Elementos (ASX:ELT) has entered a binding agreement with L1 Capital to conduct a private placement, raising $29.5 million to advance the Oropesa Tin Project in Spain towards a final investment decision (FID).
The company will issue 86.78 million shares at $0.34 each, resulting in L1 Capital to hold a 19.99% stake in Elementos.
The issue price represents a 21.4% premium to Elementos’ last capital raising price of $0.28 per share, as well as a 2.86% discount to the last closing price on 13 February 2026.
Elementos expected the placement to close on or around 19 February, facilitated by BW Equities.
Chairman Andy Greig says the company is pleased to welcome L1 Capital to its shareholder register as a “major, highly credentialed, high conviction institutional investor”.
“Alongside Metals X (ASX:MLX), L1 Capital represents the second major investor to enter our register over the last nine months,” Greig says.
“The backing of these major investors provides support to the company’s strategy, added security and valuable optionality as we head toward FID and detailed project financing discussions.
“L1’s investment is a testament to the critical milestones that Elementos has delivered over the last year and the exceptional and unique asset portfolio we have built.
“The placement strengthens the balance sheet and development pathway for the Oropesa Project, primed to be the only mine-to-metal tin supplier in the EU, as well as our Cleveland Project in Tasmania.”
Elementos is a tin explorer focused on developing its assets in Spain and Tasmania.
Write to Maddison Elliott at Mining.com.au
Images: Elementos
