Jubilee Metals has increased the size of its proposed funding round by 30% due to what it said was strong demand during the placing bookbuild.
As a result, it will raise £13 million at 5.5p, instead of the £10m originally planned.
Jubilee, which specialises in processing tailings waste from mines, wants the money to fund a major expansion of its operations in Zambia.
Notably, this includes a new joint venture with Abu-Dhabi-based IRH to process 350m tonnes of copper dumps.
Leon Coetzer, Jubilee’s chief executive, "We have received overwhelming support for this very targeted fundraise and I thank shareholders for their strong support.
Fundamental to this support was the recognition of the potential value and scale of copper production that this new copper Waste Rock Project affords Jubilee.
The additional value in accelerating the implementation of this project over and above our current commitment to the expansion of both chrome and copper further adds to this potential value for Jubilee.
This very targeted raise offers us the opportunity to not only bring forward the expected timelines to implement the very exciting Copper Waste Rock project, but to potentially scale up the projected copper production profile of the project to far exceed our copper strategy of 25,000 tonnes per annum of copper.