Highlights

  • $5.15 Mn institutional Placement strongly backed by investors
  • Funds to drive ~10,000m drilling campaign at North Queensland Copper-Gold Project
  • Targeting significant resource expansion beyond current ~200kt copper equivalent

Overview

Breakthrough Minerals Limited (ASX:BTM) has secured firm commitments to raise $5.15 million through an institutional Placement priced at $0.17 per share. The raise, supported by both existing and new investors, positions the company to accelerate exploration at its 100%-owned North Queensland Copper-Gold (NQCG) Project. Proceeds will fund an expanded ~10,000m diamond drilling program targeting resource growth at the Barbara and Hazel Creek deposits. With a current JORC resource of 18.8Mt at 1.07% CuEq, management sees strong upside potential as drilling progresses and new results are delivered.

How Is the Placement Structured and Why Did It Attract Strong Demand?

The Placement involves issuing over 30 million new shares at $0.17 each, representing a modest discount to recent trading levels. Strong participation from institutional and sophisticated investors highlights confidence in the company’s strategy and asset base.

The raise will be completed in two tranches, including a smaller component subject to Shareholder approval for directors’ participation. The deal was heavily oversubscribed, with bids scaled back, reflecting robust Demand. This support signals market confidence in the growth potential of the NQCG Project.

How Will the Funds Accelerate Growth at the NQCG Project?

Funds will primarily support an expanded ~10,000m diamond drilling campaign at the North Queensland Copper-Gold Project. The focus is on increasing resource size at the Barbara and Hazel Creek deposits, both considered high-potential copper-gold targets.

In addition, Capital will be allocated to site maintenance and general working Capital. With drilling already underway, investors can expect a steady flow of exploration results. The expanded program aims to significantly grow the existing resource base and enhance the project’s long-term development potential.