BME:IDR 7 July 2025

June 10, 2026, 8:59 PM EDT. Patagonia Lithium (ASX:PL3) secured up to A$11.4 million through a placement and follow-on tranche, pricing shares at A$0.10, a 9.1% discount to last close, with free options exercisable at A$0.16 by 2028. The fresh capital targets drilling Well 8 on the Cilon concession, upgrading the mineral resource estimate (MRE), a scoping study, and planning a 1,000 tonne lithium carbonate demonstration plant. This plant signals a shift from resource delineation to process and engineering development, critical for attracting project finance. The raise dilutes existing shareholders by approximately 55%, but also offers two new investors board nomination rights if their stakes exceed 10%. The capital injection resets Patagonia's share price floor, setting a trading range anchored by the placement price and option exercise price ahead of the scoping study.