Accelerate Resources Ltd (ASX:AX8) has received firm commitments to raise A$2 million before costs through a two-tranche share placement to institutional, professional and sophisticated investors. The money will support the company's dual-project growth strategy, including planned exploration programs at both the Balagundi Gold Project and Woodie Woodie North Manganese Project.
The company will issue 400 million new fully paid ordinary shares at A$0.005 per share, representing a 28.6% discount to the last traded price of A$0.007 on May 25, 2026, and a 20.5% discount to the 15-day volume-weighted average price.
The first tranche will raise A$1.2 million through the issue of 240 million new shares under Accelerate’s existing placement capacity pursuant to ASX Listing Rules 7.1 and 7.1A.
Settlement of tranche one shares is expected on June 3, 2026, with quotation on the ASX expected on June 4, 2026.
A further A$0.8 million, comprising 160 million new shares, will be issued under tranche two, subject to shareholder approval at a general meeting expected in early July 2026.
Accelerate’s directors and CEO intend to subscribe for about A$75,000 under the placement, also subject to shareholder approval.
Leeuwin Wealth Pty Ltd acted as sole lead manager and bookrunner.
Funds to support gold and manganese strategy
Together with existing cash, the money raised will be used to advance exploration at the Balagundi Gold Project and Woodie Woodie North Manganese Project.
Funds will support gravity and heritage surveys at Woodie Woodie North, RC drilling at the Gingarrigan, El Largo and Area 42 manganese targets, RC drilling at Balagundi’s Spencers and Delta gold targets, and general working capital and offer costs.
The company said it would have pro-forma cash of A$3.4 million, based on its March 31, 2026 quarterly position, and a pro-forma market capitalisation of A$7.1 million.
“Very active period”
Accelerate chief executive officer Luke Meter said the placement provided funding to maintain momentum across both projects.
“Accelerate is very pleased with the strong support received for this Placement and we welcome our new shareholders to the register. I would also like to thank our existing shareholders for their
continued support. The Placement provides the funding to keep momentum across both Balagundi and Woodie Woodie North. At Balagundi, we are continuing to test multiple gold targets within a consolidated and highly prospective position near Kalgoorlie. At Woodie Woodie North, we will advance the next phase of manganese exploration, including gravity, heritage and RC drilling programs across Area 42, Gingarrigan and El Largo.
"We are entering a very active period for the Company, with field programs and results expected across both gold and manganese. I am excited by the potential of both projects and look forward to updating shareholders as this work progresses.”
What’s next
Accelerate expects near-term news flow from both projects, including imminent aircore drilling results from the Fluffy prospect at Balagundi and the start of RC drilling at Spencers.
At Woodie Woodie North, a gravity survey at Gingarrigan and El Largo is expected to begin in coming weeks, with gravity results and heritage surveys planned for July.
Further RC drilling is planned at Gingarrigan, El Largo and Area 42 later in 2026, while Delta Trend aircore and RC drilling at Balagundi is scheduled for the second half of the year.
About Accelerate
Accelerate is a mineral exploration company focused on gold and critical minerals, with a strategy centred on exploration success, project de-risking and growth through strategic acquisitions and partnerships.
The company is building a gold position in Western Australia’s Eastern Goldfields, led by the Balagundi and Kanowna East projects near Kalgoorlie. These projects sit within prospective greenstone belts that host historic workings, established structures and underexplored ground, providing scope for discovery and potential scale.
Accelerate also retains exposure to lithium and manganese, giving the company strategic upside to clean-energy minerals while it prioritises near-term growth from its gold portfolio.