The placement was priced at A5c and raised $7 million.

 

"After a very challenging year we now see demand for lithium chemicals to support a very strong EV market, which led to the recent lithium price rally," Sage said.

 

He said institutional and sophisticated investors across Australia, Asia and Europe shared a positive market sentiment for battery metals.

 

The placement, managed by Evolution Capital Advisors and Empire Capital Partners, comes as the company expects to close a much-delayed share placement plan this week to raise up to $2 million at 4.75c.

 

Originally announced last September, the SPP was opened at the same time as EUR concluded a $2 million placement at 4.5c.

 

The SPP and placement were announced alongside the junior's winning of a new gold project in Western Australia's Pilbara region. 

 

The permit has the potential for several styles of gold mineralisation, including conglomerate-hosted gold, and contains a potential extension to the Mt Anketell magnetite deposit.

 

The junior secured the 130-sq.km tenement in a ballot contested by 13 other applicants after China's MCC did not renew it in time.

 

Sage's Cape Lambert Resources had previously owned the area. 

 

In Europe, the company is progressing a definitive feasibility study for Wolfsberg, with the immediate focus on permitting and metallurgical tests to support offtake agreements and financing. 

 

EUR's shares hit a two year peak in early trade, rising 50% to hit 11c, valuing the explorer at almost $77 million.