The company will allocate the funds to exploration activities at the Kasombo Copper-Cobalt Project in the Democratic Republic of Congo.
The country holds close to half of the global cobalt reserve base, and is the world's single largest supply source with over 60%.
Key Kasombo details
The project comprises three mineralised areas of circa 600 hectares, Kasombo 5, 6 and 7, located within two granted mining licenses.
Drilling is underway and will cover 300 metres across four holes at Kasombo 5 and five holes at Kasombo 7 in the preliminary program.
One 79 metre hole at Kasombo 5 has been completed, with the second hole in progress.
Tony Sage, chairman, recently commented: "I am pleased to see drilling commenced so that we can start to reveal the potential of the Kasombo area."
Mapping reveals high-grade cobalt
The company collected twenty samples during the mapping program, predominantly from Kasombo 7, with results including up to 6.99% cobalt.
Acquiring the Kasombo Project
Cape Lambert is a major shareholder holding 44.66% of the issued capital.