Obsidian Global Partners has inked a A$25 million investment commitment through its Sapphire Global Energy Fund that EV can use to acquire and explore new and existing projects.

The optional equity facility will last for 60 months and will be secured by the issue of 35 million shares before the first drawdown.

Each drawdown amount will be $250,000-$500,000 and requires EV shares to have not traded below 0.08c. 

EV executive director Navin Sidhu said the terms were competitive for such a sizeable facility.

"This facility enables us to drawdown when necessary, allowing us to better manage our funding needs, reduce dilution and not be at the mercy of the markets," he said. 

Names linked with Obsidian include Basin Energy non-executive director Peter Bird and Edmond Tan, a director of private Australian explorer REEgenerate.

EV owns the Shaw River lithium project in Western Australia, the Khartoum and Christina tin-tungsten projects in Queensland and Morocco respectively, and the Don Enrique copper project in Peru.

It also has an interest in the Eastern Alps lithium project in Austria with European lithium and 22% of Serbia-focused Balkan Mining and Minerals. 

While most projects are in the mapping and sampling stage of the exploration cycle, it is planning to drill this year following confirmation of copper-silver-zinc mineralisation around an old exploration drive at Don Enrique. 

The junior started the quarter with $2 million cash.   

EV shares hit an intraday high of 2.6c today and were still up 53% this morning at 2.3c, capitalising it at $23 million.

Its shares have traded between 1.4-7.4c over the past year.

Director Adrian Paul has been buying up EV shares in recent months, , spending some $83,000 since November.