Burley Minerals Launches Capital Raise to Accelerate Drilling at Cane Bore

Highlights:

• Capital Raise of Over $1 Million: Burley Minerals Limited (ASX: BUR) is set to raise approximately $1.01 million through a $450,000 placement and a $563,000 non-renounceable entitlement offer to accelerate drilling at its Cane Bore Iron Ore Project.
• Drilling Underway: Mobilisation has begun for the maiden drilling program at the high-priority Cane South Target, covering 800,000m² of Channel Iron Deposit, with drilling expected to conclude in April 2025.
• Additional Exploration Potential: The Company has identified three additional high-potential drill targets totalling 5,000,000m² within the project area since securing the exploration license in September 2024.

Burley Minerals Limited (ASX: BUR) has initiated a capital raising initiative totaling approximately $1.01 million to accelerate exploration and drilling activities at its wholly owned Cane Bore Iron Ore Project in Western Australia. The funding will be raised through a $450,000 placement and a $563,000 non-renounceable entitlement offer, with the proceeds aimed at fast-tracking geological studies and a maiden drilling campaign.

Drilling Mobilisation Underway at South Target

At the time of writing, Burley Minerals has begun mobilising drill equipment and personnel for its inaugural drilling program at the Cane South Target. This target spans over 800,000m² and is mapped as a high-lying Channel Iron Deposit (CID), stretching more than 2.3 km in length and rising over 20 meters above the surrounding terrain.The South Target is one of four prospective zones identified by the company since the exploration license was granted in September 2024, with all targets collectively covering approximately 5,000,000m².

Details of the Capital Raise

The placement, priced at $0.03 per share, has secured commitments from existing sophisticated investors and includes one free attaching option (exercisable at $0.05 by 31 May 2026) for every two shares subscribed. Directors intend to contribute $90,000, subject to shareholder approval. The accompanying entitlement offer will allow eligible shareholders to acquire one new share for every eight held, at the same price of $0.03, along with the same option terms. This represents a 31.8% discount to the company’s last closing price and a 35.4% discount to its five-day volume-weighted average price as of 14 April 2025. Burley has appointed Yelverton Capital Pty Ltd as lead manager for the raise, which is not underwritten. Proceeds will also support general working capital and potential future acquisitions.

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