Mineral Resources Ltd (ASX: $MIN) completes $1.5M placement and due diligence at Horse Rocks Lithium Project

Mineral Resources Ltd (ASX: $MIN) has completed a $1.5 million placement, receiving firm commitments from institutional and sophisticated investors, along with existing shareholders. The funds raised will be focused on exploration at the Company's Horse Rocks and Jingjing Lithium Projects near the Mt Marion Lithium Mine. Additionally, the company has completed due diligence on the Horse Rocks Lithium Project, with geological mapping and sampling recommencing as a pre-cursor to the next drilling campaign.

Executive Director's Commentary on Placement and Exploration

Executive Director Barnaby Egerton-Warburton expressed gratitude to shareholders and welcomed new investors who have committed to the placement. He highlighted the strong response to the well-bid placement, reflecting the quality of the Lord Projects located in Western Australia's lithium-rich areas. The placement funds will be utilized to explore the Horse Rocks and Jingjing Lithium Projects, as well as to assess new opportunities in the battery and critical minerals space.

Summary of Mineral Resources Ltd's Announcement

Mineral Resources Ltd (ASX: $MIN) has successfully completed a $1.5 million placement, with firm commitments from institutional and sophisticated investors, and existing shareholders. The funds raised will primarily be used for exploration at the Horse Rocks and Jingjing Lithium Projects, as well as to assess new opportunities in the battery and critical minerals space. The completion of due diligence on the Horse Rocks Lithium Project marks a significant step in the company's exploration efforts. With geological mapping and sampling recommencing, the company aims to further its exploration activities and build a pipeline of lithium-focused projects. The soil sampling completed at the Jingjing Lithium Project, with results expected in June 2024, adds to the company's ongoing exploration initiatives. The placement represents an 8.7% premium to Lord's last traded price on ASX and a 5.4% discount to the 15-day volume-weighted average price (VWAP) on ASX. The company's focus on exploring Western Australian projects and assessing new opportunities reflects its commitment to advancing its corporate strategy in the lithium and critical minerals sector.