Waratah Minerals Secures A$30m to Boost Spur Gold-Copper Drilling
Waratah Minerals has raised A$30 million through a strategic placement to accelerate drilling at its Spur Gold-Copper Project, backed by strong institutional demand.
- A$30 million placement at A$0.575 per share
- Placement split into two tranches, second tranche subject to shareholder approval
- Funds to accelerate drilling, metallurgical testing, and geophysical surveys
- Three drill rigs currently active onsite with exploration results expected soon
- Strong support from Australian and North American institutional investors
Strategic Capital Raise
Waratah Minerals Limited (ASX – WTM) has announced a significant capital raise of A$30 million through a share placement priced at A$0.575 per share. The placement, which attracted strong interest from both Australian and North American institutional investors, is designed to accelerate exploration activities at the company’s flagship Spur Gold-Copper Project in New South Wales.
Placement Structure and Pricing
The placement will be executed in two tranches. The first tranche, raising approximately A$11.7 million, will be completed under existing placement capacity, while the second tranche of about A$18.3 million awaits shareholder approval at an upcoming Extraordinary General Meeting (EGM) scheduled for late September 2025. Notably, the issue price represents a 7.1% premium to the recent 5-day volume weighted average price and a 16.1% premium to the 30-day VWAP, signaling investor confidence in Waratah’s prospects.
Funding Exploration and Growth
Proceeds from the placement will be directed towards extensional and resource drilling along the Spur Gold Corridor, initial metallurgical test work, and further geochemical and geophysical target definition. With three drill rigs already operating onsite, the company anticipates a steady flow of exploration results in the coming weeks and months, potentially enhancing the project’s resource base and valuation.
Investor Confidence and Market Implications
Waratah’s Managing Director, Peter Duerden, highlighted the strong institutional support as a validation of the company’s strategic direction. The placement not only strengthens the shareholder base but also provides the financial firepower to accelerate the Spur Project’s development timeline. Market watchers will be keenly observing the upcoming exploration results and the outcome of the shareholder vote on the second tranche.
Looking Ahead
As Waratah Minerals moves forward with its enhanced drilling program, the company is positioning itself to unlock further value from its gold and copper assets. The success of this capital raise and the forthcoming exploration updates will be pivotal in shaping investor sentiment and the company’s growth trajectory in a competitive mining sector.
Bottom Line?
Waratah’s A$30 million raise sets the stage for a critical phase of exploration that could redefine its Spur Project’s potential.
Questions in the middle?
- Will shareholder approval for the second tranche be secured without issue?
- What early results will the three active drill rigs deliver in the coming months?
- How might the new funding impact Waratah’s resource estimates and share price momentum?
