Sentinel Metals (ASX:SNM) has secured firm commitments to raise $15 million through an institutional placement at $0.58 per share.
The placement satisfies a key condition precedent for its proposed acquisition of the 1.01-million-ounce Big Springs Gold Project in Nevada, US, from Capricorn Metals (ASX:CMM).
It comprises approximately 25.86 million new shares, representing a 6.5% reduction from the last traded price of $0.62 on 1 July 2026.
Capricorn Metals subscribed for $3 million worth of shares, with the raising supported by existing shareholders and new institutional investors.
Proceeds will fund the cash component of the acquisition, exploration programs at Big Springs and the Columbia Gold-Silver Project in Montana, and working capital.
“Big Springs is a rare opportunity to acquire a 1Moz gold asset in Nevada, one of the world’s premier gold jurisdictions, with existing mining approvals, substantial exploration upside and potential near-term development optionality,” Managing Director Matt Herbert says.
“Together with our Columbia Gold-Silver Project in Montana, the acquisition will transform Sentinel into an emerging North American gold company with mineral resources across two advanced projects in tier-one US mining jurisdictions.”
The Big Springs resource comprises 0.86 million tonnes (Mt) @ 4.70 grams per tonne gold (Au) in the measured category, 6.00Mt @ 2.20g/t Au indicated, and 8.63Mt @ 1.70g/t Au inferred.
The placement remains subject to shareholder approval, with a general meeting expected in late August 2026. Settlement and completion of the acquisition are expected shortly after shareholder approval.
Sentinel Metals is a gold exploration and development company focused on advancing its flagship Columbia Gold-Silver Project in Montana, and is expanding its North American footprint through the acquisition of the Big Springs Gold Project in Nevada.
Write to JC Villarba at Mining.com.au
Images: Sentinel Metals
