Falcon Metals Ltd. has secured firm commitments to raise AU$30 million via a share placement, funding an expansion of its Australian exploration footprint over the next two years.
Falcon will issue 50 million new ordinary shares at 60 cents per share, with the issue price reflecting an 11.8 per cent discount to the company’s last closing price of 68 cents per share on August 25.
Proceeds from the placement will primarily fund a major 60,000-metre diamond drilling campaign at the company’s Blue Moon gold project in Victoria.
Situated directly north of the historic 22-million-ounce Bendigo Goldfield, recent drilling at Blue Moon has confirmed that multiple high-grade gold reef structures extend onto Falcon’s tenure.
Three diamond rigs are currently operational at the project, with scope to deploy additional capacity depending on visual results and assay flow.
The new capital will also fund a maiden reverse-circulation (RC) drilling program comprising 4,000 to 5,000 metres at the Errabiddy gold project in Western Australia, scheduled to commence in September 2026.
Located 35 kilometres southeast of Benz Mining’s Glenburgh deposit, Errabiddy presents a high-priority exploration target along a major regional structural corridor.
Falcon Metals Managing Director Tim Markwell said: “We are delighted by the strong support received from both existing shareholders and the ‘who’s who’ of gold-focused institutional investors across Australia, North America and Europe.
“With this raising, Falcon is now exceptionally well-funded to advance the exciting next phase of exploration at Blue Moon, while also commencing maiden drilling at Errabiddy.”
Settlement of the new shares is scheduled for September 3, with allotment and normal trading expected to commence on September 4.
