Element 25 Limited (E25), an ASX-listed company focused on manganese production, has announced it has received firm commitments for a $10 million share placement. Element 25 operates the Butcherbird Manganese Project in Western Australia and is expanding production to approximately 1.1Mtpa of medium-grade high silica manganese ore. The placement aims to fund the expansion of its Butcherbird Manganese Project in Western Australia and to provide additional working capital.
The Butcherbird Expansion Project (BBX) is designed to increase production capacity to 1.1 million tonnes per annum. A feasibility study updated in January 2025 estimated a capital cost of AU$64.8 million, with a pre-tax Net Present Value (NPV) of AU$561 million and a 96% pre-tax Internal Rate of Return (IRR). The increased production capacity will also support Element 25’s planned high-purity manganese sulphate monohydrate (HPMSM) production facility in Louisiana, USA. The $10 million placement follows Element 25 securing an AU$50 million senior debt facility from the Northern Australia Infrastructure Facility (NAIF).
Under the placement, Element 25 will issue 36,323,146 shares at a price of AU$0.28 per share. This represents a 13.4% discount to the 10-day volume-weighted average price (VWAP) of AU$0.323/share and a 16.4% discount to the last closing price of AU$0.335/share. The company anticipates settling the placement on 18 September 2025, with shares to be issued around 19 September 2025. Petra Capital acted as the Sole Lead Manager and Sole Bookrunner for the offer.
Element 25 Managing Director Justin Brown expressed enthusiasm for the support from shareholders, stating that the placement will enable the company to progress the Butcherbird expansion. He highlighted the importance of the expansion for the company’s HPMSM production strategy, backed by partners like General Motors, Stellantis, and the US Department of Energy. The funds raised will facilitate the ordering of long-lead equipment and accelerate detailed engineering design activities.
