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Alurion Resources raises $50M in initial public offering
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Alurion Resources raises $50M in initial public offering

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  • Alurion Resources commenced trading on the Australian Securities Exchange after raising $50 million through an initial public offering.
  • Trading data for the newly listed stock remained unconfirmed on its first session pending initial market volume.
  • The company stated that the capital will advance the development of its Amargosa Bauxite-Gallium Province Project.

Alurion Resources (ASX:ALU) commenced official trading on the Australian Securities Exchange after raising $1.05 per share.

The public share offering follows a corporate demerger from Brazilian Rare Earths, introducing an independent resource entity focused on bauxite exploration.

"Today's listing establishes Alurion as an independent resource development company with a large, high-quality bauxite resource, a capital-efficient first-stage development plan and $50 million of funding to move Amargosa forward," said Alurion Resources Chairman Thomas Todd.

The initial public offering proceeds will be allocated towards advancing the Amargosa Bauxite-Gallium Province, which encompasses a 568 million tonne JORC-compliant mineral resource estimate.

The company stated that the project features a scoping study projecting an initial capital cost of US$630 million.

Following the announcement, the Alurion Resources share price was unchanged at $1.05.

The business strategy centres on executing a direct mine-to-port development pathway in Brazil without requiring complex downstream processing plants for initial production phases.

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