- Shares of Bacanora Lithium climbed sharply Thursday after confirming it had secured $150m in debt funding from London's Red Kite fund to develop its lithium project in Mexico.

Bacanora hailed the competitive terms of the debt package, admitting that senior debt facilities of this size were sorely lacking.

The company said it believes the competitive terms of the RK Facility provide further validation of the quality of Sonora's battery grade product.

The funding would be used to develop stage 1 of the Sonora Lithium Project in Mexico for an initial 17,500tpa lithium carbonate operation.

This comes after a favourable feasibility study assigned a pre-tax US$1.253bn NPV8 to the Sonora Lithium Project.

'We believe that senior debt facilities of this size have been few and far between in the junior resource space in recent years,' said Bacanora CEO Peter Secker.

'Furthermore, we consider that the costs and terms of the Facility are highly competitive when compared to other debt packages that have recently been reported for greenfield lithium projects in Canada and Australia.'

At 9:10am: [LON:BCN] Bacanora Minerals Ltd Ord Npv di share price was +5.5p at 92.5p

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