Dakota Minerals - June 16 Quarterly Activities Report
Dakota Minerals hit some major milestones in achieving its long-term strategy of becoming a major supplier of lithium carbonate and lithium hydroxide to the European market. Major achievements during the June quarter included raising $12 million to fund future work and acquisitions; ongoing exploration at the Lynas Find lithium project in WA; and the acquisition of the Company’s first overseas lithium asset with an agreement to acquire 100% of the Lusidakota tenements in Portugal.
Dakota Minerals (ASX: DKO) (‘the Company”) is pleased to provide the following summary of activities conducted in the June 2016 quarter.
The Company was able to progress its strategy to establish the foundations of a globally significant lithium company through:
- a successful capital raise;
- exploration at the Lynas Find lithium project in WA; and
- the acquisition of Dakota’s first overseas asset in Europe.
Dakota’s long-term strategy is to be a major supplier of lithium carbonate and lithium hydroxide to the globally significant European market. Europe has been identified as the likely first mover in widespread electric vehicle penetration and home energy storage using lithium-ion batteries. European industrial groups are already producing an affordable home energy storage unit and leading automotive manufacturers in the region continue to commit significant investment towards new all-electric vehicle models.
Major achievements during the Quarter included a successful capital raise to fund future work and acquisitions; ongoing exploration at the Lynas Find lithium project in Western Australia; and the acquisition of the Company’s first overseas asset when Dakota entered into an agreement to acquire 100% rights to a number of key tenements (“Lusidakota”) prospective for lithium mineralisation in Portugal, Europe’s leading lithium producing country.
Support from existing shareholders, along with a high level of interest from new investors, saw the Company raise over $12 million during the Quarter. The placement was successful in bringing new institutional and sophisticated investors onto the register. As importantly, it ensures Dakota is fully funded for ongoing exploration and development work in WA, initiating activity in Portugal as well as to progress due diligence on a number of highly prospective lithium projects in line with its long-term strategy.
In addition to its existing projects, Dakota has a significant level of industry intelligence on a number of highly prospective lithium projects at various stages of development, in Australia and overseas. Additionally, following the capital raise, and as an extension of the Company’s investor relations programs, Dakota was able to commence marketing programs with investors in Europe and North America, with initial feedback auguring well for future support for the Company among international investors.