Oversubscribed A$3.96M Capital Raise Fuels Asian Battery Metals’ Phase 3 Drilling in Mongolia
Asian Battery Metals PLC has completed an oversubscribed A$3.96 million capital raise, fully funding its expanded 2025 exploration program focused on the promising Oval Cu-Ni-PGE discovery in Mongolia. Phase 3 drilling is underway, targeting deeper and along-strike extensions, with initial assay results expected in May.
- Oversubscribed A$3.96M capital raise completed
- Phase 3 drilling commenced at Oval Cu-Ni-PGE discovery targeting deeper extensions
- Government approvals and license renewals secured through 2028
- Metallurgical test work initiated to assess recovery and processing
- Strong cash position of A$5.94M supports ongoing exploration and corporate activities
Capital Raise Fuels Ambitious Exploration
Asian Battery Metals PLC (ASX: AZ9) has successfully completed an oversubscribed equity placement raising A$3.96 million, positioning the company to aggressively advance its 2025 exploration agenda. This capital injection ensures full funding for an expanded Phase 3 drilling program at the high-grade Oval Cu-Ni-PGE discovery within the Yambat Project in Mongolia, alongside regional exploration targets.
The placement, priced at 4.5 cents per share, reflects strong investor confidence in the company’s strategy to delineate and expand a significant copper-nickel sulphide system. With cash reserves standing at A$5.94 million at quarter-end, Asian Battery Metals is well-capitalised to execute its exploration and corporate plans without immediate need for further capital.
Advancing the Oval Cu-Ni-PGE Discovery
Building on the successful 2024 campaign that uncovered high-grade mineralisation, Phase 3 drilling commenced targeting deeper and along-strike extensions of the Oval discovery. The program includes a minimum of 1,500 metres of diamond drilling supported by Downhole Electromagnetic (DHEM) surveys to refine targets and understand structural controls.
Initial assay results from the ongoing drilling are anticipated in May 2025, which will be critical in confirming the extent and grade continuity of the mineralised system. The company has also initiated metallurgical test work at ALS Metallurgy in Perth to evaluate recovery rates for copper, nickel, precious metals, and cobalt, with results expected by mid-July.
Strategic Regional Exploration and Government Support
Beyond Oval, Asian Battery Metals is expanding its footprint with scout drilling at the Copper Ridge Cu-Au prospect and other regional targets. Complementary geophysical surveys, including a Gradient Array IP survey, are underway to generate new drill targets.
Importantly, the company secured all necessary government approvals and license renewals through 2028, providing a stable operational runway. This regulatory certainty, coupled with active community engagement and ESG initiatives, such as support for local herders during harsh winters, underscores the company’s commitment to sustainable development in Mongolia.
Market Context and Outlook
The Mongolian mining sector is gaining momentum, highlighted by recent investments such as Orano Group’s uranium project and Rio Tinto’s expansion at the Oyu Tolgoi copper mine. These developments reinforce Mongolia’s strategic importance in global base metals supply chains, particularly for energy transition minerals.
Asian Battery Metals’ progress at Yambat positions it well to capitalise on this favorable environment. The company’s methodical approach to exploration, combined with robust funding and government backing, sets the stage for potentially significant resource delineation in the coming quarters.
Bottom Line?
With funding secured and drilling advancing, Asian Battery Metals is poised to unlock the full potential of its Mongolian copper-nickel assets, but upcoming assay and metallurgical results will be pivotal.
Questions in the middle?
- Will the upcoming assay results confirm the continuity and scale of the high-grade mineralisation at Oval?
- How will metallurgical test outcomes influence the economic viability and processing strategy for the project?
- What impact will regional exploration successes have on the company’s overall resource portfolio and valuation?
