Kali Metals begins trading on the ASX

Lithium explorer Kali Metals (ASX:KM1) has begun trading on the ASX following a $15m initial public offering (IPO).

Under the IPO, 60m shares were on offer at an issue price of 25 cents per share, representing around 41.26% of company shares.

An Australian resources company, Kali Metals has a portfolio of lithium exploration projects across WA, NSW and Victoria.

Kali’s portfolio comprises of the DOM’s Hill, Marble Bar, Pear Creek, Higginsville, Jingellic and Tallangatta lithium projects. Notably, Kali’s WA lithium tenure is located adjacent to some of the world’s largest hard rock (spodumene) mines and deposits.

Kali will use the money from the IPO to explore and develop its lithium exploration tenure, fund IPO expenses and listing costs, and fund general working capital.

Exploration is already in progress at Kali’s WA lithium projects with results expected to be announced in January and an initial reverse circulation drilling program planned to begin at Higginsville in H1 2024.

Kali’s board of directors comprises of managing director Graeme Sloan, non-executive chairman Luke Reinehr and non-executive directors Paul Adams, John Leddy and Simon Coyle.

Mr Sloan says this is an exciting day for Kali Metals.

“It is a great time to become an ASX-listed lithium exploration company with activity in the sector high and the long-term fundamentals for the commodity strong,” he said.

“With the emergence of lithium as one of the most important critical minerals that will enable the global energy transition, this is an ideal time to provide investors with an opportunity to invest in a company with world-class projects in tier one locations.

“We are excited about the potential that our project portfolio offers shareholders and the role Kali can play in the future growth of the lithium industry.”