Placement to Fund Tin Projects
Elementos (ELT ASX) has inked a binding agreement with Metals X (MLX ASX) to raise $5.0 million. The placement price sits at $0.0848 per new share. Proceeds will advance the Oropesa Tin Project in Spain towards FID and redevelop the Cleveland Tin Project in Tasmania.
Metals X Brings Scale and Expertise
Metals X is Australia’s largest tin producer and boasts a market capitalisation near $478M. The company holds a 50% stake in the Renison Tin Operation, which comprises the Renison Tin Mine and the Mount Bischoff Project in Tasmania. Its diverse asset base spans tin, gold and base metal ventures across Australia.
Strategic Shareholding and Board Seats
Following completion, Metals X will own roughly 19.98% of Elementos’ shares. Elementos will issue about 58.96 million new shares—58.28 million on an unconditional basis and 0.68 million conditional on shareholder approval. The placement leverages existing ASX Listing Rules 7.1 and 7.1A capacities. Under the deal, two Metals X nominees will join the Elementos Board upon settlement. Settlement is expected around 23 May 2025.
Chairman Highlights EU Supply Opportunity
Elementos’ Chairman Andy Greig said: “Working with Metals X will aid the development and delivery of Elementos’ key projects, including the Oropesa Tin Project in Spain, primed to be the only mine-to-metal tin supplier within the EU. And the Cleveland Tin Project in Tasmania, which is rapidly growing into a larger critical minerals project.”
“We look forward to working closely with Metals X and benefiting from the experience of Australia’s only significant tin miner and to mutually benefit from bringing Elementos projects into production.”
Metals X Sees Growth Pipeline
Metals X Executive Director Brett Smith said: “We are pleased to announce this strategic investment in Elementos. This investment provides Metals X with a further opportunity to participate in a global pipeline of developing tin projects, bringing our operational IP to assist in their development. We look forward to working with the Elementos Management and Board to ensure the best future for their projects.”
The strategic placement cements a partnership with an established tin major. Investors will watch for the upcoming shareholder meeting to approve the conditional shares.
Find out more about MLX’s Renison Tin mine here. The Elementos website is here.
