Wildcat Resources (ASX:WC8) has received firm commitments for a $60 million institutional placement to fast-track early development works at its Tabba Tabba Lithium Project in Western Australia.
The placement comprises approximately 196.7 million new shares priced at $0.305 per share, representing a 10.3% discount to its last traded price of $0.34 on 18 September. Wildcat says existing and new domestic and international institutional investors participated in the raise.
Proceeds will accelerate process plant front-end engineering, roads, village development, potential long-lead item procurement, regional exploration, site establishment, and construction readiness.
Executive Director Matthew Banks says the demand demonstrates ‘strong’ global support for the company’s strategy.
“The demand for the placement is a strong endorsement of the quality of the Tabba Tabba Project and our strategy to bring forward early development activities,” Banks says.
“Wildcat is now well positioned to deliver the [Definitive Feasibility Study] later this year and ultimately achieve first production in this lithium cycle,” Banks says.
The placement occurs in two tranches: 183.6 million shares issued under existing ASX listing rule 7.1 capacity, and 13.1 million shares subject to shareholder approval at a general meeting expected in November.
Canaccord Genuity (Australia) and Euroz Hartleys acted as joint lead managers and joint bookrunners for the transaction. Bell Potter Securities, Shaw and Partners, and Argonaut Securities acted as co-managers.
Wildcat is progressing a Definitive Feasibility Study for Tabba Tabba targeted for release in 2026, alongside ongoing project financing and offtake discussions.
Located 80km by road from Port Hedland, Tabba Tabba contains a mineral resource estimate of 74.1 million tonnes (Mt) @ 1.00% lithium oxide (Li2O) and a maiden probable ore reserve of 46.3Mt @ 0.99% Li2O.
Settlement of the first tranche is scheduled for 25 September, with allotment and trading commencing on 28 September.
Wildcat Resources is a mineral explorer developing lithium and gold deposits.
Write to Paula Fabe at Mining.com.au
Main image: Wildcat Resources
