Australian Critical posts inaugural ASX quarterly run-down

Australian Critical Minerals (ASX:ACM) is progressing a 900m reverse circulation (RC) drilling program at its joint venture (JV) Rankin Dome Project in Western Australia. 

It comes as the company recaps its inaugural quarter as a listed explorer, having raised $5 million through an initial public offering in July. 

State One Equities acted as lead manager for the IPO, which received ‘strong’ support from institutions and sophisticated investors. Funds raised through the IPO were directed towards various exploration activities at the Cooletha Lithium and Rankin Dome Rare Earth projects.  

Australian Critical Minerals, which has a $12.4 million market capitalisation, followed its IPO by undertaking a ‘comprehensive’ mapping and surface sampling program at Cooletha, with phase one sampling comprising 251 rock samples gathered from 25% of the granted tenure.

Assays are currently pending from the sampling, with 4 priority areas uncovered and interpreted as having fractionation textures and spodumene, as announced in August. 

Australian Critical Minerals also noted the presence of visible spodumene and manganese mineralisation on tenements E45/4990 and E45/5228, respectively.   

The company is busy planning an additional RC drilling program to test the new targets. 

Meanwhile, at Rankin Dome, Australian Critical Minerals completed a shallow auger sampling program comprising 249 holes, with assays pending. 

The company, alongside its JV partner Kula Gold (ASX:KGD), began a 900m RC drilling program at the end of last month, and this program is still in progress.

Post-quarter, Australian Critical Minerals announced an entitlement offer of loyalty options that comprised the issue of one option for every 2.5 fully paid ordinary ACM shares in the capital of the company held by eligible shareholders.

The options had an issue price of $0.005 each and an exercise price of $0.30 per option before 29 June 2026. The offer closed on October 26, and Australian Critical Minerals sought just over $87,000 through the raise. 

Australian Critical Minerals is focused on developing a ‘world-class’ portfolio of critical minerals projects in Western Australia. 

The company’s JV Rankin Dome project lies in the Youanmi Terrane near Southern Cross, and its Cooletha Project covers 100km-square of lithium prospectivity with outcropping pegmatite swarms in the Pilbara lithium district.   

Australian Critical Minerals had $3.734 million cash and cash equivalents at hand as of 30 September 2023.

Write to Adam Drought at Mining.com.au

Images: Australian Critical Minerals
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Written By Adam Drought
Born and raised in the UK, Adam is a sports fanatic with an interest in Rugby League and UFC/MMA. When not training in Muay Thai and Brazilian Jiu Jitsu, Adam attends Griffith University where he is completing his final year of a Communication & Journalism degree.