SUCCESSFUL FIRST DRAW-DOWN FROM US$100M SENIOR
SECURED BOND ISSUE AS PILGANGOORA ADVANCES RAPIDLY
First draw-down marks another significant milestone with the proceeds to fund the completion of construction, plant commissioning and first production from the Pilgangoora Project
Highlights
• First draw-down completed under the fully subscribed US$100M senior secured bond issue completed in June 2017, following satisfaction of all conditions including a cost-to-complete test. The first draw-down represents ~50% of the total bond proceeds.
• The bond was well supported by a combination of large Australian and international funds, as well as the Australian Government body, the Clean Energy Finance Corporation (CEFC).
• The Pilgangoora Lithium-Tantalum Project remains on schedule with first spodumene concentrate expected during June 2018.
• Stage 1 plant construction and mine development continues to advance rapidly. Direct shipping ore (DSO) operations are also now underway, with first sales expected in early Q2 2018.