Alicanto Minerals Ltd (ASX:AQI), which is set to be renamed Sinclair Gold Ltd, has secured firm commitments for a strongly supported A$30 million institutional placement to fund an expanded drilling campaign at its Mt Henry Gold Project in Western Australia.
The placement attracted support from existing shareholders as well as several new global resource-focused institutional funds, with demand exceeding the amount sought. The company said the capital raising would strengthen its balance sheet and support an aggressive strategy aimed at growing the existing 915,000-ounce gold resource at Mt Henry.
Alicanto will issue 19.35 million new fully paid ordinary shares at A$1.55 per share, raising A$30 million before costs. The offer price represents a 7.2% discount to the company's last closing price of A$1.67 on June 5, 2026, and discounts of 4.3% and 4.6% to its 15-day and 20-day volume weighted average prices respectively.
The placement will be completed in a single tranche under the company's available ASX Listing Rule placement capacity. Following settlement, Alicanto expects its cash balance to increase to approximately A$41.2 million before transaction costs, up from an unaudited cash position of A$11.2 million as at June 3, 2026.
Chief executive officer Jeff Sansom said the strong response reflected growing investor recognition of the scale of the Mt Henry opportunity and its potential for substantial resource growth.
Funds earmarked for drilling and exploration
The money will primarily be directed towards Alicanto's resource growth drilling program at Mt Henry, where the company has recently added a fourth drill rig to accelerate exploration activity. Funds will also support broader exploration programs, studies, approvals, working capital and transaction costs.
The company is targeting extensions to known mineralisation both along strike and at depth, while also testing regional targets across a 16-kilometre mineralised corridor that remains largely underexplored. Alicanto is aiming to deliver an updated Mineral Resource Estimate for Mt Henry during the December 2026 quarter.
16km Banded Iron Formation (“BIF”) Corridor highlighting existing resources, regional drilling targets and limited historical drilling.
Focus on growing the Mt Henry gold inventory
Located around 20 kilometres south of Norseman in Western Australia, the Mt Henry Gold Project hosts a current mineral resource of 24.5 million tonnes grading 1.2 g/t gold for 915,000 ounces. The resource comprises the Mt Henry, Selene and North Scotia deposits as well as stockpiles.
Alicanto’s Mt Henry Gold Project regional location map.
The broader project area encompasses a 16-kilometre banded iron formation corridor where mineralisation remains open along strike and at depth. Alicanto's current drilling program is focused on extending resources at both Mt Henry and Selene, testing mineralisation between the deposits and evaluating a range of regional exploration targets. The company's planned 50,000-metre drilling campaign is already underway, with further assay results expected in coming months.
About Alicanto Minerals
Alicanto acquired the Mt Henry Gold Project in early 2026 and has positioned the asset as its flagship growth project. The company believes the combination of existing resources, extensive exploration upside and access to established infrastructure provides a platform for rapid resource expansion.
Beyond Australia, Alicanto also retains interests in exploration assets within Sweden's Bergslagen mining district, including the Falun copper-gold project and the Sala silver-zinc-lead project.