Iltani Resources (ASX:ILT) is raising $1.8 million via a placement to fund exploration at the company’s Orient Project, as well as other areas of interest.
The 12.51 million market capitalisation company has received commitments to issue just over 8.377 million shares at an issue price of $0.215 per share, which represents a 10.4% discount to the last traded price of $0.240.
Settlement of the placement is expected to occur on or before 28 May 2025, while the closing date for applications under the SPP is 20 June.
Canary Capital acted as lead manager to the placement.
Managing Director Donald Garner says the strong demand for the placement is recognition of the quality of Iltani’s projects, in particular the Orient Silver-Indium Project.
Last week, the company received more drilling results delivering grades up to 651.8 grams per tonne silver-equivalent from the Orient West deposit in North Queensland.
An ongoing infill drilling program is being conducted within the Orient Silver-Indium Project, which has continued to return broad, “high-grade” results. Highlights include 7m @ 227.6g/t silver-equivalent from 140m including 2m @ 651.8g/t silver-equivalent from 143m downhole at hole ORR073, as reported by Mining.com.au.
The company is completing simultaneous reverse circulation and diamond infill drilling programs at Orient, with results used to model and estimate the initial JORC resources for Orient West and East – expected Q3 2025.
Indium is most commonly recovered from the zinc-sulphide ore mineral sphalerite.
The price of indium reached an all-time high in January last year 2024. The advent of 5G technologies continues to increase demand for indium. Growing interest in artificial intelligence (AI) is also expected to grow demand for specialised chip materials that allow for more advanced computation.
Write to Adam Orlando at Mining.com.au
Images: Iltani
