Lightning Minerals Raises A$2.5M at 15.8% Discount for Mt Turner Exploration

Capital Raise to Accelerate Exploration

Lightning Minerals Ltd (ASX, L1M) has successfully secured binding commitments to raise A$2.5 million from institutional and sophisticated investors. The capital raising, conducted via a two-tranche placement priced at A$0.032 per share; a 15.8% discount to the last closing price; will primarily fund an aggressive Phase 2 drilling campaign at the company’s wholly owned Mt Turner Gold Project in Queensland.

The initial tranche of A$1.56 million will be issued under the company’s existing placement capacity, while the remaining A$0.94 million tranche awaits shareholder approval at an upcoming Extraordinary General Meeting (EGM). The raise also includes the issuance of options exercisable at A$0.04 per share, subject to shareholder consent.

Building on Encouraging Phase 1 Results

Phase 1 drilling at Mt Turner delivered highly encouraging results, intersecting significant near-surface epithermal gold mineralisation in all nine holes. Notably, one hole returned 20.4 metres at 2.4 grams per tonne gold and 14.3 grams per tonne silver, including a high-grade interval of 1.8 metres at 10.6 grams per tonne gold. These results have extended the known mineralised strike along the Drummer Fault to approximately 12 kilometres, highlighting the project’s potential scale.

Managing Director Alex Biggs emphasised the importance of the capital raise in advancing the company’s exploration strategy, "The strong Phase 1 results have increased our confidence in the system’s scale. We are now finalising key target areas for Phase 2 drilling, which will build on our robust geological model and target-rich environment along the Drummer Fault."

Broader Exploration and Strategic Focus

Beyond Mt Turner, Lightning Minerals plans to allocate funds to exploration at its Boree Creek copper-gold porphyry project in New South Wales, where historical drilling returned promising copper and gold intersections. Additionally, the company will continue target generation and evaluation at its lithium projects in Brazil’s Lithium Valley region, reflecting a diversified approach across gold, copper, and critical minerals.

The company’s brownfields projects offer a strategic advantage, allowing targeted and efficient exploration in areas with existing mineralisation and infrastructure. This approach aims to accelerate the path toward resource definition and potential development.

Next Steps and Market Implications

With Phase 2 drilling scheduled to commence in the first quarter of 2026, investors will be watching closely for assay results that could further validate the project’s potential. The pending shareholder approval for the second tranche and options issuance will also be key milestones influencing the company’s capital structure and market perception.

Lightning Minerals’ ability to leverage early drilling success and maintain momentum across multiple projects positions it as a notable player in the Australian gold and critical minerals exploration landscape.