11.3 Million Shares Issued at 15 Cents in Pure Resources Placement

Placement Completion Strengthens Pure Resources’ Balance Sheet

Pure Resources Limited (ASX – PR1) has successfully completed a placement raising $1.7 million before costs, issuing over 11 million new shares at 15 cents each. This capital injection comes as the company looks to accelerate development of its Garnet Hills Garnet and Graphite Project in Western Australia, a key asset in its portfolio focused on battery metals.

Strategic Use of Funds to Support Growth

The funds raised will primarily support advancing the Garnet Hills project, which aligns with Pure Resources’ ambition to become a notable player in battery metals, including graphite, lithium, and rare earths. Additionally, the capital will bolster the company’s working capital position, providing operational flexibility as it navigates exploration and development phases.

Options Offer Incentives but Await Shareholder Approval

Alongside the placement, Pure Resources plans to issue free attaching options at a ratio of one option per three shares issued. These options, exercisable at 25 cents and expiring in December 2028, are designed to provide further upside to investors. However, their issuance is contingent on shareholder approval expected at a general meeting in the first quarter of 2026, introducing a degree of uncertainty to the final capital structure.

Implications for Investors and Market Position

The placement was conducted under ASX Listing Rules 7.1 and 7.1A, utilizing the company’s available placement capacity, which means existing shareholders were not diluted through a rights issue process. The new shares rank equally with existing shares, maintaining parity among shareholders. This capital raising signals Pure Resources’ commitment to advancing its project pipeline and enhancing shareholder value through strategic funding initiatives.

Looking Ahead

With the placement completed, all eyes will be on the upcoming shareholder meeting to approve the options issuance and on the company’s progress at Garnet Hills. The success of these initiatives will be critical in defining Pure Resources’ trajectory in the competitive battery metals sector.