Elementos (ASX:ELT) has raised $2.9 million to support the delivery of key milestones through the remainder of 2025 and into 2026, following numerous board of directors exercising the $0.18 options to acquire shares.
The exercised options form part of the 20.2 million unlisted options, expiring 31 January 2026, issued between August and December 2024 under a placement and entitlement offer. The offer raised $3.37 million at $0.095 per share, which included one $0.18 attaching option for every two shares issued.
Chairman Andy Greig, Managing Director Joe David, and non-executive director Corey Nolan exercised their full allocation of options, contributing $1.9 million.
Seven of the top ten option holes also exercised their holdings, representing 78% of all outstanding options.
Elementos, which has a market capitalisation of $100.3 million, views this option exercise as a ‘positive’ endorsement of the company.
As previously reported, Elementos continues to make progress with debt, equity, and offtakers interested in partnering to project finance the Oropesa Tin Mine and smelting assets in Spain.
Speaking to Mining.com.au, Managing Director Joe David says the tin developer has big plans for the next six months, with major project milestones expected.
“We also look forward to achieving some major permitting milestones in the next six months at the Oropesa Tin Project in Spain, with the view of targeting a 2026 final investment decision,” David says.
The company will continue to evaluate other tin projects within close geographic proximity to Oropesa and the Robledollano tin smelter.
Write to Aaliyah Rogan at Mining.com.au
Images: Elementos
