image of Corvette Lithium Property

The Largest Lithium Financings of 2023

Lithium prices have declined sharply in 2023 despite the high demand for the metal in electric vehicle batteries. However, there have been some notable discoveries and investments in the lithium exploration and development space over 2023.  

Costmine Intelligence has been tracking lithium financings over the year and has highlighted several of the largest financings of the year. 

#1) Patriot Battery Metals Inc. (TSX-V: PMET) – The company closed two financings in 2023, securing a strategic investment from Albermarle Corp. The proceeds will be used to accelerate the development activities at the Company’s Corvette Lithium Project and for general corporate purposes.  

#2) Core Lithium Ltd. (ASX: CXO) – Proceeds from the financings will go towards exploration and development at its flagship Finniss Lithium Project. The company plans to conduct up to 90,000 metres of exploration drilling, completing a revised feasibility study, and other studies.

#3) Delta Lithium Ltd. (ASX: DLI) – The company closed two financings in 2023, one at the beginning and the end of the year. The company plans to use the proceeds for exploration of and delivery on a scoping study for its Yinnetharra Lithium Project. 

#4) Li-FT Power Ltd. (TSX-V: LIFT) – The company completed two financings in 2023. The gross proceeds of the offering will be used by the company for exploration of the company’s Yellowknife lithium project located in the Northwest Territories, Canada, and the company’s projects in Quebec, primarily being the Rupert property.

#5) Zinnwald Lithium Plc. (LON: ZNWD) –  The net proceeds from the fundraising will be used to advance the company’s wholly owned Zinnwald Lithium Project in Germany towards a bankable feasibility study for lithium hydroxide (and towards the continued exploration of the potential to expand the size and scope of the project.

#6) Lithium Ionic Corp. (TSX-V: LTH) – Lithium Ionic plans to use the net proceeds of the offering to continue mineral exploration and development activities at its Brazilian properties and for working capital requirements and general corporate purposes. 

#7) E3 Lithium Ltd. (TSX-V: ETL) – The company completed two financings in 2023. The net proceeds from the offering will be used towards the advancement of the Clearwater Project and corporate development activities.

#8) Develop Global Ltd. (ASX: DVP) – The company plans to use the proceeds to accelerate the development of Pioneer Dome, including drilling, metallurgical tests, approvals and updated economic and mining studies4

#9) Cleantech Lithium Plc. (LON: CTL) – Funds will be used to develop the company’s three assets in Chile. The company plans new resource evaluation programmes, environmental, scoping, hydrogeological and feasibility studies; and for general working capital purposes.

#10) Premier African Minerals Ltd. (LON: PREM) – Premier intends to use the proceeds to provide funding to support the ongoing optimisation of the plant at Zulu and general working capital. Specifically, the proceeds will go towards mill installation that is expected to see production at 1,000 ton per month of spodumene from November 2023, the installation of a thickener and larger ball mill that is expected to see the plant achieve design throughput from Q1 2024.

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