For Mining.com.au’s inaugural Funding Friday, the Australian Securities Exchange saw a range of financing plans announced by mining and resources companies this week.
The platform alone accounts for 81.3% of the total dollar turnover in equity market products for the quarter ending June 2025, according to the Australian Securities and Investments Commission.
Australia’s equity market averaged a daily turnover of $9.8 billion for this last quarter, representing a $1.3 billion increase from the previous quarter.
Syrah Resources (ASX:SYR) is one explorer jumping on this trend, entering a forbearance agreement with the US Department of Energy for a US$16 million loan, covering two years of work at the Balama Graphite Operation in Mozambique.
This loan comes in time of a greater equity raise, with Syrah intending to return $70 million between an underwritten placement and pro rata accelerated non-renounceable entitlement offer.
Issuing around 269.2 million shares, each share is offered at a fixed price of $0.26, which represents a 31.6% discount to the company’s last closing price of $0.38 per share on 29 July.
AustralianSuper, which is Syrah’s largest shareholder with around a 32.5% stake, has committed around $16 million for its full entitlement and up to $30 million to sub-underwrite both the institutional and retail entitlement offers.
Additionally, the US International Development Finance Corporation (DFC) has extended its loan with Syrah.
The company intends for a US$11 million disbursement by October 2025.
Laramide Resources (ASX:LAM) has upsized its private placement, closing with $12 million to issue 20 million shares at $0.60 per share.
Red Cloud Securities and SCP Resource Finance acted as advisors for this placement.
Funds will be used to expedite late-stage permitting across its US assets.
Laramide Resources is a uranium explorer with a portfolio of assets spanning Australia and the US.
Viridis in the spotlight
Viridis Mining and Minerals (ASX:VMM) has also returned firm commitments for $11.5 million, issuing around 12.64 million shares to investors at an offer price of $0.91 per share.
The offer price represents a 13% premium to the 10-day volume weighted average price.
This total returns a $250,000 pledge from a Viridis Chairman, as well as a $5 million commitment from JGP Asset Management.
The company recently signed a binding memorandum of understanding (MoU) with ORE Investments and Régia Capital, as reported by Mining.com.au.
Funding from its MoU and this placement will streamline exploration at the Colossus Project towards a Definitive Feasibility Study and its Mixed Rare Carbonate demonstration plant.
Resource Mining (ASX:RMI) has entered into a funding agreement with RiverFort Global Capital, offering an aggregate $5 million towards the acquisition of Saudi Arabia projects and maintaining exploration at its Tanzanian and Finland projects.
The facility will last three years from the execution date, with each drawdown to mature in 12 months with a 7% fixed coupon paid in cash.
First drawdown began yesterday (31 July), offering $1.3 million in exchange for 1.3 million convertible securities at $0.021, as well as another 10.83 million options at $0.03 to expire 24 months from issue.
Strategic Energy Resources (ASX:SER) has received commitments to raise an aggregated $2 million across a two-tranche placement, issuing 400 million shares.
Tranche one will comprise 137.76 million shares at an offer price of $0.005 per share, before proposing another 262.24 million shares and 200 million options at under the same issue price.
BW Equities acted as the lead manager and bookrunner to the placement.
Holders will be issued one free attaching offer per every two shares subscribed in this placement, with each offer exercisable at $0.01 to expire 18 months from the issue date.
Shareholders will vote on the second tranche at an upcoming general meeting, expected for September 2025.
Strategic Energy directors have pledged commitments to participate, subject to shareholder approval.
Funds will be used to cover acquisition costs of the Diamantina Copper-Gold Project from Anglo American (LSE:AAL), as well as expediting drilling programs at Isa North Copper-Gold Project and the Bulimba Gold Project.
In Western Australia, Tivan (ASX:TVN) has received a non-binding conditional letter of support from the Australian Government’s Export Finance Australia (EFA), boosting into the due diligence phase of financing from the Northern Australia Infrastructure Facility (NAIF).
To meet NAIF’s demands within this phase, Tivan is now preparing a formal investment proposal to prove the viability of its Speewah Fluorite Project, which recently established a joint venture with Japan Organization for Metals and Energy Security (JOGMEC).
Write to Maddison Elliott at Mining.com.au
Images: Syrah Resources
