Coda Minerals raises $6.7m for copper, cobalt PFS work in Australia
ASX-listed Coda Minerals has successfully completed a $6.7-million placement to institutional and sophisticated investors, which strengthens the company's balance sheet as it accelerates a number of key prefeasibility study (PFS) workstreams at the Elizabeth Creek copper/cobalt project, in Australia's Olympic Copper province.
The placement, which was priced at $0.13 apiece, brings the company's total cash to $13-million.
"We determined that a modest capital raising is appropriate to accelerate several high-value workstreams, particularly metallurgical lock-cycle testing and additional hydrogeological and approvals-related activities that have the potential to materially enhance the quality and robustness of the PFS.
"Importantly, the expanded metallurgical programme brings forward a range of testwork that would otherwise have been undertaken in later study phases. This allows us to address key technical questions earlier and further derisk the project," says Coda CEO Chris Stevens.
He adds that Elizabeth Creek is approaching an important stage where demonstrating technical robustness, commercial viability and development readiness becomes increasingly important.
"The copper sector continues to experience strong strategic interest globally, while the number of advanced copper developments in Tier 1 jurisdictions remains limited. Against this backdrop, we believe the PFS represents a significant opportunity to demonstrate the technical, commercial and strategic value of Elizabeth Creek.
"With drilling now complete and major field programmes underway, we expect a substantial increase in project activity and news flow over the coming months as we continue to systematically derisk the project," Stevens concludes.
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