Elementos Limited (ASX: ELT), a company focused on the exploration, development, and production of its global tin projects, has secured a binding agreement with L1 Capital for a $29.5 million strategic private placement. The placement will see L1 Capital acquire approximately 19.99% of Elementos’ issued shares upon completion, at a price of $0.34 per new share. This issue price represents a premium to the 2025 capital raising price and a slight discount to the recent closing price.
The funds raised from this placement are earmarked for several key initiatives. These include the continued advancement of the Oropesa Tin Project in Spain towards a Final Investment Decision (FID) and project financing, as well as investment into Iberian Smelting (Robledollano Tin Smelter). A portion of the funds will also support the ongoing assessment of the Cleveland Tin Project’s re-start potential in Tasmania, and for general company expenses.
Elementos’ Chairman, Andy Greig, welcomed L1 Capital as a major institutional investor, highlighting their ‘high conviction’ approach. He noted that L1 Capital’s investment, alongside Metals X, provides further support to the company’s strategy and enhances security as Elementos progresses towards FID and detailed project financing discussions. L1 Capital is a global investment manager established in 2007 with offices in Melbourne, Sydney, Miami and London.
The placement was facilitated by BW Equities, who will receive a 5% cash fee of the total funds raised. Elementos will issue approximately 86,775,000 shares to L1 Capital, utilising its available placement capacities under ASX Listing Rules 7.1 and 7.1A. Settlement of the strategic placement is expected around Thursday, 19 February 2026, with a further announcement to be made once the shares are allotted.
