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- BBX Minerals (BBX) receives firm commitments to raise $6 million via a placement to professional and sophisticated investors
- The company will use the funds to develop a JORC resource for its Ema-Ema East project before Q1 CY24
- The company will also fund auger drilling in newly granted tenement areas in Brazil
- A re-assay of materials from the separate Tres Estados project will be undertaken using bioleaching tech in a bid to improve the resource there
- The company will also pay down existing payable loan obligations
- Shares last traded at 4 cents
BBX Minerals (BBX) has received firm commitments for $6 million via an oversubscribed share placement to existing holders, new institutions, and sophisticated investors.
The funds will go towards the company’s foremost pressing deliverable: a mineral resource estimate for its Ema-Ema East REE project.
Beyond this, the company will also repay funding facilities, continue auger drilling across newly granted tenement areas, and, re-assay of existing platinum group element samples that make up the resource for BBX’s separate Tres Estados project, using bioleaching tech.
The company has been soliciting a privately held Texas-based based company called EcoBiome to use the latter’s green mining tech to produce metallic solids.
The potential for ESG upside is considerable given the highly chemically intensive process rare earths must go through to be turned into market-ready product.
EcoBiome’s leaching tech uses microbial applications to break down mineral ore and separate metals from waste rock – something BBX is attracted to, given its desire to pivot into decarbonisation metals.
While the new tenement areas will see fresh auger drilling, the Ema play remains the company’s prize egg.
“The funds allow the Company to repay the Lind facility and have ample funds to advance exploration as we move towards announcing our mineral resource estimate in quarter 1 of 2024,” BBX Minerals CEO Andre Douchane said.
BBX shares last traded at 4 cents.
