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LE Minerals Limited (ASX:LEL)

ALERT: Price-sensitive ASX Announcement for LEL
Current share price for LEL : $0.285 -0.005 (-1.72%)+
Announcement
Release
19 Oct 2026 5:05PM
Price at Release
$0.290
Full Release
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Summary
LE Minerals Limited announced that M Battery Materials Limited (MBM) has lodged a prospectus with ASIC for an initial public offering to support the proposed spin-out of LE Minerals’ Burke, Mt Dromedary and Corella Graphite Projects in Queensland together with MBM’s Yambungan Graphite Project and vanadium projects, forming a specialist battery materials company focused on minerals critical to the global energy transition. The announcement refers to the existing share sale and purchase agreement under which MBM will acquire LE Minerals’ graphite projects for $20 million in cash and scrip, notes that MBM’s Yambungan Graphite Project is located about 8km from LE Minerals’ Burke/Mt Dromedary Graphite Projects, and states that MBM is seeking to raise between $15 million and $25 million before costs through the issue of 30 million to 50 million fully paid ordinary shares at $0.50 per share, with admission sought to the ASX under the proposed code MBM. LE Minerals also advised it will shortly call a general meeting to seek shareholder approval for the graphite sale under the ASX Listing Rules.
Key Points
  • LE Minerals announced that M Battery Materials Limited has lodged an IPO prospectus with ASIC.
  • The announcement relates to the proposed sale of LE Minerals’ Burke, Mt Dromedary and Corella Graphite Projects in Queensland to MBM.
  • The graphite sale consideration is $20 million in cash and scrip under the existing share sale and purchase agreement.
  • MBM owns the Yambungan Graphite Project and vanadium exploration projects in Queensland.
  • MBM’s Yambungan Graphite Project is located about 8km from LE Minerals’ Burke/Mt Dromedary Graphite Projects.
  • LE Minerals and MBM propose to spin out their graphite projects, along with MBM’s vanadium projects, via an IPO.
  • MBM intends to list on ASX with the proposed code MBM as a specialist battery materials company.
  • The IPO is for 30 million to 50 million fully paid ordinary shares at $0.50 per share.
  • The capital raising target is between $15 million and $25 million before costs.
  • LE Minerals will convene a general meeting to seek shareholder approval for the graphite sale under ASX Listing Rules.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.