Patagonia Lithium Raises A$2.9m to Accelerate Formentera Lithium Project

Patagonia Lithium Limited ( (AU:PL3) ) has issued an update.

Patagonia Lithium has secured firm commitments for a A$2.9 million private placement, issuing up to 29 million new shares at A$0.10 each plus one unquoted option for every two shares, to fund the next phase of work on its flagship Formentera lithium brine project in Argentina. The capital injection will support drilling, an upgraded mineral resource estimate, scoping and feasibility studies, and engineering work on an Ekosolve direct lithium extraction first-phase plant, as well as working capital, reinforcing the company’s efforts to advance its 551,000-tonne LCE resource and strengthen its position in the emerging lithium and critical minerals supply chain; Cygnet Capital acted as lead manager and will receive fees and options for its role in the raising.

The most recent analyst rating on (AU:PL3) stock is a Hold with a A$0.11 price target. To see the full list of analyst forecasts on Patagonia Lithium Limited stock, see the AU:PL3 Stock Forecast page.

More about Patagonia Lithium Limited

Patagonia Lithium Ltd is an ASX-listed exploration company focused on lithium brine projects in the South American lithium triangle, with its key assets being the Formentera/Cilon project in the Salar de Jama in Jujuy province and the Tomas III project at Incahuasi Salar in Salta province, northern Argentina. The company is also exploring in Brazil across five exploration concession packages covering 41,746 hectares for ionic rare earth element clays, niobium, antimony and lithium in pegmatites, including ground staked adjacent to CMOC, the country’s largest niobium producer, positioning Patagonia Lithium in both the battery metals and critical minerals markets.

Average Trading Volume: 239,340

Technical Sentiment Signal: Strong Buy

Current Market Cap: A$17.91M

For an in-depth examination of PL3 stock, go to TipRanks’ Overview page.