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Kali Metals Commences Trading on the ASX

8 January 2024 12:03

Kali Metals (ASX:KM1) has successfully commenced trading on the Australian Securities Exchange today after a heavily oversubscribed Initial Price Offering (IPO), which raised the maximum amount of $15 million before costs.

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Figure 1: Kali’s portfolio of Australian lithium assets

A Successful IPO

The listing follows the Company’s recent heavily oversubscribed IPO which raised $15 million through the issue of 60,000,000 Offer Shares at an issue price of $0.25 per share.

Kali Metals has outlined the funds garnered from the IPO will be used for IPO costs, general working capital and to explore and develop its lithium exploration tenure with a strong focus at the Higginsville Lithium Project in WA’s Eastern Yilgarn region.

The Company’s portfolio encompasses 3,854 square kilometres of lithium projects across Western Australia, New South Wales and Victoria, occupying valuable land tenure adjacent to some of the world’s largest hard rock (spodumene) mines and deposits.

Higginsville Project

The Company’s Higginsville Project is located in the Eastern Yilgarn region of WA.

Exploration work has already commenced at the Project, with Kali planning to release results from recent rock chip and soil sampling later this month.

Kali is also primed for its maiden Reverse Circulation (RC) drilling program at the Higginsville Lithium Project, expected to commence in the first half of 2024.

Lithium in the Pilbara

Kali also holds the rights to several projects in WA’s prolific Pilbara region, including the DOM’s Hill, Marble Bar and Pear Creek Lithium Projects.

Of note, Kali’s DOM’s Hill and Marble Bar Projects are fully funded by the world’s second largest lithium producer, SQM, as part of the Company’s joint venture, facilitating expedited exploration across the tenements.

Recent field work at the Marble Bar Project has discovered outcropping spodumene bearing pegmatite dykes associated with high grade rock chip samples assaying up to 2.8% Li2O.

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Figure 2: Pilbara Lithium Projects (DOM’s Hill Project, Marble Bar Project and Pear Creek Project)

Jingellic and Tallanga Lithium Projects

Kali also wholly owns the Jingellic Project, located in southern NSW and the Tallangatta Project, in north-eastern Victoria.

Both projects are in early stages of exploration and are considered prospective for LCT pegmatites.

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Figure 3: Jingellic Project and Tallangatta Project

About Kali Metals

Kali Metals was established from the spin out of a portfolio from gold and base metal explorer Kalamazoo Resources Limited (ASX: KZR), combined with gold miner Karora Resources Inc. (TSX: KRR).

It owns the rights to several highly prospective lithium tenements across an extensive range of projects.

You can read the Company’s full prospectus here.

Company Comments

Kali Metals’ Managing Director Graeme Sloan commented on the successful IPO and ASX listing.

“It is truly an exciting day for Kali shareholders, with the Company successfully listing as a publicly traded company on the ASX,” he said.

“We now look forward to creating shareholder value through the successful exploration of our portfolio of lithium projects in Western Australia, New South Wales and Victoria.”

“On behalf of the Kali Board, I wish to thank all parties involved in the formation of the Company and completion of this IPO. We have received an overwhelming response from potential investors during every aspect of this process. This response is a reflection of the quality of Kali’s project portfolio, the Board, our Technical team and the current appetite for exposure to lithium. I personally welcome all new shareholders to the Company, as well as the shareholders of Kalamazoo Resources and Karora Resources who also make up Kali’s register.”

“It is a great time to become an ASX-listed lithium exploration company with activity in the sector high and the long-term fundamentals for the commodity strong. With the emergence of lithium as one of the most important critical minerals that will enable the global energy transition, this is an ideal time to provide investors with an opportunity to invest in a company with world-class projects in Tier 1 locations. We are excited about the potential that our project portfolio offers shareholders and the role Kali can play in the future growth of the lithium industry.”

KM1’s Australian Stock Exchange-listed share price has risen 74% and is currently trading at $0.435 (12.00pm UTC+ 8 hours).

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