Avenira Ltd. has raised AU$48.9 million to fully fund the initial development phase of its Wonarah phosphate project in the Northern Territory.
The capital raising comprises a completed renounceable rights issue and the placement of shortfall shares, issuing approximately 8.1 billion new ordinary shares.
Major shareholder Hebang Biotechnology (Hong Kong) Investment Limited, alongside other cornerstone investors, took up their full entitlements.
Combined with Hebang’s existing debt facilities, comprising a AU$50 million term facility and a $35 million working capital revolving facility, the equity raised will fully fund the direct shipping ore (DSO) phase of the project under an owner-operator model.
Proceeds will fund site infrastructure, mine establishment, equipment acquisition, and working capital as the company builds out its workforce and supply chain logistics to export phosphate rock to global customers.
“The capital raised underpins delivery of the Wonarah Phosphate Project, with pre-strip starting this quarter and first ore on ship in the first half of 2027,” said Avenira Deputy Chairman Brett Clark.
“We thank all shareholders for their support as we realise the enormous potential of this world-class phosphate resource.”
Located in the Northern Territory, Wonarah hosts one of Australia’s largest undeveloped phosphate deposits.
The initial DSO phase serves as the foundation for Avenira’s staged development strategy, which aims to support long-term downstream production of yellow phosphorus and lithium iron phosphate (LFP) battery materials.