DLI spins out Mt Ida
Delta's Mt Ida asset will be spun out via a demerger and concurrent IPO
A new, standalone and gold focused ASX-lister will be formed, named Ballard Mining
Delta will retain upside exposure to Ballard through a substantial equity holding in Ballard
As part of the proposed spin-out, eligible Delta Lithium (ASX:DLI) shareholders will receive one fully paid Ballard share for every 11.25 Delta shares they own, retaining exposure to the Mt Ida asset through an in-specie distribution.
Ballard intends to conduct an initial public offering, targeting a raise of $25-30 million at 25c per share, to facilitate its proposed admission to the ASX official list.
Following the demerger and successful IPO, Delta will maintain a significant interest in Ballard— roughly 49% at the minimum raise, and 46% at the maximum.
The spin out paves the way for DLI to continue focusing on its primary business, being the exploration and development of its lithium assets at Mt Ida and Yinnetharra in WA.
Potential for a standalone mining operation
The decision follows an update to the inferred and indicated resource at the Mt Ida asset, now totalling 10.3Mt at 3.33g/t gold for 1.1Moz, significantly increasing the project's gold inventory and demonstrating the presence of a large system.
DLI said the update represented significant potential upside for future exploration across the 250km2 Mt Ida tenement package (including pending tenure) and another 1,300km2 for water exploration.
In light of its scale and viability as a standalone mining operation, Delta determined it was the right move to spin off the asset, a decision which comes at a time when lithium prices are depressed but gold prices are near record highs at close to A$5000/oz.
Delta will remain as a lithium focused exploration and development company and will retain Delta's balance sheet strength by maintaining a significant shareholding in Ballard post demerger.
Upon successful ASX admission, Ballard will allocate IPO funds to accelerate exploration at Mt Ida, including regional drilling and infill work at Baldock, aimed at completing DFS studies and progressing toward a final investment decision.
Ballard, named after Lake Ballard – a local landmark in WA's Shire of Menzies famed for hosting the Gormley sculptures – will hold the gold asset through its shareholding in Mt Ida AU Pty Ltd, which will be a wholly owned subsidiary of Ballard.
'Opportune time in the gold price cycle'
DLI managing director James Croser believes that the separation of the lithium and gold assets will create greater value for shareholders of both Delta and Ballard by enabling direct participation in the growth of the gold asset through an independent vehicle.
"Delta has been working diligently towards this outcome for some time, and we are delighted to be finally able to announce these details of the demerger and Ballard IPO,' he said.
'Re-setting the exciting and prospective Mt Ida gold asset into Ballard, a pure new gold company, at such an opportune time in the gold price cycle best positions Ballard to launch into early success, underpinned by a strong foundation of 1.1Moz gold and a new dedicated and specialised management team.
'Momentum is crucial to a new listing and the pricing of the gold asset is compelling with significant potential to create investor returns and shareholder value.'
Forecasters continuing to tip higher levels for gold, despite a recent pullback from an apparent normalisation of trade relations between the US and China.
By way of example, State Street Global Advisors says 'there is a strong tactical and strategic case to be made that the gold market has transitioned to a higher price regime north of US$3000/oz.'
They've loaded up a new baseline floor price of US$3000-3100/oz, with a base case of US$3100-3500/oz for 2025.
Their H2 bull case has been upgraded, with new projections ranging between US$3500 and US$3900 per ounce.
Looking ahead
If approved by shareholders, the demerger is expected to be completed by early July 2025.
Ballard has secured a high-calibre and experienced team with extensive experience in mineral exploration, project development, mining and financing in the resources industry.
The team includes a combination of existing Delta directors and new appointments, including two independent non-executive directors with suitable technical expertise.
The Ballard board and senior management comprises previous De Grey (ASX:DEG) chairman Simon Lill as independent non-executive chairman, Paul Brennan as managing director and CEO and former Ramelius Resources (ASX:RMS) CFO Tim Manners as finance director.
Proposed chairman Simon Lill said Delta has done an excellent job in preparing Ballard for a spin out on behalf of its shareholders through IPO.
'I was pleasantly surprised with the substantial exploration upside at the Mt Ida gold project,' he said.
'With multiple walk-up targets over a largely untested 16km of trend, the opportunity to find another Baldock with its 930,000oz at 4.1g/t Au is real with the potential to grow into a camp-scale endowment.'
