DLI spins out Mt Ida
Special report: Delta Lithium has entered into binding agreements to demerge its full interest in the Mt Ida project to Ballard Mining, pending shareholder and ASX approval.
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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