Stellar Resources rattles the tin for Heemskirk

Stellar Resources (ASX:SRZ) is rattling the tin to raise $10 million to advance its Heemskirk Tin Project, as the silvery-coloured metal continues a major resurgence since the start of 2024.

Taylor Collison and Bell Potter Securities acted as joint lead managers to the capital raise.

The company has secured commitments from two cornerstone investors with Paradice Investment Management committing to invest about $3.9 million and Regal Funds Management $3 million.

The cornerstone investors will be substantial shareholders at the completion of tranche one of the Placement.

Stellar’s Executive Chairman Simon Taylor says the will give Stellar an enviable cash position of more than $14 million.

The funds raised will help the company to continue advancing its Heemskirk Tin Project through to development, as it looks to accelerate drilling programs to aid the Scoping Study and Prefeasibility Study (PFS) later this year.

Tin has seen a major resurgence following supply issues from Myanmar, Indonesia, and the DRC, which when coupled with increasing demand has seen the price push to more than $US34,000 per tonne.

Write to Adam Orlando at Mining.com.au

Images: Stellar
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Written By Adam Orlando
Mining.com.au Editor-in-Chief Adam Orlando has more than 20 years’ experience in the media having held senior roles at various publications, including as Asia-Pacific Sector Head (Mining) at global newswire Acuris (formerly Mergermarket). Orlando has worked in newsrooms around the world including Hong Kong, Singapore, London, and Sydney.