Critical Elements closes $7.0 million bought deal financing
Critical Elements Lithium Corp. [CRE-TSXV, F12-FSE] said Friday it has raised $7.0 million from a bought deal LIFE private placement financing. The amount raised includes the full exercise of the underwriters’ option.
The company intends to use the net proceeds to fund exploration programs at the Rose West block, forming part of the Rose Lithium-Tantalum property and Nemaska Belt properties in Quebec.
Under the offering, the underwriters sold 7.0 million common shares priced at 40 cents each, and 6.7 million common shares that were sold to charitable purchasers and issued as flow-through shares within the meaning of the Income Tax Act (Canada).
On Friday, the shares were unchanged at 38 cents and trade in a 52-week range of 70 cents and 33 cents.
Critical Elements aspires to become a large supplier of lithium to the flourishing electric vehicle and energy storage system industries. In keeping with that goal, the company is advancing its 100%-owned, high purity, Rose lithium-tantalum project. It is the first project to be advanced within a large portfolio of over 1,016 square kilometres.
Back in August 2023, the company announced the results of a new feasibility study at Rose for the production of spodumene concentrates. The study envisages a 17-year mine life with average production from year two to 17 of 157,706 tonnes of chemical grade 5.56% spodumene concentrate, 46,059 tonnes of technical grade 6.16% spodumene concentrate and 580 tonnes of tantalum concentrate. The initial capital cost was pegged at US$471 million, with an anticipated construction time of 21 months until the start of production. The feasibility study incorporates a standard truck and shovel open-pit mining operation and conventional lithium processing technologies. The study also foresees a project that will produce technical grade spodumene concentrate for the glass and ceramics industry and chemical grade spodumene concentrate for conversion for use in batteries for e-mobility, as well as tantalite concentrate.
In a press release on November 4, 2025, Critical Elements reported high-grade polymetallic results from a summer 2025 exploration program completed at the company’s Nemaska Belt properties group. The company said interest in the high-grade nickel, copper, PGE mineralization in Inc. region has increased with the exploration success of Power Metallic Mines Inc. [CVE-PNPN, PNPNF-OTCMKTS], formerly Chilean Metals. Critical Elements optioned the Nisk Property to Power Metallic in 2020. The agreement leaves Critical Elements with a non-dilutive interest of 20% until a definitive feasibility study regarding extraction and production activities is completed on the Nisk property. Critical Elements held just over 10 million shares of Power Metallic as of May 31, 2025. Critical Elements said it is planning to resume expansion drilling this winter on the Rose West lithium discovery which is located within 10 kilometres of its Rose Lithium project.
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