Western Mines Group (ASX:WMG) is set to advance ongoing exploration programs at the Mulga Tank Nickel-Cobalt-Copper-Platinum Group Elements Project in Western Australia, after completing a placement.
On 29 July, the company completed a $2.74 million placement led by Lowell Resources Funds (ASX:LRT), which is now the company’s largest shareholder at 10.6%.
Around 16.57 million shares were issued. The remaining 200,000 shares will be issued following a general shareholder meeting, scheduled for November 2026.
The funds will be used for an upcoming seismic survey, followed by further reverse circulation and diamond drilling. The funds will also be used for geochemical assaying and completing an initial Scoping Study.
Mulga Tank hosts a mineral resource of 1,968 million tonnes (Mt) at 0.27% nickel (Ni), containing over 5.3Mt Ni.
Western Mines Group is a mineral explorer holding gold and nickel sulphide deposits across a portfolio of projects located on Western Australia’s major mineral belts.
Write to Aaliyah Rogan at Mining.com.au
Images: Western Mines Group
