Alurion Resources Ltd. has raised AU$50 million in an oversubscribed IPO, providing the capital to advance the Amargosa bauxite-gallium project.
The capital raise saw Alurion accept applications for 47,619,048 new fully paid ordinary shares priced at AU$1.05 per share.
Total demand exceeded the maximum offer limit, giving the company an undiluted equity market valuation of approximately $256 million upon listing.
The successful IPO follows the demerger of the Amargosa project from parent entity Brazilian Rare Earths Ltd.
Under the listing structure, BRE will retain a strategic 16 per cent holding in Alurion worth approximately AU$41 million at the offer price.
The AU$50 million injection establishes an independent capital base to accelerate development across the Amargosa project.
Alurion has allocated approximately AU$35 million toward direct project activities over an expanded two-year execution schedule, including land procurement, environmental permitting, exploration drilling, and equipment acquisition.
BRE CEO Bernardo da Veiga noted that the listing unlocks dedicated capital for the project while refining BRE’s strategic priorities.
“Investor demand exceeding the $50 million maximum, following 99.94 per cent shareholder approval, highlights the strong market and shareholder support for the Alurion Resources demerger,” da Veiga said.
“For BRE, this successful outcome sharpens our own focus. We can now direct our full attention and capital toward advancing our important rare earth and critical mineral province, with the Monte Alto Scoping Study due in August 2026 standing as our next major catalyst.”
Pending final ASX approvals, Alurion expects to be admitted to the official list on July 30, with official trading scheduled to commence on August 3 under the ticker code ‘ALU’.
