Element 25 in trading halt ahead of capital raising news

Proactive Investors Thursday, 2 July 2020
Element 25 Ltd (ASX:E25) has a capital raising announcement pending and has been granted a trading halt by the ASX. The trading halt will remain in place the start of regular trading on Monday, July 6, or when an announcement is announced to the market, whichever occurs earliest. E25 has a market cap of approximately $47.7 million and shares last traded at 48.5 cents, up from 9.5 cents at the close on March 24. Positive test results Element 25’s sub-sampling of the diamond core drilled into the Coodamudgi resource at Butcherbird Manganese Project returned high-grade manganese values of up to 42.3% from surface with low impurity levels. The Coodamudgi resource is entirely within granted mining lease M52/1074 meaning that it can be quickly integrated into the mine plan once resource drilling is completed and metallurgy is confirmed. Managing director Justin Brown said: “The grades achieved in the subsampling exercise at Coodamudgi are indicative of the potential to achieve a product grade in excess of the grades published in the pre-feasibility study (PFS) of 33% manganese. “If this can be confirmed under full-scale test-work, this will have a positive impact on what are already excellent project economics.”

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