Mayank Bansal, CFA
Mayank Bansal is a CFA Charterholder and heads the Equity Research team at Kapitales Research, with over 5 years of experience analysing global equity markets. He leads fundamental, data-driven research combining rigorous financial analysis with macro trends.
Northstone Resources Raises AU$2.37 Million to Advance Gold and Copper Projects
Highlights
Northstone Resources Announces AU$2.37 Million Capital Raising
Northstone Resources Limited (ASX: NRL) revealed on 05 November 2026 that it had secured firm commitments for an oversubscribed placement worth AU$2.37 million before costs. The fundraising involves issuing 263,444,444 fully paid ordinary shares at AU$0.009 each. The placement received support from existing shareholders, institutional investors, sophisticated investors and professional investors.
Northstone Resources' current market price stands at AU$0.009, reflecting a decline of 5.00%. The placement shares are being offered at AU$0.009 each, which is 10% lower than Northstone Resources' closing share price of AU$0.010 recorded on 30 October 2026. It also reflects a 22.7% discount to the five-day volume-weighted average price of AU$0.0117.
How the Capital Raising Is Structured
Under the placement, Northstone will issue 263,444,444 fully paid ordinary shares at an issue price of AU$0.009 per share. The new shares are expected to be issued on 11 November 2026, and will rank equally with the company's existing ordinary shares.
Placement participants will receive one attaching option for every two shares subscribed for, resulting in approximately 131,722,222 options. These options will be exercisable at AU$0.02 and expire on 20 January 2030. The proposed options issue is subject to shareholder approval, which is expected to be sought at the company's Annual General Meeting on 30 November 2026.
Directors and management have committed AU$240,000 towards the placement. This includes AU$135,000 from directors Glenn Whiddon, Ian Shackleton and James Pearse, subject to shareholder approval.
Where the Funds Will Be Directed
Northstone plans to use the proceeds to advance its flagship Tlamino Gold-Silver Project in Serbia. The funding will support the maiden JORC Mineral Resource Estimate, scoping study activities, infill drilling, step-out exploration and greenfield drilling.
The company also intends to continue exploration at its Timok East Copper Project. The remaining proceeds will contribute towards placement costs and general working capital requirements.
What Investors Can Watch Next
Northstone is targeting its maiden JORC Mineral Resource Estimate at Tlamino during the December quarter of 2026. Scoping study activities are expected to commence after the resource estimate is completed.
Investors can also monitor upcoming infill assay results, greenfield exploration drilling outcomes and further developments at Timok East. These activities are expected to provide additional information about the company's gold, silver and copper exploration opportunities in Serbia. The upcoming resource estimate and scoping study are important milestones as Northstone continues to evaluate the development potential of its Tlamino project.
Note- All data presented is based on information available at the time of writing.
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