Asian Battery Metals PLC (ASX:AZ9) has secured firm commitments for a $6 million placement to accelerate exploration and due diligence across its expanding portfolio of copper, nickel, platinum group element (PGE), and gold projects in Mongolia.
The company will issue about 142.86 million new Chess Depository Interests (CDIs) at $0.042 each — a 12.5% discount to its last closing price of $0.048 — following strong demand from existing shareholders and new institutional investors.
Funding momentum across key projects
Managing director Gan-Ochir Zunduisuren said the funds will sustain the company’s exploration momentum as it builds on recent drilling success at its Oval and Maikhan Uul prospects.
“This capital raising will support a continuation of the company’s excellent momentum with its exploration and evaluation program,” Zunduisuren said. “I would like to thank our existing security holders for supporting the raising and welcome our new investors.”
Proceeds will be used to:
- continue exploration and evaluation work at the Oval copper-nickel-PGE and Copper Ridge copper-gold projects, both within the company’s Yambat Project area;
- advance exploration at the Bayan Sair Project;
- complete technical and legal due diligence on the potential acquisition of the Maikhan Uul copper-gold project; and
- cover corporate, working capital, and transaction costs.
Together with existing cash reserves, the new funds are expected to fully cover all current work programs and corporate requirements.
Strategic investor interest builds
The oversubscribed placement underscores growing investor confidence in Asian Battery Metals’ Mongolian critical minerals strategy. The company recently confirmed further massive sulphide intersections at Maikhan Uul, located just 8 kilometres from its Oval discovery — results that reinforced the region’s potential to host a significant new copper-nickel-PGE system.
Read more: Asian Battery Metals confirms further massive sulphide at Maikhan Uul
Asian Battery Metals’ wholly owned portfolio also includes the Bayan Sair, Khukh Tag graphite and Tsagaan Ders lithium projects, giving it exposure to multiple battery-related commodities at a time of intensifying demand across Asia’s clean-energy sector.
Placement details
The new securities will be issued under the company’s existing placement capacity in accordance with ASX Listing Rules 7.1 and 7.1A and will rank equally with existing CDIs.
GBA Capital Pty Ltd and Originate Capital Pty Ltd acted as joint lead managers, receiving a 6% fee and 14.29 million unlisted options exercisable at $0.063 within three years. Spark Plus Pte Ltd also assisted with the raising and will receive 1.6 million CDIs held in voluntary escrow until March 2026.
Settlement and allotment of the new CDIs are expected on October 27 and 28 respectively, with normal trading to commence the same day subject to ASX confirmation.
Asian Battery Metals continues to position itself as one of Mongolia’s most active and well-funded explorers, advancing a pipeline of projects that span the full spectrum of critical minerals essential to the global energy transition.