EV Resources Limited (ASX: EVR) has announced it will raise up to $5.5 million to advance its antimony projects. EV Resources is focused on the exploration and development of mineral resources. The company’s primary focus is on projects containing battery minerals and critical metals. The placement has secured firm commitments for A$4.75 million, potentially reaching A$5.5 million, with $750,000 contingent upon a binding Ore Sales Agreement with Locksley Resources (ASX:LKY). Proceeds from the placement will be directed towards advancing the Los Lirios and Dollar Antimony Projects. This includes accelerating resource definition drilling and progressing development and scoping studies. Several institutional investors, as well as EVR’s board and management, have committed to supporting the placement.
The placement involves the issue of approximately 687,500,000 new shares at $0.0080 per share. This represents a 20% discount to the last traded price, a 30% discount to the 5-day VWAP, and a 22.7% discount to the 30-day VWAP. Participants will receive one listed option (ASX:EVROA) for every two new shares subscribed, exercisable at $0.02 by 30 November 2026, subject to shareholder approval. The placement will occur in two tranches, with the second tranche requiring shareholder approval at an upcoming General Meeting (GM).
EVR and LKY have entered into a non-binding Heads of Agreement, with Locksley Resources making a strategic investment of A$0.75 million as part of Tranche 2, subject to shareholder approval and a binding Ore Sales Agreement. This agreement establishes a framework for EVR to supply antimony concentrate from its Los Lirios operations to Locksley. The Managing Director & CEO of EV Resources highlighted the strong investor support for the placement and the strategic backing from Locksley Resources, emphasizing the validation of their concentrate quality and EVR’s role in strengthening the antimony supply chain.
