Iris Metals’ push to play a significant role in the US lithium space has led to the signing of an exclusivity agreement for a possible offtake deal, with the potential customer already stumping up cash as part of a new share placement. Nasdaq-listed Stardust Power has agreed to subscribe for an initial A$2.5 million in the $8 million at 25c capital raising announced today and can pump in a further $2.5 million at the end of the 90-day negotiation period.
The announcement of Iris’ latest push into the downstream parts of the battery sector comes just weeks after it announced samples of ore from its Beecher project were successfully processed into a 6.1% spodumene concentrate, with lithium recoveries exceeding 82%. The SC6 product was then provided to its Indiana-based technology partner, ReElement, for refining into a 99.5% pure lithium carbonate.
