Revolver Resources (ASX:RRR) is preparing to advance towards a final investment decision for the Dianne Copper Mine in Queensland, after securing $1 million in working capital funding.
The additional funding has been secured from establishing two further 1% gross revenue royalties (GRR) over future mineral production from Dianne. These new royalties are identified to the GRR established in late January 2025.
The GRR’s cover six mining leases that comprise the Dianne Copper Mine Project, but exclude Revolver’s broader exploration tenure at Dianne.
In conjunction, Revolver, which has a market capitalisation of $9 million, has used its established at-the-market (ATM) facility with Alpha Investment Partners to raise $116,200 at an average issue price of $0.037 per share.
The issue price represents a 4.2% premium to the five-day volume weighted average price of $0.0354.
Managing Director Pat Williams says using this financing route, combined with the use of the ATM facility, allows the company to minimise its shareholder dilution and effective cost of capital.
“We continue to advance commercial discussions with respect to predominantly asset/joint venture level funding of the Dianne restart,” Williams says.
“While these discussions are ongoing, definitive terms remain to be finalised. The Dianne Copper Mine restart represents a relatively low development risk, capital-lit production opportunity for Revolver.”
The Dianne Copper Mine has produced 63,758 tonnes of copper ore with an average grade of 22.7% copper from open cut and underground operations between 1979 and 1983.
Revolver Resources is an Australian developer focused on critical minerals, particularly copper. The company owns two projects, Dianne and Osprey, both of which are located in Queensland.
Write to Aaliyah Rogan at Mining.com.au
Images: Revolver Resources
