PERTH (miningweekly.com) – Junior Avenira will raise A$2.1-million in a share placement to fund studies for its Wonarah phosphate project, in the Northern Territory and exploration work at the Jundee gold project.
The company will issue up to 210-million shares, at a price of 1c each, with a one-for-two free attaching option with an exercise price of 2.5c each and an expiry date at the end of December 2025.
“We believe the next 12 months will be an exciting time for the company as we finalise the direct shipping ore (DSO) studies for phosphorous and lithium iron phosphate manufacturing,” said Avenira executive chairperson Brett Clark.
“Global demand for phosphate continues to strengthen, driving prices higher in recent months. The rise in prominence of lithium-iron-phosphate batteries in electric vehicles and energy storage and the increasing demand for phosphate as an agricultural fertilizer are simultaneously squeezing current world supply.
“We believe the Wonarah phosphate project has the potential to be rapidly brought into production to meet this supply shortage via a DSO operation.”