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ASX-listed Wildcat Resources has secured firm commitments for A$100m ($63m) from institutional and sophisticated investors for a placement to raise funds for its Tabba Tabba lithium-tantalum project in Pilbara, Western Australia (WA).

The placement will involve the issuance of 131.57 million Wildcat shares at A$0.76 apiece.

This offer price marks an 8.6% discount to the company’s ten-day volume weighted average price.

Canaccord Genuity (Australia) and Euroz Hartleys were joint lead managers for the placement.

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By GlobalData

Wildcat will utilise the funds raised for exploration, drilling, resource evaluation and business development at the Tabba Tabba project.

Proceeds from the placement will also be used to conduct permitting and development studies at the project.

Additionally, the proceeds will be channelled towards general working capital and corporate cost requirements.

Wildcat executive director Matthew Banks said “The demand for this placement was significant, by leading international and domestic institutions, and our existing supportive shareholders.

“The placement provides a strong balance sheet that allows the company to accelerate discovery drilling and progress development studies at our Tabba Tabba lithium project. We have an exciting 12 months ahead of us.”

Wildcat agreed to acquire the Tabba Tabba project from Global Advanced Metals Wodgina in May 2023.

It is located 50km from Port Hedland, WA, and is close to some of the largest hard-rock lithium mines in the world.

These mines currently produce around 20% of the world’s lithium supply.

According to Wildcat, the pegmatites within the project are highly prospective of lithium mineralisation as three of the four holes drilled outside of the project for tantalum resource had intersected pegmatite.

The lithium mineralisation is 8m at 1.42% lithium oxide (Li₂O) from 4m, 16m at 0.9% Li₂O from 10m and 1m at 2.00% Li₂O from 40m.

This project has mining leases with large areas of outcropped pegmatites and a mineral resource estimate of 318 kilotonnes at 950 parts per million of tantalum pentoxide (Ta₂O₅).