Green Technology Metals raising $4m for Seymour spodumene DFS

Green Technology Metals is raising up to around $4m to make the move to definitive feasibility at its Seymour lithium project in Ontario, Canada.

• Green Technology Metals’ $4m raising to move the Seymour project towards definitive feasibility

• Funds also slated for a prefeasibility study for a lithium conversion facility

• Integrated development timed in alignment for a spodumene rebound

 

Special Report: Green Technology Metals is raising up to around $4m to make the move to definitive feasibility at its Seymour lithium project in Ontario.

The non-renounceable entitlement offer at a price of 4c a share is underwritten to $3m and backed to the tune of $450k by the Green Technology Metals (ASX:GT1) board.

Long-term holders in the company and institutional investors will also participate, backing GT1’s confidence in its counter-cyclical strategy and long-term ambitions.

Funds are marked for development of the Seymour lithium project and a prefeasibility study for a lithium conversion facility, which would see the company become Ontario’s first fully integrated lithium operation.

“The funds raised will directly support us in continuing to advance our projects with a focus on project development for Seymour, including the DFS, permitting and ongoing consultation,” GT1 managing director Cameron Henry said.

“Additionally, it will allow us to progress the PFS for the lithium conversion facility.

“A strong endorsement for the company is the support from our directors, existing long-term shareholders and institutional investors with their commitment to participate in the subunderwriting which reinforces our confidence in the company’s long-term outlook and our Ontario strategy.”

Canadian critical minerals strength

GT1 shareholders aren’t the only ones who have an interest in seeing Seymour and the company’s greater ambitions come to fruition.

The company has scored a potential C$100m in financing from Export Development Canada, an arrangement set to be finalised this year as Canada looks to increase its already considerable capacity for critical minerals.

And the Canucks’ somewhat belligerent southern neighbour, with little presence across the critical minerals value chain itself, seems to be eyeballing them as well.

A lot of lithium players abandoned the sector through the price downturn, but as noted by Stockhead contributor Kristie Batten, GT1 has been timing its development for a rebound.

Fastmarkets expects 5.5% spodumene to be trading at US$1146/t when GT1 is aiming to begin production in 2027 and continue heading further north in tune with increasing EV demand and a lack of new developments.

This article was developed in collaboration with Green Technology Metals, a Stockhead advertiser at the time of publishing. 

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

Originally published as Green Technology Metals raising $4m for Seymour spodumene DFS