A $6.5 million capital raising that priced new shares at 18c each was supported by Hartleys and Canaccord, with the junior’s previous tapping of the market occurring in July when it issued new stock at a price of 17c per share.
San Jose has a 25.2 million tonne resource grading 0.9% lithium oxide and 0.03% tin (based on an 0.35% lithium cut-off) – or 112Mt at 0.61% lithium oxide and 0.02% tin using an 0.1% cut-off.
Plymouth has a 50% stake in the project and can increase that to 75% by completing the feasibility work.
Plymouth’s partner at the project is large Spanish construction company Sacyr.
San Jose’s advantages are said to include its infrastructure-rich location and its open pit-low strip setting.
Plymouth also owns an early stage, potentially world class, potash exploration asset in Gabon that it’s seeking to divest.
Shares in Plymouth were off 7% to 20.5c in late morning trade, capitalising the company at $31 million.