Cosmo Metals (ASX:CMO) is set to expedite gold, antimony, and copper exploration across its Bingara and Nundle projects in New South Wales, following receiving commitments to conduct a $2 million placement.
Under the two-tranche placement, shares will be issued at $0.18 per share, representing a 5.3% discount to the last closing price and a 3.5% discount to the 30-day volume weighted average price.
Discovery Capital Partners and Cumulus Wealth will act as joint lead managers and bookrunners to the placement.
Additionally, funds will also provide minimum exploration expenditures at the Kanowna Gold Project and Yamarna Base Metals Project located in Western Australia.
Cosmo says the funds will also go towards project generation, general working capital, and corporate overheads.
Managing Director Ian Prentice says having completed the acquisition of the Bingara and Nundle projects in April 2025, the company looks forward to maintaining momentum of its systematic focused exploration with the collection of new data alongside compilation of previous explorers’ data.
“To date this work has defined a number of large-scale high conviction targets which haven’t seen modern exploration in over 30 years, if ever,” Prentice says.
In combination with existing cash reserves, the placement ensures Cosmo is well-funded to advance the under-explored and highly prospective Bingara and Nundle projects. Both project areas cover a combined 743km2 in the New England Orogen of northern New South Wales.
Cosmo Metals is a mineral explorer focused on key assets located in Western Australia and New South Wales.
Write to Aaliyah Rogan at Mining.com.au
Images: Cosmo Metals
