Coppermoly Secures $1.05M to Accelerate Queensland Copper-Gold Exploration

Capital Raise to Fuel Exploration Ambitions

Coppermoly Limited (ASX: COY), a Queensland-focused copper and gold explorer, has successfully raised $1.05 million through a placement of 105 million fully paid ordinary shares priced at one cent each. This capital raise is designed to underpin the company’s aggressive exploration agenda across its portfolio of projects in the mineral-rich Mt Isa and Cloncurry regions.

The placement was executed under the company’s existing placement capacities as outlined by ASX Listing Rules 7.1 and 7.1A, with 29.2 million shares issued under the former and 70.8 million under the latter. Notably, Managing Director Mark Burke has applied for an additional 5 million shares, which will be subject to shareholder approval at the upcoming meeting scheduled for 24 February 2025.

Strategic Focus on High-Value Targets

Coppermoly’s exploration efforts are concentrated on the Mt Isa Inlier, a globally recognized geological province known for its prolific iron oxide copper gold (IOCG) and shear-hosted copper-gold deposits. The company’s refreshed management and geological teams are driving an accelerated exploration and resource definition program, aiming to unlock value from their high-potential Queensland tenements.

Managing Director Mark Burke expressed confidence in the company’s direction, highlighting the support from sophisticated investors as a critical enabler for advancing their 2025 exploration initiatives. The capital injection will fund drilling, geophysical surveys, and other field activities essential to delineating new mineral resources.

Implications for Shareholders and Market Position

The placement at $0.01 per share represents a strategic move to bolster the company’s balance sheet without immediate dilution concerns, given the share price context. The pending shareholder approval for shares allocated to the Managing Director will be a key event to watch, as it reflects internal confidence and alignment with shareholder interests.

Coppermoly’s focus on Queensland’s Mt Isa and Cloncurry regions positions it well within a competitive landscape of copper and gold explorers targeting critical minerals essential for global energy transition and industrial demand. The success of these exploration programs could materially enhance the company’s resource base and market valuation.

Investors will be keen to monitor updates on drilling results and resource estimates as the year progresses, which will provide clearer signals on the commercial viability of Coppermoly’s projects.