Koba Resources Launches $1.7 million Capital Raise to Accelerate Uranium Drilling at Yarramba

Highlights:

• $1.7 million Capital Raise: Koba Resources Limited (ASX: KOB) to raise approximately $1.7 million through a placement and entitlement issue to fund Phase 2 drilling at the Yarramba Uranium Project.
• High-Grade Discoveries: Recent drilling unveiled significant uranium mineralisation at Everest, Berber, and Chivas prospects, with grades exceeding 1,000ppm eU3O8.
• Strategic Exploration Funding: Proceeds will support continued exploration across 5,000km² of highly prospective terrain near the Honeymoon Uranium Mine.

Koba Resources Limited (ASX:KOB) has announced plans to raise approximately $1.7 million to fund Phase 2 drilling at its high-potential Yarramba Uranium Project in South Australia. The capital raise comprises a $600,000 placement to sophisticated and professional investors and a $1.1 million non-renounceable entitlement issue for eligible shareholders.

Strong Market Support for Phase 2 Drilling

At the time of writing, Koba Resources has secured firm commitments to raise $600,000 through the issue of 16.67 million shares at $0.036 each. Investors will also receive one free-attaching option for every two shares, exercisable at $0.08 until 30 June 2028.

The company will also offer a 1-for-5 non-renounceable entitlement issue to raise up to $1.1 million on similar terms. The proceeds will primarily fund further exploration at the Yarramba Project, which has already delivered promising initial drill results.

High-Grade Discoveries Drive Confidence

Recent drilling at Yarramba uncovered three significant uranium discoveries—Everest, Berber, and Chivas prospects—highlighting high-grade mineralisation. The Everest Prospect showed mineralisation over a 4km strike, with grades exceeding 1,000ppm eU3O8 in widely spaced holes.

Berber revealed high-grade zones over 700m of strike, and Chivas returned assays of up to 1,028ppm eU3O8. All discoveries remain open for further expansion, adding momentum to upcoming Phase 2 drilling.

Use of Funds and Capital Structure

Funds raised will be allocated to exploration ($1.25 million), offer-related costs ($141K), and working capital ($350K). Upon completion, the company’s total issued shares will increase to over 206 million.

Cygnet Capital Pty Ltd is acting as the Lead Manager and will receive a 6% commission plus options aligned with those offered in the capital raise.

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