In this week’s Funding Friday, a number of mining companies on the Australian Securities Exchange (ASX) are raising cash and receiving grants to expedite projects.
West Wits Mining (ASX:WWI) has received US$12.5 million from its first drawdown of a US$35 million ($53.97 million) funding facility with Nebari National Resources Credit Fund II to expedite development of the Qala Shallows Gold Project.
Funds will be used to advance underground development and surface infrastructure at the project, located in South Africa’s Witwatersrand Basin.
West Wits has since delivered its first underground ore to surface with stockpiling underway for processing at Sibanye-Stillwater’s Ezulwini Plant.
West Wits Rudi Deysel says the project has now moved from development and into delivery, ahead of its first gold pour scheduled for March 2026.
“With Nebari’s funding in place, new equipment operating underground, and our team continuing to grow, West Wits is executing exactly to plan,” Deysel says.
“We’ve built strong operational momentum and a fully funded platform to achieve first gold pour in March 2026.
“Every milestone – from the first blast on the main decline to the commissioning of new fleet – reinforces our progress toward establishing a sustainable, high-margin gold operation in the heart of the Witwatersrand Basin.”
Development continues to advance on multiple fronts underground. The first ore from Qala Shallows was successfully delivered to surface in mid-October 2025, marking the beginning of stockpiling ahead of planned processing at Sibanye-Stillwater’s Ezulwini Plant.
West Wits remains on track to deliver 30,000 tonnes of ore by March 2026, coinciding with the commencement of toll treatment and first gold pour.
The company says the workforce on site continues to grow, with 103 personnel currently employed and recruitment ongoing to support the ramp-up in activity. Staff numbers are expected to reach some 150 by March 2026, expanding to more than 1,000 personnel by year three as the mine approaches full production capacity.
Looking ahead, West Wits has placed additional equipment orders to sustain its development schedule. A second double-boom drill rig is due for delivery in mid-December 2025 while two additional dump trucks and a new LHD are expected to arrive from RHAM by the end of March 2026.
The company is also advancing the installation of new charging and blasting infrastructure in line with the completion of the explosives delivery bay before year-end.
Li-S gets into funding ARENA
Li-S Energy (ASX:LIS) has been awarded a $7.8 million grant from the Australian Renewable Energy Agency (ARENA), under the Advancing Renewables Program (ARP).
Funds will be used to run a manufacturing optimisation program, as well as a Feasibility Study and front-end engineering design (FEED) of building a potential battery cell manufacturing facility in Australia.
Optimisation and feasibility studies are expected to be complete within 12 months, ahead of FEED work.
Li-S will match the funding offered by ARENA with cash and non-cash contributions.
The facility will target to generate one gigawatt-hour for each year of production, which represents an increase of 500 times to the company’s existing production line in Geelong, Victoria.
CEO Lee Finniear says the government’s support will help expand Australia’s capacity to produce “world leading advanced battery cells”.
“The ARP grant enables us to accelerate the critical commercial and engineering studies needed to progress advanced lithium-sulfur batteries toward large-scale production,” Finniear says.
“This will support growing demand for lightweight batteries in drones, defence, aerospace, and other relevant high-value commercial markets.
“It strengthens domestic supply chains and backs Australian innovation to deliver commercial production right here in Australia.”
Palladium, placement, and share purchase plan
Southern Palladium (ASX:SPD) has closed its share purchase plan, which follows on from a $20 million placement to fund a Definitive Feasibility Study at the Bengwenyama Project in South Africa.
The two-tranche placement issued 18.18 million shares at $1.10, before allowing eligible shareholders the opportunity to acquire an additional 59,092 shares for a maximum subscription of $30,000.
The offer price represents a 2.7% discount to the 15-day volume weighted average price (VWAP).
Southern Palladium is focused on bringing mine development activities at Bengwenyama to a final investment decision. Funds will be used for the construction of the box cut, development of a decline to the ore body, and drilling for the Feasibility Study.
Capital soars over Eagle Mountain
Mid-week news saw Eagle Mountain Mining (ASX:EM2) settling its placement to raise $1.66 million to fund exploration at the Silver Mountain Project in Arizona.
The company issued 183.9 million shares at $0.009, representing a 12.5% premium to the 10-day VWAP of $0.008, and an 11% discount to the 30-day VWAP.
Prenzler Group and Alto Capital acted as the lead managers for this placement, which will be followed by a rights issue raising a further $1.9 million.
The placement offered holders one free attaching option per every three shares held, leading to the issue of 61.3 million options.
The entitlement issue will offer one share for every six shares held at the same issue price. This deal will include the same option offer as the placement, with options exercisable at $0.02 on or before 30 November 2028.
The company expects to close the entitlement issue on 17 December 2025.
Eagle Mountain intends to direct $600,000 of the $3.6 million towards the Silver Mountain Project. Eagle Mountain reapplied for two of its four exploration permits yesterday (20 November) after the company failed to submit annual renewal applications.
The company expects to be granted new permits from the Arizona State Land Department in 30 to 120 days.
Write to Maddison Elliott at Mining.com.au
Images: West Wits, Li-S, Southern Palladium & Eagle Mountain
