Critical Resources Ltd (ASX:CRR) has closed the first tranche of its recently announced placement, securing $1.52 million before costs to accelerate drilling across its gold-antimony portfolio.
The company issued 190.4 million new fully paid ordinary shares at $0.008 each, together with 95.2 million unlisted options exercisable at $0.008 and expiring in April 2028. A second tranche, comprising a further 48.1 million shares and 24.1 million options to directors, will raise an additional $385,000 subject to shareholder approval at a forthcoming general meeting.
Funding exploration push
The capital raise, first announced on September 15, was designed to underpin drilling across the company’s high-grade Amoco and Mayview gold-antimony projects at Halls Peak in northern New South Wales.
Read more: Critical Resources secures A$1.8M to accelerate gold-antimony drilling
Earlier this week, Critical Resources confirmed it had begun maiden drilling at Amoco, with first assays due from mid-November.
Read more: Critical Resources begins maiden drilling at Amoco gold-antimony project in NSW
Drilling follows the recent definition of a 2-kilometre gold-antimony corridor at Amoco, identified through soil geochemistry and mapping. The company believes this zone could represent a significant new mineralised system, building on historical production in the area.
In parallel, approvals are advancing for low-impact sampling at the nearby Mayview project, where historic antimony workings remain underexplored.
Strong institutional support
Critical Resources said the placement had attracted strong institutional and sophisticated investor support, a key step in funding an accelerated program across its pipeline. The company also noted that directors are contributing via tranche two, reinforcing their commitment to the exploration strategy.
Broader portfolio
While the current focus is on NSW gold and antimony, Critical Resources also maintains exposure to the battery metals sector through its flagship Mavis Lake Lithium Project in Ontario, Canada. Mavis hosts a maiden inferred resource of 8 million tonnes at 1.07% Li₂O, with potential for further growth through step-out drilling.
At Halls Peak, the company has already defined a maiden inferred resource of 884,000 tonnes at 3.7% zinc, 1.5% lead, 0.4% copper, 30 g/t silver and 0.1 g/t gold, underscoring the multi-commodity potential of the region.
With fresh funding in hand and drilling under way, Critical Resources is positioning itself to deliver a steady stream of exploration news over the coming months.
Project Location map showing Halls Peak project area proximity to significant Antimony-Gold projects in the Armidale region, NSW, Australia.