Adviser to MinRes on Delta Lithium share raid and 17.4% equity block trade

Role  / Corporate Adviser
Date  / September 2023

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Harvis Advisers acted as the exclusive adviser to Mineral Resources Limited (MinRes) on the acquisition of a 17.4% equity stake in Delta Lithium via a strategic share raid and block trade.

Harvis identified this opportunity and presented it to MinRes following a sharp decline in Delta Lithium’s share price and the market’s perception of its development strategy. MinRes swiftly acted, acquiring a significant equity position. Harvis leveraged its strong network within the metals and mining sector and with a group of Delta shareholders to execute the transaction with urgency, completing the bookbuild and administration in under 72 hours from start to finish.

Following the share raid, MinRes further supported Delta Lithium as its major shareholder, underwriting a significant capital raise to provide critical funding for the company’s development projects, placing Delta in the enviable position of one of the lithium industry’s strongest balance sheets and cash positions to weather the lithium price cycle. MinRes has since increased its ownership to 23%, with two of its directors now on Delta’s board, affirming its commitment to the company's growth.

MinRes remains strongly supportive of Delta’s lithium and gold project development activities, further enhancing its strategic position in the expanding lithium sector.

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