Krakatoa Resources (ASX:KTA) is raising $1.25 million through a placement ahead of phase two drilling at the Zopkhito Project in Georgia.
The company will issue 138.88 million shares at an issue price of $0.009, with one free attaching option for every two shares subscribed for in this placement. Options are exercisable at $0.02.
Ignite Equity and GBA Capital are acting as joint lead managers for this placement.
Funds will be used to conduct advanced geological modelling for phase two drilling, which is expected to begin in Q2 2026. Drilling will focus on resource growth, validation, and conversion of the historical foreign resource.
Krakatoa will also begin metallurgical studies to support further development studies at the project.
Executive Chairman Colin Locke says the company welcomes a number of shareholders to the register through this placement and is grateful for existing holders.
“The strong support for this placement follows recent drilling results, which confirmed high-grade antimony and gold mineralisation, validating the historical data across the Zopkhito system,” Locke says.
Drill results from phase one include 8m @ 14.1 grams per tonne gold from 8m, including 1.5m @ 38.5g/t gold from 13m and 3m @ 1.48% antimony from 10m.
Krakatoa Resources is a mineral explorer focused on critical minerals discoveries.
Write to Maddison Elliott at Mining.com.au
Images: Krakatoa Resources
