How Rapid Critical Metals Is Building a Silver Empire in NSW with $14M Backing

Strategic Acquisitions Bolster Silver Portfolio

Rapid Critical Metals Limited (ASX, RCM) has made significant strides in expanding its silver assets in New South Wales, Australia. The company executed a binding Share Purchase Agreement to acquire the Webbs Consol Silver Project from Lode Resources, adding a substantial 32 million ounces silver equivalent at high grades to its existing holdings. This acquisition complements the earlier completion of Silver Metals Group’s subsidiaries, Conrad Resources and Webbs Resources, further consolidating Rapid’s position in the New England Fold Belt.

These acquisitions create a contiguous silver corridor, enhancing the potential for integrated development and operational synergies. Rapid’s Managing Director, Byron Miles, highlighted the strategic importance of this move, emphasizing the potential for new discoveries in an underexplored yet highly prospective region.

Capital Raising and Institutional Support

To fund these acquisitions and exploration activities, Rapid successfully raised $14 million through a two-tranche placement. The placement attracted cornerstone support from renowned global investor Eric Sprott, alongside Jupiter Asset Management and Tribeca Investment Partners, who collectively secured $10.5 million of the raise. The first tranche of $5.6 million was completed within the quarter, with the second tranche subject to shareholder approval at the upcoming Extraordinary General Meeting (EGM).

This strong institutional backing not only provides the necessary capital but also signals confidence in Rapid’s growth strategy and asset quality. The company’s cash position at quarter-end stood at $8.8 million, sufficient to fund nearly five quarters of operations and exploration.

Exploration Progress and New Licenses

Rapid commenced diamond drilling at the Webbs Silver Project, aiming to upgrade existing resources to 2025 JORC compliance and test highly prospective extensions. The drilling program is supported by recent geophysical surveys and lidar imaging, which have identified multiple targets along a structurally controlled silver-polymetallic system.

Additionally, the granting of Exploration Licence EL9799 expanded Rapid’s NSW landholding by 26 times, strategically bridging the gap between its Webbs Project and the soon-to-be-acquired Webbs Consol. This continuous tenure across a high-grade silver belt enhances the company’s discovery pipeline and development options.

International Portfolio Adjustments

In Canada, Rapid advanced its Prophet River Gallium-Germanium Project with field mobilization, camp construction, and completion of geophysical surveys. These efforts aim to unlock the potential of these critical metals in a tier-1 jurisdiction, supporting future drilling plans in 2026.

Meanwhile, Rapid completed the sale of its US Tin Mountain and Ingersoll Lithium Projects to Iris Metals, receiving a combination of cash, shares, and royalties. This divestment aligns with the company’s focus on its core silver and critical metals assets in Australia and Canada.

Governance and Leadership Updates

The quarter also saw important leadership changes, with Byron Miles appointed as Managing Director following the acquisition of the NSW silver projects. The company proposed the appointment of John Poynton as Chairman, pending shareholder approval, signaling a strengthening of governance as Rapid enters its next growth phase.