Critical Resources Ltd (ASX:CRR) has locked in A$1.8 million in firm commitments through a strategic placement at A$0.008 per share, with a 1-for-2 attaching option exercisable at the same price before April 23, 2028.
The placement was priced at a 0% discount to the last close and a 14.3% premium to the 30-day VWAP, with strong demand from both new and existing sophisticated investors. Company directors and management have committed A$435,000, subject to shareholder approval.
The money will fund maiden drilling at the Amoco Project in New South Wales from early October and the Cap Burn Project in New Zealand in November, pending permit transfer approval.
“We greatly appreciate the strong support received for the placement, which ensures Critical Resources is well funded to advance our exciting gold-antimony exploration programs across our New South Wales and New Zealand projects,” Critical Resources CEO Tim Wither said.
“The participation from new and existing investors, as well as the commitment from our board, is a tick of confidence, as we move forward into this exciting exploration phase. With the maiden drilling at Amoco set to begin in the following weeks and initial drilling at Cap Burn in November, Critical is leveraged to any exploration success through these upcoming drill programs.”
Amoco and Mayview projects, New South Wales
Drilling at the Amoco Project is scheduled to begin in early October. Located in the New England Fold Belt, Amoco has shown promising surface assays with up to 17.9 grams per tonne gold, 0.7% antimony and 53.1 grams per tonne silver.
A high-grade corridor has been mapped over 1 kilometre, with a 350-metre extension to the known mineralised zone.
Meanwhile, Mayview, adjacent to Larvotto’s Hillgrove Antimony-Gold Project, has returned surface antimony up to 52.3%. The projects are situated in a structurally rich corridor, enhancing their potential scale and economic significance.
Location Plan of Critical Resources - Halls Peak tenure and regionally significant Hillgrove and Enmore with regional structures.
Cap Burn Project, New Zealand
Critical’s Cap Burn Project in the Otago Region of New Zealand is poised to begin drilling in November, following Ministerial approval of the permit transfer. The project sits within 11 kilometres of OceanaGold’s +10 million ounce Macraes gold camp and is interpreted to share similar structural features.
Cap Burn is supported by strong land access and has confirmed orogenic gold mineralisation beneath arsenic-in-soil anomalies. The revised geological model draws on insights from Santana Minerals’ Rise and Shine discovery. With a local team experienced in New Zealand gold systems, CRR is positioned to leverage the district-scale potential of this Tier-1 jurisdiction.
Placement structure and timeline
CRR will issue of 225 million shares at A$0.008 each, alongside free-attaching options on a 1-for-2 basis. The options are exercisable at A$0.008 and expire on April 23, 2028.
Settlement is expected by September 30, 2025.
Directors Bilal Ahmad (A$365,000), Josh Gordon (A$20,000), and Tim Wither (A$50,000) will participate subject to shareholder approval in late October/early November. Lead manager 62 Capital will receive a 6% fee and 20 million unlisted options.
Indicative timetable
Company background and project portfolio
Critical Resources is focused on metals essential for the energy transition. Its Mavis Lake Lithium Project in Ontario has delivered an 8-million-tonne Inferred Resource at 1.07% lithium oxide (Li₂O) from over 45,000 metres of drilling.
The company’s Halls Peak Base Metals Project in New South Wales includes an 884,000-tonne Inferred Resource grading 3.7% zinc, 1.5% lead, 0.44% copper, 30 grams per tonne silver and 0.1 grams per tonne gold.
These projects complement the current gold-antimony focus underpinning CRR’s broader critical minerals strategy