While the Liontown Resources takeover saga drags on, its chairman Tim Goyder is swiftly making moves elsewhere, backing a $21.1 million capital raise from uranium, rare earths and nickel hopeful DevEx Resources.
The capital raise encompassed a $10m placement and $11.1m fully-underwritten entitlement offer at 30¢ per share. Mr Goyder, who is DevEx’s chairman and major shareholder, took up his full entitlement under the offer along with DevEx’s other directors. DevEx’s directors contributed a combined $2.2m to the raising.
Mr Goyder has been in the spotlight recently after being dethroned by Gina Rinehart’s Hancock Prospecting as the major shareholder of lithium market darling Liontown Resources.
Mrs Rinehart has built a 19.9 per cent stake in Liontown to spoil a $3-a-share takeover bid from Albermarle, an offer which the Goyder-led Liontown board was happy to entertain.
DevEx managing director Brendan Bradley told The West Australian that the Liontown commotion had not deterred Mr Goyder from helping guide the explorer’s ambitions.
“Tim has got a strong personality and drive, so he doesn’t get distracted by it all, he comes down to our office and is just very passionate about all things exploration,” Mr Bradley said.
DevEx told the Australian Securities Exchange it plans to use the funds raised to drive expanded drilling programs at its uranium, rare earths and nickel project portfolio across WA and the Northern Territory.
Mr Bradley said the company’s core focus moving forward would be its Nabarlek uranium project in the NT.
“Uranium is at the front and centre for DevEx and we will dedicate the lion’s share of our budget to growing that project,” Mr Bradley said.
The Nabarlek uranium project in the NT’s Alligator Rivers Uranium Province hosts a 4700sqkm tenement package that surrounds the historical Nabarlek uranium mine, which operated until 1989.
Mr Bradley said following decades of volatility the uranium price was set for a strong and stable price market.
“There has been a strong change in long-term sentiment as the world decarbonises and energy insecurity rises,” he said.
DevEx’s shares were trading at 30¢ each by the close of trade Friday.