Element 25 is raising AU$10 million through a share placement to fund expansion at its Butcherbird Manganese Project in Western Australia. The company will issue 36.32 million shares at AU$0.28 each, a 13.4% discount to the 10-day volume weighted average price of AU$0.323. Petra Capital acted as sole lead manager and bookrunner, with settlement expected on 18 September.

Proceeds will be used to increase production capacity to 1.1 million tons per year. Managing Director Justin Brown said the placement supports the company’s strategy to produce high-purity manganese sulphate monohydrate, with the first processing facility planned in Louisiana, US.

The placement follows a AU$50 million senior debt facility from the Northern Australia Infrastructure Facility. Element 25 plans to continue engaging investors to secure the remaining funding required for the project expansion.