Larvotto finds offtake and funding partner
PERTH (miningweekly.com) – ASX-listed junior Larvotto Resources has secured A$3.4-million in funding to expand its lithium exploration activities at the Eyre project, in Western Australia.
The company on Monday announced that it had signed a royalty, equity and offtake (REO) agreement with Canada’s Lithium Royalty Corp (LRC) and Waratah Capital’s Electrification and Decarbonsiation Fund (E&D Fund).
Under the REO, LRC has made a A$700 000 cash payment for a 1% gross revenue royalty over the lithium and other pegmatite materials at Eyre, and a A$2-million cornerstone equity investment.
LRC has also made a A$700 000 cash payment in consideration for a 20% life-of-mine offtake investment for any lithium produced, as well as other pegmatite minerals.
“Bringing a substantial North American institutional fund onto the register is a huge vote of confidence in our assets and management and will enable the company to accelerate its lithium exploration at the Merivale prospect and other areas within the Eyre Project well beyond what was initially planned on listing,” said Larvotto MD Ron Heeks.
“This working capital injection significantly improves our balance sheet and enables Larvotto to confidently progress our various drill programmes into 2023. A$3.4-million from a highly experienced lithium investor such as LRC and the Waratah Capital managed E&D Fund, is a strong endorsement of the exciting lithium potential demonstrated so far at our Eyre project.”
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