Gold Mountain (ASX:GMN) has secured binding commitments from existing substantial shareholders to raise $5.5 million. The funds will help to accelerate exploration across its rare earth and lithium projects in Brazil.
The company will issue 55 million new shares at $0.10 per share through a two-tranche placement. The first tranche will comprise $1 million issued under existing placement capacity, while tranche two will total $4.5 million and will require shareholder approval at a general meeting.
“We are very pleased with the strong support received from our substantial shareholders. The level of demand reflects confidence in the quality and potential of the company’s project portfolio,” Executive Director David Evans says.
Gold Mountain will use the funds to accelerate exploration activities across its rare earth and lithium assets in Brazil, with the remaining proceeds allocated to general working capital.
A trading halt was requested on 27 April 2026, ahead of the placement.
The company expects to convene the general meeting for tranche two approval as soon as practicable.
Gold Mountain is focused on developing Brazilian rare earth elements, lithium, and copper projects to drive future energy.
Write to Amy Rotman at Mining.com.au
Images: Gold Mountain
