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Bacanora Lithium Shares Edge Higher On Sonora Project Update

Updated: 19 May 2021

Shares of Bacanora Lithium (LON: BCN) are edging higher on Wednesday after the company said it has commenced initial site activities at the Sonora Lithium Project in Mexico.

This follows the company's successful $65 million fundraise, which, combined with existing cash and the undrawn portions of its debt financing facility, will finance Bacanora’s 50% share of the capital cost required for stage 1 of the project. The company's partner in the project is Ganfeng Lithium Co.

Lithium development company Bacanora said it has engaged a local specialist ecological services company based in Sonora to begin initial site works that include the rescue and removal of surface vegetation and topsoil in the area required to construct the lithium processing plant.


A team of 15 personnel has been deployed to the site, and the company also commenced the preparatory work required to upgrade the main access road to the area in preparation for providing access for heavy equipment to begin the bulk site earthworks later in the year.

“I am delighted to announce Bacanora has commenced initial site works at the Sonora Lithium Project, located in Mexico. This milestone cements Bacanora's transition into a mine-development company as it looks to fulfil its ambition of becoming a lithium producer in 2023,” Said Peter Secker, CEO of Bacanora.

The company's stock price is trading at 46.50p per share up 1.75% on the day.

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