This article was developed in collaboration with Delta Lithium, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
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West Australian
3 hours ago
- West Australian
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SBS Australia
12 hours ago
- SBS Australia
Australia and UK to sign new 50-year treaty amid US uncertainty
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The Advertiser
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The UK has fast become one of Australia's most important defence allies amid turmoil under the Trump administration, a security analyst says. Australian Strategic Policy Institute senior analyst Alex Bristow said holding ministerial meetings on a six-monthly cycle, rather than the traditional annual timeline, highlights strengthened ties between the two nations. "The tempo of it increasing, I think, is a signal that Britain is moving into an elite category," he told AAP. The UK was probably third behind Japan and the US in terms of how strategically significant the defence relationship was to Australia, Dr Bristow said. Meanwhile, the UK's Carrier Strike Group, led by the Royal Navy flagship HMS Prince of Wales, arrived in Darwin on Wednesday in the midst of the Talisman Sabre multi-nation military exercises being hosted by Australia. It's the first UK carrier strike group to visit Australia since 1997. The international task group includes five core ships, 24 jets and 17 helicopters, centred on the flagship aircraft carrier. On Sunday, Mr Marles and Senator Wong will join their counterparts in Darwin to observe the UK Carrier Strike Group in action at Talisman Sabre. UK High Commissioner to Australia Sarah MacIntosh said the arrival of the strike group was a demonstration of commitment to the region and the strong relationship with Canberra. "This is an anchor relationship in a contested world," she said. Dr Bristow said Australia should be welcoming carrier strike groups from European countries. He said NATO had identified China as a threat to its interests as Beijing continues to collaborate with Russia and North Korea. "It's entirely in the interests of European allies in NATO to be working with Indo-Pacific allies," Dr Bristow said. with PA The United Kingdom has underscored its commitment to AUKUS after revealing it will sign a new 50-year treaty with Australia, amid questions over US involvement in the trilateral security pact. The treaty will be inked when Foreign Minister Penny Wong and Defence Minister Richard Marles host their UK counterparts David Lammy and John Healey in Sydney on Friday for regular Australia-UK ministerial meetings, according to British news agency PA. "This historic treaty confirms our AUKUS commitment for the next half century," UK Defence Secretary John Healey said. While the AUKUS nuclear submarine partnership involves the US, UK and Australia, the treaty is between the latter two nations, as a Pentagon review into the agreement threatens America's future participation. Australia and the UK are expected to lay out the bilateral aspects of the agreement and explore ways the two countries can work together over the next half-century. In a joint statement, Mr Marles and Senator Wong said the Australia-UK Ministerial Consultations, or AUKMIN, were critical to the two nations' shared interests. "We take the world as it is - but together, we are working to shape it for the better," Senator Wong said. Under the $368 billion AUKUS program, Australia will buy at least three Virginia-class nuclear-powered submarines from the US in the early 2030s. A new class of nuclear submarines will be built in Adelaide and delivered in the 2040s. The US had promised to sell Australia nuclear-powered attack submarines under the AUKUS agreement, but President Donald Trump's administration has launched a review into the deal to examine whether it aligns with his "America first" agenda. Defence analysts believe a likely outcome of the US review will be a request for more money from Australia to support its submarine industrial base. The Australian government has said it remains confident in the nuclear-submarine deal being delivered. The UK has fast become one of Australia's most important defence allies amid turmoil under the Trump administration, a security analyst says. Australian Strategic Policy Institute senior analyst Alex Bristow said holding ministerial meetings on a six-monthly cycle, rather than the traditional annual timeline, highlights strengthened ties between the two nations. "The tempo of it increasing, I think, is a signal that Britain is moving into an elite category," he told AAP. The UK was probably third behind Japan and the US in terms of how strategically significant the defence relationship was to Australia, Dr Bristow said. Meanwhile, the UK's Carrier Strike Group, led by the Royal Navy flagship HMS Prince of Wales, arrived in Darwin on Wednesday in the midst of the Talisman Sabre multi-nation military exercises being hosted by Australia. It's the first UK carrier strike group to visit Australia since 1997. The international task group includes five core ships, 24 jets and 17 helicopters, centred on the flagship aircraft carrier. On Sunday, Mr Marles and Senator Wong will join their counterparts in Darwin to observe the UK Carrier Strike Group in action at Talisman Sabre. UK High Commissioner to Australia Sarah MacIntosh said the arrival of the strike group was a demonstration of commitment to the region and the strong relationship with Canberra. "This is an anchor relationship in a contested world," she said. Dr Bristow said Australia should be welcoming carrier strike groups from European countries. He said NATO had identified China as a threat to its interests as Beijing continues to collaborate with Russia and North Korea. "It's entirely in the interests of European allies in NATO to be working with Indo-Pacific allies," Dr Bristow said. with PA The United Kingdom has underscored its commitment to AUKUS after revealing it will sign a new 50-year treaty with Australia, amid questions over US involvement in the trilateral security pact. The treaty will be inked when Foreign Minister Penny Wong and Defence Minister Richard Marles host their UK counterparts David Lammy and John Healey in Sydney on Friday for regular Australia-UK ministerial meetings, according to British news agency PA. "This historic treaty confirms our AUKUS commitment for the next half century," UK Defence Secretary John Healey said. While the AUKUS nuclear submarine partnership involves the US, UK and Australia, the treaty is between the latter two nations, as a Pentagon review into