Conico’s Capital Raise and Board Changes Signal Exploration Push Amid Governance Questions

Capital Raising to Accelerate Exploration

Conico Ltd (ASX, CNJ) has announced a combined capital raising effort comprising a $300,000 share placement and a pro-rata non-renounceable entitlement offer expected to raise approximately $2.5 million. The placement involves issuing 37.5 million shares at $0.008 each to sophisticated investors, while the entitlement offer invites existing shareholders to subscribe on a one-for-one basis.

This dual approach aims to bolster Conico’s funding for key exploration activities, notably drilling at the Mt Thirsty Joint Venture near Norseman, Western Australia, where Conico holds a 50% stake alongside Horizon Mining Ltd. Additionally, funds will support ongoing exploration and holding costs in east Greenland, focusing on the Ryberg and Mestersvig projects, as well as investigating new opportunities.

Management and Underwriting Details

Templar Corporate Pty Ltd, a firm linked to Conico’s newly appointed Executive Chairman Guy Le Page, is acting as lead manager and underwriter for both the placement and entitlement offer. The company will receive fees totaling 6% of the entitlement offer proceeds, partly paid in cash and partly in shares and options, reflecting a close alignment between management and capital raising efforts.

Guy Le Page officially commenced his role as Executive Chairman on 8 December 2025, with a remuneration package of $6,000 per month plus superannuation and a minimum commitment of two days per week. The board remains otherwise composed of independent non-executive directors Greg Solomon and Simon Mitchell, maintaining a balance between executive leadership and independent oversight.

Strategic Outlook and Use of Funds

The capital raised is earmarked primarily for advancing Conico’s exploration programs, which are critical to unlocking value in its mineral assets. The Mt Thirsty JV drilling campaign is a focal point, with the potential to define new resources in a historically productive region. Meanwhile, the Greenland projects offer exposure to base and precious metals, including copper, nickel, cobalt, gold, lead, and zinc, diversifying Conico’s portfolio.

Working capital and costs associated with the placement will also be covered, ensuring the company maintains operational flexibility. The timetable for the entitlement offer is set to conclude in early January 2026, with final securities issuance shortly thereafter.

Overall, this capital raising and leadership update signal Conico’s intent to accelerate its exploration agenda while strengthening governance and market positioning.