Lightning Minerals Ltd (ASX:L1M) has secured binding commitments to raise A$2.5 million through a placement to institutional and sophisticated investors.
Funds raised will be primarily directed towards Phase 2 drilling at the Mt Turner Gold Project, following a highly encouraging Phase 1 program. Earlier drilling at Mt Turner intersected significant gold mineralisation, including near-surface epithermal gold, highlighted by hole 25L1MP3DD0013 (Pit 3), which returned 20.4 metres at 2.4 g/t gold and 14.3 g/t silver from 62 metres, including 1.8 metres at 10.6 g/t gold and 27.1 g/t silver from 77 metres.
Key programs of works at Mt Tuner will include:
- Reverse circulation and diamond drilling across multiple high-priority targets identified and refined in phase one drilling
- Soil and rock chip sampling designed to generate new targets and further refine existing anomalies
- Ongoing target generation and ground reconnaissance
- Continued refinement and evolution of the geological model.
Additional uses of funds will include:
- Soil sampling at the Boree Creek project in the Lachlan Fold Belt in New South Wales, where historical drilling returned 48m @ 0.35% Cu and 0.31g/t Au4
- Ongoing target generation and evaluation at the company’s lithium projects located in the Lithium Valley region of Minas Grais, Brazil
- General working capital purposes.
“Completion of this capital raise provides the company with funding required to execute phase two exploration at our Mt Turner gold project, as well as programs at our Boree Creek copper-gold porphyry project in the Lachlan Fold Belt. Both projects present significant scale and potential, and their brownfields nature allows us to pursue a highly targeted and efficient exploration strategy,” Lightning Minerals managing director Alex Biggs said.
“The strong results delivered from our phase one drilling program at Mt Turner in November, in which we intersected mineralisation in all nine holes, has given us increased confidence in the potential scale of the system. Our team has worked diligently to develop and confirm a robust geological model that now serves as the blueprint for our broader exploration approach. Mt Turner hosts extensive gold mineralisation along a 12km mineralised corridor, making it a genuinely target-rich environment.
“We are now finalising our key target areas for the next phase of drilling. On behalf of the company, I would like to thank all participants in the capital raising and welcome a number of new shareholders to the register. Investors are now well positioned to share in what we believe is an excellent growth story at Mt Turner.”
About the raise
The capital raising will involve the issue of 78,125,000 new fully paid ordinary shares at A$0.032 per share, representing a 15.8% discount to the company’s last closing price on 24 November 2025. Gross proceeds will total A$2.5 million before costs.
The placement will be completed in two tranches, with Tranche 1 of approximately A$1.56 million to be issued under the company’s existing placement capacity, while Tranche 2 will be subject to shareholder approval.
The capital raising has been conducted under a Joint Lead Manager Agreement between Evolution Capital and GBA Capital.