Critical Metals plc has successfully raised 1,603,600 through a private placement of convertible loan notes to existing shareholders and new investors. The funds will be utilized to improve the public road to the Molulu project, advance the Phase 1 drilling plan, create a block model and mine plan, and for general working capital purposes. The principal amount due under the convertible loan notes shall be converted into new fully paid ordinary shares at a conversion price of the lower of 4.8 pence per Ordinary Share or a 10% discount to the volume weighted average price of the Ordinary Shares on the Main Market for the 5 trading days prior to the publication of the Secondary Prospectus.

The company aims to recommence production in H2 2024 upon successful restart and conclusion of its planned drilling campaign, the creation of a block model, and approving a restart mining plan to target monthly production of 10,000 tonnes of copper ore. The initial use of the funds will be for the rehabilitation of the public road leading to the Molulu Project, which will allow the resumption of sales of existing copper ore currently sitting on the ore pad and extend benefits to the surrounding community. The company has also selected a road contractor and anticipates the works to take between 60 and 90 days.

The intention of the company is to advance the Phase 1 drill program to increase the input data for the block model, construct the mine restart plan, and ultimately create a JORC report. The remaining portion of the capital raised will be allocated towards finalizing the OTCQB listing in the United States and supporting general working capital requirements. Additionally, US$100,000 of the net proceeds of the convertible loan notes will be used to repay sums borrowed by the company.