Australian tin explorer Elementos has entered a binding agreement with Metals X to raise A$5m ($3.2m) through a strategic private placement.

Metals X will subscribe to nearly 58.96 million fully paid ordinary shares in Elementos at $0.0848 per share.

The capital raised will support the financing and ongoing advancement of Elementos’ Oropesa tin project in Cordoba Province, Andalucia, Spain, as it progresses towards a final investment decision.

Additionally, it will aid in the further redevelopment of the Cleveland tin project in Tasmania, along with covering general corporate expenses.

Under the terms of the agreement, Elementos will issue the majority of the shares, approximately 58.28 million, under its existing placement capacity, referred to as Tranche 1 placement shares, directly to Metals X.

Additionally, Elementos will seek shareholder approval for the issue of the remaining 684,566 shares at a general meeting to be convened within six weeks following the allotment of the initial shares.

Upon completion of the placement, Metals X will hold 19.98% of Elementos' enlarged issued capital.

The placement is expected to be completed on or around 23 May 2025.

Metals X executive director Brett Smith said: “We are pleased to announce this strategic investment in Elementos.

“This investment provides Metals X with the further opportunity to participate in a global pipeline of developing tin projects, bringing our operational IP [intellectual property] to assist in their development. We look forward to working with the Elementos Management and Board to ensure the best future for their projects.”

In line with this partnership, Elementos has extended an invitation to Metals X to nominate two directors to join the Elementos Board.

Elementos chairman Andy Greig said: “Working with Metals X will aid the development and delivery of Elementos’ key projects, including the Oropesa tin project in Spain, primed to be the only mine-to-metal tin supplier within the EU, and the Cleveland tin project in Tasmania, which is rapidly growing into a larger critical minerals project.

“We look forward to working closely with Metals X and benefitting from the experience of Australia’s only significant tin miner and to mutually benefit from bringing Elementos projects into production.”

Last month, Elementos completed a definitive feasibility study at the Oropesa tin project, affirming the project’s technical, environmental and economic viability.

"Metals X invests $3m in Elementos to advance Spanish tin project" was originally created and published by Mining Technology, a GlobalData owned brand.

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