Shareholder Approval Pending as Altitude Minerals Expands High-Risk Exploration Pipeline

Capital Raise to Fuel Exploration Ambitions

Altitude Minerals Ltd (ASX – ATT) has successfully completed a $2.5 million placement, pricing shares at 2.2 cents each, accompanied by options exercisable at 3.4 cents until July 2027. This capital injection is set to underpin the company’s aggressive exploration agenda across multiple jurisdictions, notably the acquisition and advancement of silver and gold targets at the Firenze Project in Nevada, USA, and copper-gold porphyry targets in New South Wales.

The placement is structured in two tranches, with the second tranche contingent on shareholder approval, reflecting a cautious but confident approach to capital management. The issuance of approximately 114 million new shares and 80 million options will significantly expand the company’s capital base, while broker fees have been settled partly through options issued to GBA Capital.

High-Grade Targets and Strategic Focus

Altitude’s Managing Director, Duncan Chessell, highlighted the exceptional quality of the Firenze Project, where surface rock chip samples have yielded bonanza-grade silver up to 1,825 grams per tonne and gold up to 44.3 grams per tonne. These grades are rare and suggest the potential for a highly lucrative discovery, especially given that these veins have yet to be drilled.

Alongside the Nevada project, the company plans to drill test copper and gold porphyry targets in the Macquarie Arc of NSW, complementing ongoing heavy mineral sands exploration at the Eromanga Basin Project. This diversified portfolio aims to maintain a steady stream of exploration news and results through 2025 and into 2026, keeping investors engaged and informed.

Investor Confidence and Next Steps

The strong support from both new and existing sophisticated investors underscores market confidence in Altitude’s project selection and exploration strategy. The company intends to provide an updated investor presentation shortly, which will likely offer further insights into drilling timelines and expected milestones.

While the placement proceeds will primarily fund the Firenze acquisition and drill readiness, as well as the Byrock project drilling, a portion will also cover the completion payment for the Rimfire Cowal tenements in NSW and general working capital. This balanced allocation suggests a methodical approach to advancing multiple assets simultaneously.

Looking ahead, the key focus will be on the shareholder meeting to approve the second tranche of the placement and monitoring the initial drilling results, which could materially impact Altitude’s valuation and market perception.