Aruma Resources Ltd (ASX:AAJ) has welcomed further monetary support for its A$2.25 million placement, designed to accelerate fieldwork across its core Saltwater, Mt Deans and Salmon Gums assets in WA.
The rare earths, gold and lithium explorer secured commitments to raise another A$109,440 under its early June capital raise, meaning it will issue nearly 1.9 million extra shares at the 5.8-cent placement price.
Thanks to the additional subscriptions, Aruma plans to post out more than 40 million new shares, raising A$2.36 million before costs.
Subscribers can expect to receive one attaching option for every new share they pick up, exercisable at 10 cents before June 11, 2026.
What will the funding support?
Aruma is honing its precious and critical minerals focus with targeted fieldwork campaigns, designed to prove up drill prospects across WA’s Pilbara region and the eastern goldfields.
The team is on ground at the Saltwater Project, where a systematic mapping and sampling campaign is rolling out along 80 kilometres of strike to uncover maiden drill targets.
While it’s still early days, Aruma is encouraged by nearby rare earth finds at Dreadnought Resources Ltd (ASX:DRE, OTC:DRDNF)’s Bresnahan Project, where geologists have encountered up to 11% rare earths along strike from the Saltwater asset.
To the southeast, the company is prospecting for another critical mineral at the Mt Deans Project in WA’s lithium corridor.
Aruma has identified pegmatites up to 15 metres thick and confirmed their lithium prospectivity, while first-pass metallurgy has confirmed the structures can produce lithium concentrate.
With the opportunity taking shape, the explorer is eager to get back on the ground and conduct further drilling and metallurgical test-work.
Finally, at the Salmon Gums Gold Project, Aruma is chasing up bonanza-grade hits like 5 metres at 50.2 g/t gold, with further drilling planned across this high-grade target zone.
Fine print
Aruma’s latest cap raise brings its bank balance to a hearty A$3.7 million, establishing a solid funding runway to enact its fieldwork vision.
Chairman James Moses and director Peter Schwann also pledged to chip in, subscribing for a collective 1.4 million securities pending shareholder approval.
The 5.8-cent placement price is 16.2% lower than Aruma’s 10-day volume-weighted average price on June 2, meaning eligible investors bought in at a sizeable discount.
As thanks for building the book, lead manager GBA Capital will be rewarded with a 6% commission and 15 million options.