McLaren Minerals (ASX:MML) is poised to advance its McLaren Titanium Project in Western Australia by securing $1.282 million through a two-tranche placement. The funds will be used to finalize the Prefeasibility Study (PFS), covering crucial workstreams such as engineering, design, assay costs, and resource estimation. Shares will be issued at $0.0225 each, with investors receiving options exercisable at $0.034. CPS Capital will manage the placement.
The McLaren Titanium Project, situated on the Eucla Basin’s western side, boasts an indicated and inferred resource of 280 million tonnes at 4.8% heavy mineral content. Managing Director Simon Finnis emphasizes that this funding arrives at a pivotal moment, enabling the company to update resources and complete the PFS, thus providing a solid foundation for the next phase of development towards production. McLaren Minerals aims to capitalize on the global demand for mineral sands like titanium and zirconium, essential components in various industries, including aerospace, automotive, construction, ceramics, and nuclear reactors.
