Ironbark Zinc (IBG) has recently acquired the Perseverance Project in Brazil, known for its potential in lithium, rare earth elements (REEs), and niobium. This acquisition, involving a cash payment of A$100,000 (about $66,791), grants Ironbark 100% ownership of Perseverance Lithium, the entity that holds the project.

To fund this acquisition, Ironbark will conduct a two-tranche placement to raise A$715,000. This will involve issuing 178.7 million shares at A$0.004 each. The company has received firm commitments for this capital raising, which also includes a one-for-one free attaching option, exercisable at A$0.022 until November 7, 2025. The funds raised will be used to finalize the Perseverance acquisition, initiate exploration at both the Mt Isa and Perseverance Projects, and cover general working capital needs.

The Perseverance Package, situated in north-eastern Minas Gerais, encompasses 7 projects spanning 52,000 hectares. This area is part of the geological extensions of the Lithium Valley, noted for its proximity to significant mines and compliant resources owned by companies such as CBL, Sigma Lithium, and Latin Resources. Ironbark is set to begin exploration on these newly acquired projects, which show promise for discovering lithium-related minerals and other critical minerals like niobium.

IBG Managing Director Michael Jardine shared his thoughts on the company's recent developments, stating, "Ironbark Zinc's strategic shift continues with the acquisition of the Perseverance Project, following our recent securing of the Simon-Anderson Cu Projects in Mt Isa. Perseverance offers significant exposure to one of the most promising hard rock lithium regions globally at a very affordable cost, perfectly complementing our other base metal projects."

Jardine emphasized Brazil's strong reputation as a mining jurisdiction, which he believes greatly enhances Ironbark's overall risk profile. He added, "While Perseverance is still in its early stages, we are eager to explore the vast and promising land holding in Brazil's Lithium Valley."

He also highlighted the progress made in Australia, noting, "Our geological team has already completed a positive initial reconnaissance trip to our Mt Isa Projects, and we will soon provide further updates on our plans for Simon-Anderson."

Jardine expressed satisfaction with the capital raising response, stating, "The funds raised, along with our existing cash reserves, enable Ironbark to begin work in earnest on our new project portfolio. We appreciate the support from our existing shareholders and welcome the new shareholders to our register.”

Perseverance is located in northeastern Minas Gerais, within the geological extensions of the Lithium Valley. This politically designated area includes the towns of Salinas and Araçuaí, which are situated near the mines and JORC / NI43-101 compliant resources of CBL, Sigma Lithium, and Latin Resources.