A number of resources companies announced capital raises to end the last week of November, including VHM (ASX:VHM), which opened a share purchase plan to raise $1 million, following its $10.3 million placement to fund exploration at the Goschen Project in Victoria.
The share purchase plan will close on 12 December 2025 for eligible shareholders to subscribe for up to $30,000 each.
Shares will be issued at $0.35 each, which is the same conditions as the placement.
VHM closed its placement on 24 November to fund early engineering works, finalise land acquisition, and operating costs ahead of offtake and financing arrangements for a final investment decision, due in H1 2026.
VHM is a mineral explorer focused on developing its Goshchen Project to produce rare earths and mineral sands.
Zeotech (ASX:ZEO) has received a refund of $960,762 cash from the Australian Government’s Research and Development (R&D) Tax Incentive Program for the financial year ending 30 June 2025.
The company received this cash payment in regards to development of its metakaolin research for low-carbon cement and concrete from the Toondoon Kaolin Project, located 20km south of Mundubbera, Queensland.
The refund also covers Zeotech’s proprietary mineral processing technology for the production of zeolites, as well as controlling methane emissions produced in field trials and the development of technology.
Zeotech, which has a market capitalisation of $168.53 million, repaid a $1 million loan for R&D activities on 31 October 2025, which was first secured in March 2025.
The Australian Government’s R&D Tax Incentive Program refunds Australian companies for eligible activities to support local innovation.
Zeotech is focused on leveraging kaolin resources to produce high-reactivity metakaolin for the concrete market and advanced materials for greenhouse gas mitigation.
Surface Metals (CSE:SUR) has closed its first tranche of a C$800,000 ($1.22 million) non-brokered private placement.
The company received C$320,000 in the first tranche, issuing 1.6 million units at C$0.20, with each unit comprising one share and one-half purchase warrant.
Each whole warrant allows the holder to purchase one additional share at C$0.40 over a two-year period.
As reported by Mining.com.au, proceeds will be used to fund technical work at the Cimarron Gold Project, as well as the Clayton and Fish Lake Valley lithium projects, all located in Nevada, US.
Surface Metals is a gold and lithium explorer focused on acquiring and developing projects in North America.
Write to Maddison Elliott at Mining.com.au
Images: Surface, VHM & Zeotech
