Nagambie Resources Secures $1.2 Million for Drilling and Resource Expansion

Highlights:

• Nagambie Resources (ASX: NAG) raises $1.2 million at the time of writing via a discounted share placement.
• Funds will support diamond drilling and a JORC resource update following a high-grade gold-antimony discovery.
• Options issued with placement could raise an additional $1.2 million if fully exercised.

Strong investor support for strategic placement

Nagambie Resources Limited (ASX: NAG) has received firm commitments to raise approximately $1.2 million at the time of writing through a strategic placement led by JP Equity Partners. The funds will support continued diamond drilling at the 100%-owned Nagambie Mine and an update to the company’s current JORC Mineral Resource Estimate (MRE).

The placement will involve the issuance of around 92.3 million shares at 1.3 cents each—representing a 20% discount to the 15-day volume-weighted average price (VWAP) and a 23.5% discount to the last traded price of 1.7 cents. For every two shares subscribed, investors will receive one free unlisted option, exercisable at 2.6 cents and valid for two years. If all options are exercised, the company could raise an additional $1.2 million.

Funding to focus on high-grade discovery

The capital raised will be used to advance exploration, particularly targeting antimony and gold veins beyond the current resource area. A key focus will be immediate follow-up drilling at the recently discovered C4 lode, which returned an impressive intercept of 7.3m at 40.5 g/t AuEq (7.0% Sb, 1.8 g/t Au) from hole NAD056. Additionally, the funds will support the resource estimate update and contribute to working capital and placement costs.

Strategic development near key mining hubs

Nagambie Resources’ tenements, spanning 1,000 sq km, are located near significant gold-antimony operations such as Fosterville and Costerfield. The Nagambie Mine is already covered by a mining licence, offering a streamlined path to development.

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