Closing SoonGT-2026-002· Listed Jan 8, 2026
Andean Lithium Processing — Battery-Grade Refinery
Vertically integrates spodumene mining with a 25 ktpa LiOH plant — secured EV supply contracts.
Chile · South America Mining & Critical Minerals Growth Equity — Series C Closes Jul 15, 2026
Raise Target
$220.0M
Committed
$198.5M
Min Ticket
$2.5M
Target Return
22–27% IRR
Horizon
5–7 yrs
90% subscribed · $21.5M remaining
Executive Summary
Series C round to build Chile's first independent battery-grade lithium hydroxide refinery alongside an operating spodumene asset. Three EV OEMs have signed binding multi-year supply agreements indexed to LiOH market pricing with floor protections.
Investment Thesis
- Refining margin captured onshore vs. exporting raw concentrate (USD 9,400/t vs USD 2,800/t).
- Binding OEM supply contracts cover 84% of plant output.
- Permits, water rights, and indigenous community accord already in place.
Use of Funds
Refinery construction (EPC)58%
Mine expansion & ore handling22%
Renewable power PPA prepayment12%
Working capital8%
Financial Snapshot
Yr-3 revenue
USD 410M
EBITDA margin (steady-state)
46%
Equity IRR (base case)
24.1%
Payback
4.8 yrs
Transaction Structure
USD 220M Series C equity. Cornerstone led by sovereign mineral fund; co-investors via Deal Room.
Risk & Mitigation
Key Risks
- · Lithium price compression
- · Construction labour cost inflation
- · Permit appeal risk
Mitigants
- Floor pricing in 2 of 3 OEM contracts
- Fixed-price lump-sum EPC contract
- Final permits non-appealable past statutory window
Timeline & Milestones
- 2024 Q4Resource upgrade & PEA
- 2025 Q3DFS + offtake LOIs
- 2026 Q1Cornerstone equity committed
- 2026 Q4Series C close
- 2028 Q2First LiOH commercial production
Sponsor
Cordillera Minerals S.A.
Cordillera Minerals S.A. is a Chilean-listed critical-minerals developer with a 17-year operating history and partnerships with two major automotive groups.
ESG & Impact
- Direct lithium extraction — 71% lower water intensity
- 100% renewable PPA from 2027
- Community royalty stream to indigenous council
Data Room
Executive Summary
PDF · 18 pp
Definitive Feasibility Study
PDF · 412 pp
Financial Model
XLSX
OEM Supply Agreements (redacted)
PDF
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