The Australian Securities Exchange (ASX) is seeing a number of explorers raising capital so far this week to streamline development and exploration programs, including Brazilian Rare Earths (ASX:BRE), which is raising $120 million.
The company received firm commitments to issue 25.6 million shares at $4.68 per share, representing a 6.4% discount to the last closing price of $5.
Petra Capital and Canaccord Genuity Australia acted as joint lead managers for this placement.
Proceeds will be used to fast-track development of the company’s rare earth projects in Brazil, as well as shortening the predicted timeline for a planned integrated rare earths separation refinery to be located in Camaçari, Bahia.
Brazilian Rare Earths’ portfolio comprises the Rocha da Rocha Critical Minerals Province and the Amargosa Bauxite-Gallium Project, where both projects are located in the state of Bahia in northeast Brazil.
Meanwhile, Western Mines Group (ASX:WMG) has raised $3.71 million on the close of its placement to conduct activities required for an initial Scoping Study of the Mulga Tank Project in Western Australia.
The company will issue 16.86 million shares at $0.22 per share, as well as 4.21 million unlisted options holding an exercise price of $0.40, with 1 million of these shares issued to professional investors and current top 20 shareholders.
Western Mines Group Managing Director Caedmon Marriott and non-executive director Francesco Cannavo both intend to participate, subscribing for 100,000 shares and 250,000 shares respectively.
Director participation will be subject to shareholder approval at an upcoming general meeting.
The placement was conducted by Cygnet Capital, introducing multiple new top 20 shareholders, including three institutional funds.
Proceeds will be used to conduct further reverse circulation and diamond drilling at Mulga Tank, as well as geophysical targeting, geochemistry, and ongoing metallurgical testwork.
Chairman Rex Turkington says the board is grateful for both the ongoing support from existing shareholders, as well as the new holders welcomed in this placement.
“We saw significant interest and uptake in the raise, our largest since our IPO over four years ago, and this hopefully represents a turning point in sentiment,” Turkington says.
“The company is now well funded to continue to advance our Mulga Tank Project on multiple fronts, in conjunction with several environmental impact statement grants we have available, whilst maintaining our frugal and efficient exploration style.”
Carnaby Resources (ASX:CNB) has entered a subscription agreement with the Queensland Investment Corporation’s (QIC) Critical Minerals and Battery Technology Fund (QCMBTF) for a $12.5 million placement. The company today (15 October) says the funds will be used to fund the Greater Duchess Copper-Gold Project in Queensland through to a final investment decision.
The company will issue 37.9 million shares at a share price of $0.33, representing a 15% discount to the 20-day volume weighted average price (VWAP) of $0.39.
Carnaby Managing Director Rob Watkins says the investment is further validation of the potential of the Greater Duchess Copper Gold Project and its importance to the Mt Isa Region.
The company intends to complete a Prefeasibility Study in H2 2025, followed by a Definitive Feasibility Study in H1 2026, which will direct the final investment decision in Q3 2026.
Boab Metals (ASX:BML) has received firm commitments to raise $50 million, funding development works and acquisition costs for the Sorby Hills Project in Western Australia.
The company will issue 125 million shares across two tranches at $0.40 per share, which represents an 11.1% discount to the five-day VWAP of $0.45 and a 8.7% discount to the 15-day VWAP of $0.438.
Boab will issue 12.51 million shares in tranche one, which is expected to settle on 20 October, and the remaining 12.48 million shares will be allocated in tranche two shortly after.
The company engaged Petra Capital, as well as Shaw and Partners to act as joint lead managers and bookrunners for this placement.
CEO Simon Noon says the funds will allow the company to rapidly advance the Sorby Hills Project with early development works, “alongside acquiring the remaining 25% of the asset and meeting our obligations in funding the DeGrussa Plant acquisition”.
“We look forward to putting investors’ funds to work and continuing to update the market with progress at Sorby Hills including the finalisation of discussions with debt providers, which is targeted for the current fourth quarter of 2025,” he says.
Yugo Metals (ASX:YUG) has received firm commitments to raise $3.5 million through a two-tranche placement to execute phase one of diamond drilling at the Sinjakovo Project.
The company will issue 77.78 million shares at $0.045 per share, representing a 16.67% discount to the last closing price.
Holders will be eligible to receive one free attaching option per every two shares subscribed under this placement, with options exercisable at $0.10 for a three year period.
The company engaged CPS Capital Group as the lead manager for this placement.
Along with phase one drilling expected to begin in November 2025, proceeds will be used to fund assay testing, geological modelling, and target refinement for a phase two program.
Write to Maddison Elliott at Mining.com.au
Images: Carnaby Resources, Western Mines Group & Boab
