Everest Metals (ASX:EMC) on Friday (10 November 2023) completed a $2.4 million share placement following the issue of 30 million fully paid ordinary shares at a $0.08 per new share.
The equity raise comes just days after the company signed a memorandum of understanding with Edith Cowan University to collaborate on direct rubidium extraction from the Mt Edon LCT Project (M59/714) located 5km southwest of Paynes Find in Western Australia.
The MoU will allow cooperative activities in the ECU’s Mineral Recovery Research Centre for a period of 36 months to undertake direct rubidium extraction process though advanced processes such as ion exchange.
Under the MoU any intellectual property rights deriving from the project will be owned by Everest Metals.
Everest Metals says the process encompasses purification and refining, ultimately leading to the conversion into a final product such as Rubidium slat and metal.
Rubidium is a designated critical mineral by the most recent US Government Geological Survey of 2023. Its potential uses across a wide range of high tech and traditional industry are growing rapidly.
Rubidium is often associated with caesium and lithium mineralisation and its compounds are used in biomedical research, electronics, specialty glass, pyrotechnics as well as military industrial applications.
Since it is easily ionised, researchers believe it will also be used as a propellant in ion engines on spacecraft. Importantly, Rubidium is used interchangeably or together with caesium in many uses. Its recent applications in specialty glasses used in fibre optic telecommunication systems has been an important contribution to its growing demand.
Write to Adam Orlando at Mining.com.au
Images: Everest
