Core Lithium (ASX:CXO) is planning to divest certain Northern Territory and South Australia gold exploration assets via an initial public offering (IPO) of Axiant Resources.
If Axiant Resources is admitted to the Australian Securities Exchange, Axiant will use the funds raised from the IPO to explore and gold and other minerals, excluding lithium, on the company’s tenements.
A prospectus for the issue of shares to fund working capital and acquisition costs for the assets is expected to be lodged with ASIC in July 2026. Axiant is targeting a listing between July and August, subject to market conditions.
Under the IPO, Core will retain all lithium rights on all tenements prospective for lithium.
Meanwhile, Chairman Greg English will be retiring from the company’s board of directors on 30 June 2026.
English says that after 16 years, he is “proud” to leave the company in a good position to resume mining.
“The new team, the assets, and the outstanding growth opportunity reflect improved commodity prices for spodumene, and also the strength of our new financial partners,” he says.
Core Lithium is an Australian hard-rock lithium company that owns the Finniss Lithium Operation on the Cox Peninsula.
Write to Aaliyah Rogan at Mining.com.au
Images: Core Lithium
