HIGHLIGHTS

• Ilala Metals opens Initial Public Offering (IPO) to raise $5 million, with the ability to take up to $3M in oversubscriptions, for a total of up to $8 million
• llala holds a 100% stake in several uranium and copper leases in Botswana
• The sizeable portfolio of multiple copper and uranium projects totals 13,177km’ and includes a lithium-tantalum project in Namibia
• Ilala will use IPO funds for:

• Ongoing exploration and initial drilling at the Serule Uranium Project in Botswana, adjacent to Lotus Resources’ Letlhakane Uranium Project
• Advancements with the Central Copper Project on the Kalahari Copper Belt of Botswana, neighbouring the Khoemacau Production Hub, recently taken over by China MMG for $1.9B
• Initiate exploration at its other uranium projects (Mea, Foley, Ngamiland) in Botswana
• General working capital and business development
• Ilala expects to list on the Australian Securities Exchange (ASX) September 2024, following completion of the IPO, with BW Equities acting as the lead manager

Ilala Metals Ltd (proposed ASX code: IL1, “Ilala Metals” or the “Company”) is pleased to announce it has opened an Initial Public Offering (IPO) to raise $5 million.

Ilala Metals is focused on the exploration and development of its Serule Uranium Project and Central Copper Project, both in Botswana.

Ilala is accelerating exploration at Serule, which neighbours Lotus Resources’ (ASX: LOT) 118 Mlb U3O8 Letlhakane deposit. It completed eight reverse circulation (RC) holes at Serule in April, bringing the total to 1062m of drilling completed. Samples will undergo analysis to confirm grade following Ilala’s planned IPO. These drilling efforts further reinforce our geological model, with downhole Gamma Ray results confirming the extension of uranium mineralisation from Letlhakane onto Ilala’s ground.

At Ilala’s Central Copper Project, a 670 line-kilometre extension to the 2023 ground magnetic survey in May 2024 was completed. The expanded survey covers the entire ‘dome’ target area and accurately identifies structural targets for advancing exploration efforts. This progression has brought the project closer to a drill-testing phase in a prime Kalahari Copper Belt (KCB) location, situated less than 10km from Khoemacau’s Zone 9 discovery and within the same corridor as their deposits which total166Mt @ 1.9% Cu. MMG’s acquisition of Khoemacau in 2023 for US$1.9 billion highlighted the s quality of the neighbouring discoveries and operating mines, and the strategic importance of the company’s activities in the region.

A recent roadshow relayed to several potential investors, the immediacy of valuable news flow including: –

• drilling results from Serule, followed by the extension of drilling to the open mineralisation to the West, and
• interpretation of the ground magnetics at Central with the intention of further electro-magnetic work to accurately define drilling targets, followed by the initial drilling programme at Central

 – all of which are permitted and drill-ready and all of which should be completed within the first 6 months.

Ilala Metals Chairman Eric Lilford commented: “We are delighted that our IPO to raise a minimum of $5 million has now opened. The Serule Project, whilst in early stages, has huge potential, being probably the most sought-after uranium project in Botswana now. It is next door to Letlhakane and there is plenty of evidence the paleochannel mineralisation extends into our licence.

“We are also excited about the prospect of discovery at our Central Copper Project, which is in an exciting copper-rich region of Botswana. CCP has 28km of the prospective contact within it and is on a ‘copper corridor’ which hosts the largest and highest-grade deposits of the Kalahari Copper Belt.

“With uranium prices on the rise and growing global demand for copper this juncture offers a compelling opportunity to invest in a dual focussed exploration and development company as we are building at Ilala Metals.”

In addition to Dr Lilford as Chairman, who has nearly 30 years of technical, financial and academic expertise in the resources industry, Ilala boasts an experienced Board and management team including Richard Henning as Managing Director, and Dr Quinton Hills and Brendan Cummins as Technical Directors. 

Mr Henning was previously manager of business development at Extract Resources, where he oversaw a period of immense growth from 2006-2011 until the company sold for $2.2 billion. Dr Hills has more than 20 years’ experience as a CEO, Director, Technical Advisor and Exploration Manager for ASX and AIM-listed companies. Mr Cummins has more than 25 years’ experience as a mine and exploration geologist and has been involved in project development including stakeholder and government engagement.

Initial Public Offering

Ilala Metals’ IPO will raise $5 million via the issue of up to 25 million shares at $0.20, with the ability to take over-subscriptions to a total of $8 million to list on the Australian Securities Exchange (ASX).

The enterprise value post offer will be c.$5.6M

BW Equities Pty Ltd is Lead Manager to the IPO, which is set to close in late August 2024, however Ilala’s Directors reserve the right to close the Offers earlier or to extend this date without notice.

Ilala’s IPO Prospectus should be referred to in full and is available at www.ilalametals.com. Potential investors should carefully consider the Prospectus when deciding whether to acquire the Shares offered by the Company. Application’s for Ilala’s IPO can be made via www.ilalametals.com.