January 31, 2024
Latin Resources Ltd. (ASX:LRS, BUY, A$1.35 target, Alina Islam and David A. Talbot) provided an update on the spinout of its Lachlan Fold Belt (LFB) project in Australia (read notable) to Maverick Minerals Ltd. (Private). The initial public offering (IPO) for Maverick is live and Latin shareholders are able to participate in a priority offer to raise up to A$2.5M. The priority offer is part of the IPO, to raise a total of A$5M, and is expected to close on Feb 9th. Maverick’s shares are anticipated to begin trading on the ASX by Mar 6th. Latin is to retain a ~16.3% interest in Maverick and benefit from any future exploration upside at the (LFB) project. We could see further divestments from within Latin’s portfolio as it also owns the Catamarca Li project in Argentina, the Cloud Nine Halloysite-Kaolin project in Western Australia and the MT-03 Cu project in Peru. Focus will continue to remain on the company’s flagship Salinas Li pegmatite project in Brazil, where exploration and resource expansion drilling is underway, and a DFS is anticipated in mid-2024. Read more
Company Specific Disclosure Details
Latin Resources Ltd. – ASX:LRS
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