THE BOURSE WHISPERER: Azure Minerals (ASX: AZS) has welcomed a new $20 million cornerstone investor to the company register.
Azure Minerals announced the investment by global lithium company Sociedad Química y Minera de Chile S.A., via its wholly-owned subsidiary SQM Australia to acquire a 19.99 per cent interest in Azure in a two-stage transaction.
Azure declared the investment by SQM as a strong endorsement of the lithium potential of the company’s Andover project (60% Azure / 40% Creasy Group) while highlighting the upside potential for Andover.
Having SQM on board in the form if its funding and technical expertise provides essential support to Azure as it looks to accelerate its lithium exploration and development program.
Needless to say, Azure is now well-funded to progress the Andover project.
“Azure is using the funds raised under the transaction to undertake an accelerated growth strategy to advance the company’s multi-commodity opportunity on the Andover project,” Azure Minerals said in its ASX announcement.
“Lithium exploration is being fast-tracked with substantial diamond and Reverse Circulation drilling being carried out to determine the scale of the high-grade lithium mineralisation already mapped and sampled at surface.
“Nickel exploration and mine development studies on the Andover and Ridgeline deposits will also continue through 2023.”
