Vertex Minerals Secures AU$11 Million to Accelerate High-Grade Gold Mining at Hill End Project

Highlights:

• Vertex Minerals Limited (ASX: VTX) raised AU$11 million to accelerate underground development and gold production at its Hill End Gold Project.
• The capital raising consists of a conditional share placement, convertible loans, and a Share Purchase Plan (SPP), all subject to shareholder approval.
• Funds will be used for final underground preparations, exploration for FY26, and working capital, with mining expected to begin by July 2025.

Vertex Minerals Raises AU$11 Million for Expansion

Vertex Minerals Limited (ASX: VTX) has successfully secured approximately AU$11 million through a capital-raising initiative aimed at fast-tracking underground development and initiating high-grade gold mining at its Hill End Gold Project. The funding includes a mix of conditional share placements, convertible loans, and a Share Purchase Plan (SPP), all subject to shareholder approval at an Extraordinary General Meeting (EGM) scheduled for mid-June 2025.

Breakdown of Capital Raising

The capital raise is structured into three segments:

• A conditional share placement raising AU$7.5 million through the issuance of 35.7 million fully paid ordinary shares.
• Convertible loans valued at AU$3.5 million, which will be converted into ordinary shares at a price of AU$0.21, contingent on shareholder approval during the EGM.
• An SPP set to raise up to AU$1 million on the same terms as the placement, enabling existing shareholders to participate.

The convertible loans carry an interest rate of 10% per annum, compounding monthly. Settlement is expected in mid-May, providing Vertex Minerals with immediate liquidity to complete essential underground development.

Strategic Use of Funds

The funds raised will be directed towards the final capital expenditures required for underground mining, exploration activities for FY26, and working capital. With less than AU$1 million needed for final underground preparations, the company is on track to commence operations by July 2025. Vertex Minerals anticipates that the Hill End Gold Project will emerge as a major high-margin gold producer in Australia, leveraging a mineral resource estimate of 419,000 tonnes at 16.7g/t gold for a total of 225,200 ounces. The company aims to achieve production costs below AU$2,000 per ounce, positioning it competitively in the global gold market. At the time of writing, Vertex Minerals is focused on enhancing its operations to capitalize on strong gold prices, aiming to achieve substantial returns for its investors.

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