According to Mining News Pro - The company would place 181.25-million shares, at a price of 0.8c each, along with one free attaching unlisted option for every four shares subscribed for, at an exercise price of 1.5c each, and with an expiration date of two years from issue.

Australian Mines MD Benjamin Bell on Monday said that the investment commitment was an endorsement of the company’s potential and its Sconi project to become a globally significant producer of battery materials.

“This investment will help support our work to develop Sconi, expand the market for scandium and complete the production of samples, which are a key component in our ongoing discussions with potential offtake and financing partners.”

The bankable feasibility study has estimated a capital cost of $974-million to develop the two-million tonne a year Sconi project, producing some 8 496 t/y of cobalt sulphate and 53 301 t/y of nickel sulphate over a mine life of 18 years.