PTR Minerals (ASX:PTR) has received firm commitments to raise $12 million through a placement, which has been strongly supported by existing and new investors, including several funds and institutions.
Directors and management have committed to contribute $340,000.
Taylor Collison and Argonaut Securities acted as joint lead managers and bookrunners to the placement, which is not underwritten.
Settlement of the unconditional component and receipt of the funds is expected to occur on or around Friday 5 December 2025. PTR anticipates it will make an application to the Australian Securities Exchange (ASX) for quotation of the placement securities on 8 December.
PTR Chief Executive Peter Reid says the fund will primarily provide funding for the next stage of study programs at the Rosewood Titanium Project.
“In addition, given our exploration success to date, funding will be allocated to further drilling programs as we continue to define the extent of mineralisation within Rosewood as well as the larger Muckanippie HM Project area,” Reid says.
“Based on our confidence in the developing project at Rosewood, funding will also be used to continue to advance environmental benchmarks and other studies in preparation for lodgement of an application for a mining licence.
“We have made great progress given the initial discovery was only made in September last year. The Rosewood Titanium Project now extends over 40km2 and includes two extensive high-grade strandlines which remain open in multiple directions.
“Recent metallurgical testing has yielded strong recoveries (86-95%) with the expectation that further improvements will continue to be made to the process flow sheet.”
Reid adds that PTR has also produced a high quality HMC product where titanium content has ranged between 91-98% HM and where work continues to define an optimal product mix.
PTR recently rebranded from Petratherm to reflect its ASX ticker code, as reported by this news service.
PTR’s primary focus remains on advancing its Muckanippie Project in South Australia, prospective for titanium-rich heavy mineral sands.
The company is one of many in the resources sector to have undergone rebranding efforts over the past few years, often changing names to better reflect the individual brand’s missions and values. Usually it’s related to a pivot in strategy or change in focus on commodities.
Write to Adam Orlando at Mining.com.au
Images: PTR
