value to shareholders given the strengthening opportunity to create value-uplift as the project is advanced towards full feasibility and development,” Chairman Andy Greig said.
The company also reported it’s pursuing “new financing plans” and has received interest from multiple parties wanting to fund Oropesa’s progression along the value chain.
Company shares last traded for 0.8 cents each on Thursday, July 30.
