Elementos (ASX:ELT) is conducting a minimum $8.7 million capital raise to accelerate the development across its Oropesa and Cleveland projects in Spain and Tasmania, respectively.
Under a private placement and non-renounceable entitlement offer, up to $11.6 million will be raised via the issue of shares at $0.28 each.
BW Equities has been appointed as the lead manager of the placement and entitlement offer.
Elementos’ largest shareholder Metals X (ASX:MLX) has agreed to participate between $2.2 and $2.7 million under the placement.
The funds will be used for permitting and finalising project development activities to support achieving a final investment decision for Oropesa, as well as progressing discussions and negotiations with potential project partners and costs associated with the Iberian Smelter option agreement.
Elementos adds the funds will also support advancing works to support the re-development of the Cleveland Tin Project and general working capital.
With the company’s current cash position of $3.8 million, Elementos says it is in a strong position to deliver Oropesa into a final investment decision, as well as fund the tin smelter options and mature the Cleveland Project.
Earlier this month, Elementos increased the tungsten grades, sourced from Cleveland, by 410% through x-ray transmission (XRT) ore sorting testwork.
Tungsten recovery is marked at 87%, while mass rejects are at 79%, leaving Elementos to consider the implementation of XRT ore sorting to optimise tungsten recovery.
As previously reported, Elementos has been making progress with debt, equity, and offtakers interested in partnering to project finance the Oropesa Project and smelting assets in Spain.
Managing Director Joe David told Mining.com.au, 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 said.
On 13 October 2025, Elementos executed a binding call option agreement to acquire a 50% stake in Iberian Smelting for €3.63 million ($6.45 million).
Elementos intends to deliver tin concentrate produced from its Oropesa Project in Spain to the Robledallano facility for it to be smelted and refined into tin metal ingots. An Elementos subsidiary will then streamline tin metal ingots produced to be commissioned through the European and North American markets.
Elementos is an explorer, developer, and producer focused on tin in Spain and Tasmania.
Write to Aaliyah Rogan at Mining.com.au
Images: Elementos
