The private placement is expected to settle on or around 23 May 2025.
Under the agreement, Metals X will acquire nearly 58.96 million fully paid ordinary shares in Elementos at $0.0848 per share. The majority, about 58.28 million shares, will be issued under Elementos’ existing placement capacity, known as Tranche 1. The remaining 684,566 shares will require shareholder approval at a general meeting scheduled within six weeks after the initial share issuance. Upon completion, Metals X will hold a 19.98% stake in Elementos’ expanded share capital. The placement is expected to finalize around May 23, 2025.
The funds will primarily advance the Oropesa tin project in Cordoba Province, Andalucia, Spain, as it moves toward a final investment decision. Additionally, the capital will support the redevelopment of the Cleveland tin project in Tasmania and cover operational expenses. “We are pleased to announce this strategic investment in Elementos,” said Brett Smith, executive director of Metals X. “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.”
Elementos has invited Metals X to nominate two directors to its board, fostering closer collaboration. “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,” said Elementos chairman Andy Greig. “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 for the Oropesa project, confirming its technical, environmental, and economic viability, strengthening its position as a key player in the global tin market.
