Augustus Minerals

$1.66M Raised to Accelerate Exploration at Ti-Tree

Augustus Minerals Limited (ASX: AUG; Augustus or the Company) is pleased to announce that it has received commitments from institutional, professional and sophisticated investors to raise $1,667,500 (Placement).


  • Augustus Minerals has received commitments to raise over $1.66m via a Placement.
  • Proceeds from the capital raising will fund:
    • Deep diamond drilling at the Minnie Springs Cu-Mo porphyry (supported by EIS drilling grant)
    • VTEM (Versatile Time Domain Electromagnetic) Helicopter program testing major Cu-Ni-PGE and Uranium targets
    • Expanded soil and rock chip sampling program to progress new high-grade Gold and Copper targets to drill ready status
    • Commence a program of extensive field work over the large 4-kilometer-long Supergene Carbonate hosted Munaballya Well Uranium Target.
  • Exploration works are continuing over various targets along the highly prospective Ti- Tree Shear with drilling to commence this quarter.

Under the placement, AUG will issue up to 23,821,430 fully paid ordinary shares (Shares) at an issue price of $0.07 per Share. The Placement includes one (1) attaching unlisted option (Options) for every two (2) Placement Shares. The Options will be exercisable at $0.12 each expiring 2 years after the date of issue.

Funds raised through the Placement will be used for the following:

  • Deep Diamond drilling at the very large Minnie Springs Cu-Mo Porphyry system to test the core of the system for high-grade Copper Sulphide mineralisation.
  • The initial 2 x 700m deep holes planned for Q3, 2024 is with assistance from the co- funded Government EIS drilling grant of up to $110,000 as announced 2 May 2024.
  • Success in the first two planned holes will justify additional diamond drilling to further expand the Minne Springs Porphyry system
  • A VTEM airborne geophysics program testing the Cu-Ni-PGE potential at the Money Intrusion, the Coo Creek Broken Hill Style target and the Munaballya Well uranium U targets.
  • An expanded soils/rock chip program to progress newly identified rock chip prospects to drill ready status and continue the exploration over as yet untested areas.
  • Working capital and costs of the Placement.

GM Exploration Commented:

“The Augustus Board are very pleased with the overwhelming support for the placement and thank existing and new sophisticated investors for their support that positions the Company to advance exploration at the Ti-Tree project. The heavily oversubscribed placement demonstrates the strong interest in the EIS Supported drill program at the Minnie Springs Cu-Mo Porphyry system as well as continued exploration at the recently discovered Tiberius, Claudius, Justinian and South Snowy gold-copper-gold-silver prospects. The next six months will be an exciting period of exploration activity for the Company and the team are looking forward to the results”.

The Placement Shares will be issued utilising the Company’s existing Listing Rule 7.1 and 7.1A capacity. The Company will seek shareholder approval for the issue of Options.

Evolution Capital Pty Ltd (Evolution) and Morgans Corporate Limited (Morgans) acted as joint lead managers to the Placement.


Click here for the full ASX Release

This article includes content from Augustus Minerals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

AUG:AU
The Conversation (0)
Miners filing out paperwork.

Northern Territory Finalises Mine Legacy Remediation Program

The Northern Territory's government has finalised a AU$5.5 million six month mine legacy remediation program for sites located in the Tennant Creek area, a January 9 press release states.

The next phase will involve Alice Springs, where further works are scheduled for later this year.

“Mining has been an integral part of the Northern Territory’s history for more than 150 years, but historical mining activities have left behind a range of legacy features such as open shafts, degraded infrastructure, tailings dams, and waste rock dumps,” said Gerard Maley, deputy chief minister and minister for mining and energy.

Keep reading...Show less
Asian Battery Metals PLC

High grade Massive Sulphide Intercepts Confirmed at Oval

Asian Battery Metals PLC (ABM or the Company, ASX: AZ9) is pleased to announce the remaining laboratory assay results of the 2024 Phase 2 drilling program for samples from drillholes OVD026, OVD027, OVD028, and OVD029. The details of the assays are provided in Table 1.
Keep reading...Show less
Stock chart over globe.

Canadian Markets Steady Amid Trump Tariff Speculation and Renewed Greenland Interest

Canada's main stock index gained on Wednesday (January 8), driven by strength in tech and mining stocks.

Investors continue to weigh the impact of potential US trade policy changes under President-elect Donald Trump, as well as his renewed interest in taking ownership of Greenland, an idea he first raised in 2019.

The S&P/TSX Composite Index (INDEXTSI:OSPTX) closed at 25,049.66, recovering from two consecutive sessions of losses following Justin Trudeau's resignation as Canadian prime minister on Monday (January 6).

Keep reading...Show less
Stock chart with Canadian flag.

Trudeau Resigns, Canadian and US Markets React

Canadian markets showed mixed reactions following Prime Minister Justin Trudeau’s resignation.

The S&P/TSX Composite Index (INDEXTSI:OSPTX) closed lower on Monday (January 6), while the Canadian dollar gained strength against the US dollar, reflecting diverging investor sentiment.

The index dropped by 142.14 points to settle at 24,995.93, marking a 0.57 percent decline from its starting point for the day. Meanwhile, the Canadian dollar rose to 69.7 cents US, reaching a near three week high.

Keep reading...Show less
Australian dollars Australian flag in the background.

5 Australian Mining Grants Open for Applications in 2025

As 2025 begins, companies in the mining sector are gearing up for another year of work.

In Australia, there are many chances for explorers and developers to access government funding at both the state and federal level. The list below includes five programs that are open for applications, or will be soon.

Read on to learn more about what companies can apply and how much money is up for grabs.

Keep reading...Show less
Jay Martin, city skyline and gold bars.

VRIC 2025 Preview — Jay Martin Talks Resource Wars, Geopolitics and How to Invest

The next Vancouver Resource Investment Conference (VRIC) is set to run from January 19 to 20, 2025, and Jay Martin, president of Cambridge House, joined the Investing News Network ahead of time to discuss the event.

Looking at the resource sector, Martin, who also hosts the Jay Martin Show on YouTube, said the current decade has been defined by chaos and uncertainty, with no signs of a slowdown any time soon.

With that in mind, his macro thesis on commodities remains steadfast, and he's watching three key drivers.

Keep reading...Show less

Latest Press Releases

Related News

×