FDR on the lithium trail to listing

6 December 2022 12:53

 First Development Resources have launched phase II lithium-focused exploration at the Selta project in Australia’s Northern Territory, moving forward ahead of its planned listing on the London capital markets.

It marks the next steps over around 700 potential outcropping pegmatites identified on what is now a wholly owned project.

Inspiring results spurred FDR to snap up the NSR royalties retained by their original vendors, bringing full ownership of all its projects ahead of the IPO, now imminent on completion of all material work streams.

Phase I fieldwork on Selta has already confirmed pegmatite geology, suggesting a zoned system originating from nearby granites, and phase II will focus on 30 square kilometres of an expansive 180 square kilometre target zone to further examine the zonation of a prospective pegmatite system.

First Development Resources said it was committed on advancing its portfolio and delivering benefit to shareholders while remaining focused on listing.

“Over the past several months the FDR team has worked hard to develop strong relationships with the key stakeholders at Selta to facilitate the efficient deployment of field teams to site to complete value enhancing work,” chief executive Tristan Pottas said.

“Technical analysis of the outcropping pegmatites will significantly improve our understanding of the system present at Selta.”

Power Metal said with diamond drilling ready at Wallal and work ongoing at Selta, it would look to ensure its subsidiary is a vibrant exploration business off the blocks.

“The search for economic deposits of lithium continues to be the focus of many exploration companies globally as they look to capitalise on the strong market conditions which continue to reflect the lack of supply for the ever-growing demand for battery metals,” chief executive Paul Johnson said.

“The buyout of all project royalties by FDR was an important step, simplifying the structure of the planned listing interests and reflecting the value of FDR’s project portfolio which has been significantly enhanced since their original acquisition.”

POW’s London Stock Exchange-listed share price was trading at 1.55 British pence today (12.49 pm UTC+ 8 hours).

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