Tungsten Mining has raised AU$53 million through a share placement to fund the advancement of its portfolio of Australian tungsten assets.
The company offered the 278.9 million shares at 19 cents per share. The share placement received strong demand from existing shareholders and several new Australian and international investors. The settlement of the new shares is scheduled on February 9.
Tungsten Mining plans to use the proceeds from the placement towards study activities at the Mt Mulgine project in Western Australia.
The company is aiming to increase the project’s mineral resource estimate, fast-track the already approved Watershed project, and fund capital raising costs and general works.
Tungsten Mining Chairman Gary Lyons said: “The strong support for this capital raising is a clear endorsement of Tungsten Mining’s strategy, the quality of our tungsten project portfolio, and the growing importance of tungsten and associated critical minerals in global supply chains.
“With a significantly strengthened balance sheet, the company is now positioned to move forward as we progress our critical minerals project towards key milestones.”
Tungsten Mining’s Mt Mulgine project is located within the Murchison region in Western Australia.
The project’s total indicated and inferred mineral resource estimate is 1.9 million tonnes at 1.10 grams per tonne of gold for 67,500 ounces.
