iTech Minerals Secures AU$2 million Placement and Announces SPP to Fund Exploration

iTech Minerals Ltd (ASX: ITM) has successfully raised AU$2.0 million through a placement of 40 million new shares at AU$0.05 per share, with strong support from institutional, sophisticated, and existing investors. The company also announced a Share Purchase Plan (SPP), offering eligible shareholders the chance to subscribe for up to AU$1.0 million worth of shares on the same terms, with the option to accept oversubscriptions.

Funds will be directed toward exploration at the Reynolds Range Antimony-Gold Project in the Northern Territory, including drilling at Sabre, Falchion, Pine Hill, and Reward prospects. Planned programs also include magnetic surveys, soil sampling, and general working capital. Drilling is scheduled to commence in late October to early November 2025. Management noted the placement strengthens iTech’s capacity to test high-grade antimony and gold targets within a large mineralised system defined by a 6km x 2.5km soil anomaly.

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