Resolution Minerals Ltd has secured firm commitments to raise $1.7 million (before costs) through a placement of fully paid ordinary shares to sophisticated investors. The funds will be used to progress the company’s recently announced antimony acquisitions and for general working capital.
Earlier in the week, the company announced that it had shifted its focus to antimony, with additional gold and copper potential, following a Binding Agreement to acquire three exploration projects in New South Wales and Queensland, spanning approximately 194 square kilometres.
The Drake East Antimony-Gold Project (NSW) hosts high-grade antimony, gold, and silver over a 15-kilometre strike. It also contains a placer gold deposit (non-JORC compliant) and is adjacent to Legacy Minerals’ (ASX:LGM) Drake Gold Copper Project.
The Neardie Antimony Project (QLD) includes three past-producing antimony mines with peak grades reaching 19.5% Sb.
The Spur South Gold-Copper Project (NSW) lies in the Macquarie Arc, a prolific region hosting major deposits such as Newmont’s Cadia (>50 million ounces gold) and Alkane’s Boda (7.3 million ounces gold). Spur South contains a large magnetic anomaly, similar in scale to nearby mineralised systems, indicating strong exploration potential.
The acquisitions coincide with antimony prices currently at record highs: antimony surged 250% in price in 2024 amid global supply concerns following China’s export ban.
“We are delighted to have received such strong support from new and existing shareholders in current market conditions. This further highlights the company’s current portfolio as well as the newly acquired Antimony assets. We look forward to progressing these projects and updating the market accordingly,” Resolution executive director Aharon Zaetz said.
About the Placement
The placement was priced at $0.011 per share, with approximately 154.5 million new shares to be issued, along with 77.3 million attaching options. Each option will have an exercise price of $0.018 per share and an expiry date of July 31, 2028. The options are expected to be quoted under the code RMLOC.ASX on March 20, 2025, aligning with the bonus option issue announced on February 5, 2025.
The issue price represents the following discounts to ASX market pricing per share:
- 21.4% discount to the Last Closing Price of 1.4c on March 10, 2025
- 28.6% discount to the 5-day VWAP of 1.54c
- 27.6% discount to the 10-day VWAP of 1.52c
- 24.1% discount to the 20-day VWAP of 1.45c
Of the total placement funds, $150,000 will be received at the end of the month. The placement was approved by shareholders at the company’s January 20, 2025 meeting.
