The increase came about through the issue of 5 million shares upon exercise of 5 million options with a strike price of 35 cents each.
This option exercise provides the company with $1.75 million in additional funding and takes its holding to 35 million shares in total.
In February 2018, Danakali updated its sulphate of potash ore reserve at its flagship Colluli Potash Project in Eritrea.
The reserve is 1.1 billion tonnes at 10.5% potassium oxide for 203 million tonnes of contained sulphate of potash (SOP) equivalent.
This provides an expected mine life of circa 200 years at proposed production rates.
Colluli’s reserve was updated as part of the Front End Engineering Design (FEED) phase, which investigated options to improve production and cost outcomes.
Danakali is focused on off-take, funding, and project execution in 2018.