Coppermoly Limited Raises $1.05 Million to Boost Exploration

Highlights:

• Successful Capital Raise: Coppermoly Limited (ASX: COY) has raised $1.05 million through a placement of 105 million shares at $0.01 each to fund its 2025 copper and gold exploration projects in Queensland.
• Share Allocation: 29.2 million shares were issued under ASX Listing Rule 7.1, while 70.7 million were allocated under Rule 7.1A. An additional 5 million shares, applied for by Managing Director Mark Burke, await shareholder approval.
• Exploration Focus: The funds will accelerate exploration in the Mount Isa Inlier, targeting high-value copper and gold deposits, with the potential for significant discoveries in the resource-rich region.

Capital Raise to Support Queensland Exploration Projects

Coppermoly Limited (ASX: COY), a mineral exploration company focused on copper and gold assets in Queensland, has successfully secured $1.05 million through a placement of 105 million fully paid ordinary shares at $0.01 per share. At the time of writing, this capital raise underscores the company’s commitment to advancing its exploration initiatives in the resource-rich Mount Isa and Cloncurry regions.

Breakdown of Placement Shares

Out of the total Placement Shares, 29,234,258 shares will be issued under the company’s existing placement capacity in compliance with ASX Listing Rule 7.1. An additional 70,765,742 shares will be issued under Listing Rule 7.1A. Furthermore, Managing Director Mark Burke has applied for 5 million shares, which are subject to shareholder approval at the meeting scheduled for February 24, 2025.

Strategic Focus on Exploration

The funds will be allocated to support the company’s 2025 copper and gold exploration activities and general working capital needs. Coppermoly aims to accelerate its exploration program and resource definition in the highly prospective Mt Isa Inlier, known for its potential iron oxide copper gold (IOCG) and shear-hosted copper-gold deposits.

Management’s Statement

Commenting on the successful raise, Managing Director Mark Burke expressed gratitude for the support of sophisticated investors. “This funding will allow us to advance our exploration initiatives in Queensland, enhancing the value of our high-priority targets,” he said.

Outlook

Coppermoly’s refreshed management and geological team remain focused on unlocking the full potential of their Queensland assets. The capital raise positions the company well for sustained exploration success, bolstering its presence in one of Australia’s most promising mineral regions.

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