Bacanora Minerals (BCN) has had a busy fortnight. After raising £8.8m in a 77p-a-share placing from funds run by Prudential and existing stakeholder Rare Earth Minerals (REM), the company announced a 337 per cent increase in the lithium resource at its main Sonora project in Mexico, to 5m tonnes, at a significantly higher grade.
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The news comes ahead of the publication of a full bankable feasibility study, which the newly raised funds will be put towards. Bacanora will spend the remainder of the £8.8m to upgrade the pilot plant at Hermosillo, where bulk samples are processed into lithium carbonate for prospective offtake partners.
