Astute Raises $2.9 Million to Propel Development of Key Copper and Lithium Ventures

Astute Metals (ASX:ASE) is set to launch an entitlement offer to raise $2.968 million, aiming to advance its exploration projects in copper and lithium across Australia and the US. The raised funds are designated for several key initiatives, including drilling at the promising Leichhardt East copper-gold target, part of the Georgina Basin Iron Oxide Copper Gold Project in the Northern Territory. The investment will also be directed towards progressing the Red Mountain Lithium Project in the US and conducting metallurgical testwork at the Governor Broome Project in Western Australia.

Chairman Tony Leibowitz emphasized that this offer provides an important opportunity for shareholders to deepen their investment in the company’s growth and support the next stage of asset development. He stated, “As we advance with critical exploration at the Red Mountain Lithium discovery and prepare to drill a potentially game-changing IOCG target in the Georgina Basin, this entitlement offer presents a valuable chance for shareholders to engage in these transformative activities.”

Leibowitz further highlighted his commitment to the company by sub-underwriting the offer following a significant acquisition from Greenvale Energy, which demonstrates his confidence in the company’s assets, team, and future potential. His involvement underscores his belief in the strategic direction of Astute Metals and the potential growth opportunities ahead.

Astute Metals, which has a market capitalization of $16.53 million, has organized the entitlement offer as an underwritten, non-renounceable issue, with shareholders entitled to purchase one new share for every four shares they currently hold at a price of $0.028 per share. This issue price is set at a 26.3% discount to the share price as of 26 July and a 42.5% discount to the seven-day volume-weighted average price.

The underwritten offer, managed by CPS Capital, is scheduled to open on 7 August and close on 16 August 2024. This funding initiative will help propel Astute Metals' exploration and development efforts in critical minerals, reinforcing its strategic focus on high-value projects in prominent global jurisdictions.

Astute Metals NL is a diversified exploration company listed on the ASX, specializing in the identification and development of critical metals essential for electrification and the global energy transition, particularly lithium and copper.

The company’s project portfolio spans Tier-1 resource regions, including Nevada, USA (a leading lithium province in North America), Western Australia, and the Northern Territory. Astute Metals’ current holdings are situated in these established resource-rich areas, demonstrating a strong presence in proven mining jurisdictions.