the agreement threatens America's future participation. Australia and the UK are expected to lay out the bilateral aspects of the agreement and explore ways the two countries can work together over the next half-century. In a joint statement, Mr Marles and Senator Wong said the Australia-UK Ministerial Consultations, or AUKMIN, were critical to the two nations' shared interests. "We take the world as it is - but together, we are working to shape it for the better," Senator Wong said. Under the $368 billion AUKUS program, Australia will buy at least three Virginia-class nuclear-powered submarines from the US in the early 2030s. A new class of nuclear submarines will be built in Adelaide and delivered in the 2040s. The US had promised to sell Australia nuclear-powered attack submarines under the AUKUS agreement, but President Donald Trump's administration has launched a review into the deal to examine whether it aligns with his "America first" agenda. Defence analysts believe a likely outcome of the US review will be a request for more money from Australia to support its submarine industrial base. The Australian government has said it remains confident in the nuclear-submarine deal being delivered. The UK has fast become one of Australia's most important defence allies amid turmoil under the Trump administration, a security analyst says. Australian Strategic Policy Institute senior analyst Alex Bristow said holding ministerial meetings on a six-monthly cycle, rather than the traditional annual timeline, highlights strengthened ties between the two nations. "The tempo of it increasing, I think, is a signal that Britain is moving into an elite category," he told AAP. The UK was probably third behind Japan and the US in terms of how strategically significant the defence relationship was to Australia, Dr Bristow said. Meanwhile, the UK's Carrier Strike Group, led by the Royal Navy flagship HMS Prince of Wales, arrived in Darwin on Wednesday in the midst of the Talisman Sabre multi-nation military exercises being hosted by Australia. It's the first UK carrier strike group to visit Australia since 1997. The international task group includes five core ships, 24 jets and 17 helicopters, centred on the flagship aircraft carrier. On Sunday, Mr Marles and Senator Wong will join their counterparts in Darwin to observe the UK Carrier Strike Group in action at Talisman Sabre. UK High Commissioner to Australia Sarah MacIntosh said the arrival of the strike group was a demonstration of commitment to the region and the strong relationship with Canberra. "This is an anchor relationship in a contested world," she said. Dr Bristow said Australia should be welcoming carrier strike groups from European countries. He said NATO had identified China as a threat to its interests as Beijing continues to collaborate with Russia and North Korea. "It's entirely in the interests of European allies in NATO to be working with Indo-Pacific allies," Dr Bristow said. with PA The United Kingdom has underscored its commitment to AUKUS after revealing it will sign a new 50-year treaty with Australia, amid questions over US involvement in the trilateral security pact. The treaty will be inked when Foreign Minister Penny Wong and Defence Minister Richard Marles host their UK counterparts David Lammy and John Healey in Sydney on Friday for regular Australia-UK ministerial meetings, according to British news agency PA. "This historic treaty confirms our AUKUS commitment for the next half century," UK Defence Secretary John Healey said. While the AUKUS nuclear submarine partnership involves the US, UK and Australia, the treaty is between the latter two nations, as a Pentagon review into the agreement threatens America's future participation. Australia and the UK are expected to lay out the bilateral aspects of the agreement and explore ways the two countries can work together over the next half-century. In a joint statement, Mr Marles and Senator Wong said the Australia-UK Ministerial Consultations, or AUKMIN, were critical to the two nations' shared interests. "We take the world as it is - but together, we are working to shape it for the better," Senator Wong said. Under the $368 billion AUKUS program, Australia will buy at least three Virginia-class nuclear-powered submarines from the US in the early 2030s. A new class of nuclear submarines will be built in Adelaide and delivered in the 2040s. The US had promised to sell Australia nuclear-powered attack submarines under the AUKUS agreement, but President Donald Trump's administration has launched a review into the deal to examine whether it aligns with his "America first" agenda. Defence analysts believe a likely outcome of the US review will be a request for more money from Australia to support its submarine industrial base. The Australian government has said it remains confident in the nuclear-submarine deal being delivered. The UK has fast become one of Australia's most important defence allies amid turmoil under the Trump administration, a security analyst says. Australian Strategic Policy Institute senior analyst Alex Bristow said holding ministerial meetings on a six-monthly cycle, rather than the traditional annual timeline, highlights strengthened ties between the two nations. "The tempo of it increasing, I think, is a signal that Britain is moving into an elite category," he told AAP. The UK was probably third behind Japan and the US in terms of how strategically significant the defence relationship was to Australia, Dr Bristow said. Meanwhile, the UK's Carrier Strike Group, led by the Royal Navy flagship HMS Prince of Wales, arrived in Darwin on Wednesday in the midst of the Talisman Sabre multi-nation military exercises being hosted by Australia. It's the first UK carrier strike group to visit Australia since 1997. The international task group includes five core ships, 24 jets and 17 helicopters, centred on the flagship aircraft carrier. On Sunday, Mr Marles and Senator Wong will join their counterparts in Darwin to observe the UK Carrier Strike Group in action at Talisman Sabre. UK High Commissioner to Australia Sarah MacIntosh said the arrival of the strike group was a demonstration of commitment to the region and the strong relationship with Canberra. "This is an anchor relationship in a contested world," she said. Dr Bristow said Australia should be welcoming carrier strike groups from European countries. He said NATO had identified China as a threat to its interests as Beijing continues to collaborate with Russia and North Korea. "It's entirely in the interests of European allies in NATO to be working with Indo-Pacific allies," Dr Bristow said. with PA
