Legacy Minerals (ASX:LGM) has completed a $3 million capital raising, which will fund several exploration programs across the Thomson and Drake projects in New South Wales.
Under the placement, 11.16 million shares were issued at $0.15 per share to raise $1.67 million. Cumulus Wealth and Bell Potter Securities acted as joint lead managers to the placement.
Fleet Space Technologies’ investment arm Fleet Investment Fund also agreed to invest an additional $325,000 as a strategic investor.
CEO Christopher Byrne says to have the Fleet Fund invest directly in Legacy Minerals is a “strong validation of the company’s targeting strategy and the prospectivity of the Thomson Project and wider exploration portfolio”.
Fleet Space Technologies CFO Federico Tata Nardini says unlocking the potential of prospective regions depends on partners with the right expertise and technologies.
“With our stake and deployment of Fleet Space’s multiphysics offering at the Thomson Project we look forward to building on Legacy Minerals’ exciting momentum by accelerating the subsurface understanding of the area using the latest advances in mineral exploration technology powered by space and AI.”
Under the share purchase plan, 6.66 million shares were issued under the same price as the placement, which raised an additional $1 million.
Legacy Minerals, which has a market capitalisation of $17.92 million, says the proceeds will be used to conduct ground gravity and seismic geophysics surveys, as well as drill testing high priority targets at the Thomson Project.
Meanwhile, at the Drake Project, the proceeds will be used for updating the mineral resource estimate, conduct airborne geophysics, and drill test high priority near mine and regional targets.
Further, drill mobilisation is set to begin imminently at the Thomson Project, with preparations underway for drilling programs and large-scale geophysical surveys.
Byrne says the company is building on its diligent exploration strategy this year, the market can look forward to continued discovery-focused exploration throughout 2025.
“The highly prospective Thomson and Drake projects are the company’s focus while exploration continues at a fast pace under our joint venture funded projects including drilling at Bauloora and Fontenoy,” he says.
Legacy Minerals is expecting results from the light detection and ranging survey conducted at Drake during Q4 2024.
At the Bauloora Project, drilling is underway and assays are expected in Q1 2025. Meanwhile, at the Fontenoy Project, drilling is also underway and assays are expected during the same time.
Legacy Minerals is a mineral explorer focused on gold, copper, and base metals discoveries in New South Wales. The company’s portfolio of assets include the Black Range, Drake, Rockley, Cobar, Bauloora, Harden, Glenlogan, and Fontenoy projects.
Write to Aaliyah Rogan at Mining.com.au
Images: Legacy Minerals
