IronRidge Resources Ltd has announced that, further to the announcement of 1 July 2021, the conditions precedent to the execution of the binding agreement (the agreement) with Piedmont Lithium Inc., have now been satisfied to fully fund and fast track the company’s Ewoyaa Lithium Project through to production.
- Conditions precedent satisfied: Piedmont to fully fund and fast track development of the industry standout Ewoyaa Project in Ghana for US$102 million.
- Piedmont commits a further £720 000 (approximately US$1 million) and increases stake to 9.91% via placing of a further 2.88 million shares at 25p.
- Ghana to benefit from becoming the first West African lithium-producing country.
- IronRidge increases net cash position to approximately US$28 million for future growth initiatives.
- Exploration, resource drilling and studies ongoing at the project.
Vincent Mascolo, CEO of IronRidge, said: “Today’s completion marks a pivotal time in IronRidge’s development of Ewoyaa; from initial discovery to being fully funded through to production.
“We are delighted to be in a position to confidently advance the project, whilst working alongside Piedmont towards first lithium production in Ghana.
“I’d like to thank our new partner Piedmont for increasing its initial equity investment and demonstrating the clear belief in Ewoyaa and IronRidge’s wider Cape Coast Lithium Portfolio. I look forward to working with Keith and his team in this exciting period ahead as we bring the project towards production.
“This landmark investment showcases and vindicates IronRidge’s successful exploration strategy, and we are excited to deliver further on the de-merged gold projects in our portfolio.”
Keith Phillips, President and CEO of Piedmont, added: “We are pleased to have concluded these transactions and look forward to partnering with IronRidge to maximise the potential of the Cape Coast Lithium Portfolio. Ewoyaa is a high-quality asset with the potential for low capital and operating costs, and the broader portfolio offers tremendous exploration upside.
“As a company seeking to accelerate the transition to a sustainable future, we look forward to providing a pathway to production at this industry-leading project.”