Adviser to Wildcat on acquisition of Tabba Tabba Lithium project and $7m Placement
Role / Corporate Adviser
Date / March 2023
Harvis leveraged its expertise and strategic relationships within the lithium sector to orchestrate a transformative transaction between Global Advanced Metals (GAM), 85% owned by Resource Capital Funds, and the high-calibre exploration team at Wildcat Resources.
Harvis led the structuring and execution of this acquisition for Wildcat, driven by Wildcat’s clear lithium discovery capability and a complementary exploration portfolio in the renowned Pilbara region. Within just four months post-financial close, Wildcat announced what is shaping up to be a world-class Tier 1 lithium discovery.
While market sentiment and lithium prices have since fallen to cyclical lows, the fully diluted equity value, which stood at $18 million pre-financial close, increased to approximately $1.2 billion within six months. This milestone facilitated a $162 million liquidity event for 75% of RCF’s 20% shareholding in Wildcat while retaining its remaining a 5% stake via performance rights and an additional lithium NSR royalty. Harvis remains a supportive shareholder, holding around 6% of Wildcat in shares and options.
Looking ahead, near-term project value catalysts include the announcement of a mineral resource, ongoing infill drilling, PFS and regional exploration outcomes. Harvis anticipates heightened interest from strategic industry players as Wildcat stands poised to develop a world-class lithium project in the globally significant Pilbara lithium province. Harvis also expects a shift in overall lithium sentiment as the global supply chain adjusts to the significant downstream capacity expansions driven by China between 2021 and 2023.