Anax Metals (ASX:ANX) is raising $6 million through a share placement to fund a ‘high-impact’ exploration drilling campaign at the Whim Creek Copper Project.
The company will issue 176.47 million shares at $0.034 each, representing an 8.1% discount to the last closing price on 29 May, as well as a 1% premium to the five-day volume weighted average price (VWAP) and a 1% discount to the 15-day VWAP.
Drilling will target near-mine and extensional opportunities, with diamond drilling expected to begin in July 2026.
Initial exploration focus will be on untested extensions of Mons Cupri and Whim Creek deposits.
The placement is expected to enhance the company’s ability to pursue near-term exploration upside while continuing to advance financing, offtake, and project development initiatives.
The company has shortlisted a number of parties, with site visits and independent technical expert appointment processes currently underway for due diligence activities.
Meanwhile, Anax has appointed seasoned geologist and mining executive Nick Jolly as non-executive director.
Jolly has over 25 years of experience driving exploration strategy, discovery, and resource growth across Australian mining assets. He has previously held senior leadership roles with Spartan Resources and Northern Star Resources (ASX:NST).
Managing Director Geoff Laing says Jolly’s appointment reflects “an important stage in the company’s growth”.
“Nick has an exceptional track record across exploration, resource growth, and project development,” Laing says.
“The placement and appointment will enable Anax to conduct a high impact drilling program whilst continuing to advance all development workstreams associated with bringing Whim Creek into production.”
Laing adds that the company’s commitment to advancing Whim Creek towards production remains unchanged.
“All project development, debt funding, and strategic workstreams continue to progress well, and the company believes the combination of advancing development activities and aggressive exploration focus positions Anax strongly for long-term value creation.”
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
