Solstice Minerals (ASX:SLS) is raising $32.6 million through a single tranche placement to fund exploration costs at the Nanadie Copper-Gold Project in Western Australia.
The company will issue 32.6 million shares at $1 each, representing a 9.9% discount to the last closing price of $1.11 on 31 March 2026, as well as a 2.8% discount to the five-day volume weighted average price of $1.03.
Canaccord Genuity acted as the global coordinator, as well as joint lead manager and joint bookrunner, alongside Bell Potter Securities and Taylor Collison. Argonaut Securities and Chieftain WA acted as co-managers.
The placement is expected to settle on 10 April 2026, before shares are allotted on 13 April.
Funds will be used for reverse circulation and diamond drilling campaigns, geophysical surveys, metallurgical test work, and long-lead study items.
Drilling includes a 10,000m phase two resource estimate expansion program, resource definition drilling in key areas, step-out and first-stage drilling along strike and geophysical targets, and at systematic tails and step-down targets.
Funds will also be used to progress gold exploration at the Yarri Project.
CEO Nick Castleden says the placement was “comprehensively bid” and the company is pleased with the support received.
“The strong institutional support will enable us to accelerate our exploration programs at what we believe is one of Australia’s most compelling copper growth stories,” Castleden says.
“We would like to thank shareholders for their continued support in this journey. Being able to carry out our first significant placement since listing at five times the initial public offering price reflects the significant interest in Nanadie, and we look forward to delineating what has potential to be a company-making asset.
“With the RC rig now on its way to site and a diamond rig scheduled to arrive mid-month, we are entering an exciting period for the company.”
Solstice Minerals is an Australian gold and base metals exploration company focusing on developing and expanding its footprint in Western Australia.
Write to Maddison Elliott at Mining.com.au
Images: Solstice Minerals
