Burley Minerals Ltd (ASX:BUR)) will raise up to $1 million through a $700,000 placement and a $300,000 share purchase plan (SPP) to advance exploration across its iron ore and lithium portfolio.
The placement comprises 30.4 million shares to sophisticated and professional investors at $0.023 per share, representing an 8% discount to Burley’s last closing price of $0.025 and a 17.9% discount to the 5-day VWAP. The shares are expected to be issued on or around May 20, 2026 and will rank equally with existing shares.
Eligible shareholders in Australia and New Zealand will be offered the opportunity to subscribe for up to $30,000 worth of new shares under the SPP, also priced at $0.023 per share. The SPP is expected to open on May 21, 2026 and close on June 5, 2026, with shares scheduled for issue on June 12, 2026.
The raise gives Burley funding to move Cane Bore toward its first drilling campaign, a key step in testing targets in the Hamersley Iron Ore Province.
The program could help define the project’s scale and grade potential while also allowing the company to maintain activity at Chubb and assess acquisition opportunities.
Funds directed to Pilbara drilling
Burley said proceeds would be used to fund further exploration at its Pilbara Iron Project, including a maiden drilling program on the North and Step-out targets within the Cane Bore Project.
Funds will also support exploration at the Chubb Lithium Project in Québec, potential acquisitions, issue costs and general working capital.
Managing director and CEO Stewart McCallion said the raise would allow Burley to progress drilling at Cane Bore, near Onslow in Western Australia’s West Pilbara.
“A heritage survey is booked for next month and the drilling permits are granted. Cane Bore is close to existing infrastructure and easy to access, so once the all-clear is given, a drill rig will be mobilized as soon as possible,” McCallion said.
What Burley does
Burley is a Perth-based minerals explorer with iron ore and lithium projects in Western Australia and Québec, Canada.
Its Cane Bore Iron Project covers more than 370 hectares of high-lying channel iron deposit over 18 kilometres of strike. The project is less than 120 kilometres from the Port of Ashburton near Onslow and about 30 kilometres from sealed road access.
Burley also owns 100% of the Chubb Lithium Project near Val d’Or in Québec. Chubb covers 1,509 hectares and is less than 15 kilometres from the North America Lithium operation.
What’s next
Near-term catalysts include completion of the heritage survey, mobilisation of a drill rig once approvals are clear, the opening and close of the SPP, and the release of SPP results expected on 10 June 2026.