Lithium Plus Minerals Ltd (ASX:LPM)

Lithium Plus Minerals Ltd (ASX: LPM) announced on 2 November 2026 that it had secured firm commitments to raise A$1.6575 million before costs through an institutional placement at A$0.10 per share to support advancement of the Lei DSO Lithium Project in the Northern Territory. The placement, priced at a 9.1% discount to the last traded price on 28 October 2026 and a 16.6% discount to the 20-day VWAP, includes a A$230,000 cornerstone investment from Suzhou CATH Energy Technologies subject to Chinese ODI approval, and A$60,000 of intended director participation subject to shareholder approval. The raising comprises an unconditional tranche under ASX Listing Rules 7.1 and 7.1A and a conditional tranche for directors, while the company also plans a share purchase plan for eligible shareholders in Australia and New Zealand to raise up to A$1.0 million. Proceeds from the placement and SPP are intended to fund the Lei Project Pre-Feasibility Study targeted for completion by the end of Q1 2027, targeted drilling and exploration to improve geological confidence and potentially expand and upgrade the resource, progress offtake and funding discussions alongside the existing Canmax MOU, and provide working capital. The announcement emphasises the company’s strategy to fast-track a low-capex, high-margin DSO lithium operation leveraging the project’s proximity to Darwin Port.