Anax Metals (ASX:ANX) has completed tranche two of its placement, bringing in the remaining $4.8 million to fund the repayment of the Jetosea Loan B and other exploration costs.
The company issued 209.25 million shares at $0.023 each in tranche two, including director participation for a subscription of $1.1 million.
Tranche two of the placement was approved by shareholders at a general meeting on 19 May 2026.
The placement has now raised a total of $10 million over the two tranches.
Anax has also issued 20 million unlisted options in this placement, exercisable at $0.0345 each and to expire on 25 May 2029. Unlisted options were issued to Sternship Advisers, which acted as the lead manager in this offer.
As reported by Mining.com.au, Anax will use funds for development activities, debt and offtake funding agreements, and exploration activities, ahead of a potential final investment decision for the Whim Creek Project in Western Australia.
The company completed the repayment of its Jetosea Loan B in late March 2026, after obtaining the first $5.2 million in tranche one. Anax had an outstanding loan balance of $3.5 million prior to this payment.
Anax Metals is an Australian explorer focused on becoming a near-term producer of copper and zinc through its 80%-owned Whim Creek Project in Western Australia.
Write to Maddison Elliott at Mining.com.au
Images: Anax Metals
