Leo Lithium

West Perth-based Firefinch is looking to raise more capital to develop its Mali gold and lithium projects in the company’s second round of fundraising activity this calendar year.

Firefinch spin-off Leo Lithium has made a lacklustre debut on the ASX, closing its first day of trade around 25 per cent lower than its issue price.

As the days of easy equity draw to a close, companies are pivoting to different methods of raising capital.

Newly-listed Leo Lithium has engaged Lycopodium to deliver engineering, procurement and project managing services at its Goulamina lithium project in southern Mali.

Aspiring lithium miners face challenges and opportunities as they race to turn prospects into production.

Leo Lithium has reached first production of direct shipped ore at its Goulamina hard-lock lithium project in West Africa after its first blast earlier this month.

Leo Lithium has awarded mining services provider Corica Mali a contract valued at about $520 million to deliver services at its Mali-based Goulamina Lithium Project.

Leo Lithium shares traded 50 per cent lower today after the company emerged from a trading suspension with clarification on issues at its lithium project in Mali.

Leo Lithium announced late on Friday it had sold a 5 per cent stake of its Goulamina lithium project to Chinese-based Ganfeng for $98 million, as discussions with the Malian government regarding a negotiated settlement continue.

Security and sovereignty issues in Mali have pushed Leo Lithium to offload its final 40 per cent interest in the Goulamina Lithium Project to Ganfeng for $342.7 million.

Leo Lithium has announced that all conditions over the sale of its 40 per cent JV stake in Mali Lithium and the subsequent Goulamina lithium project have been met prior to completion.

Three Western Australian exploration companies – Leo Lithium, Artemis Resources and Minerals 260 – have announced a series of new board appointments.