Kingston Resources (ASX: KSN) has successfully raised AU$13.5 million to accelerate its transition to open pit mining in the Cobar Basin, aiming for a significant boost in critical mineral production. With this funding, the company is set to increase payable metal output by 133% by FY25, commence Pearse open pit mining, and later, underground mining. The Tailings Mining Project, a precursor to hard rock mining at Mineral Hill, is nearing completion.
Kingston has also nearly finished refurbishing its processing plant to enhance concentrate production. The capital raised, including AU$8.1 million from a fully subscribed placement and a further AU$5.4 million from an Accelerated Non-Renounceable Entitlements Offer (ANREO), will fund the mining transition, underground drilling, plant commissioning, and general operations. This strategic move, bolstered by strong shareholder support, positions Kingston for long-term success in the critical minerals sector, with promising forecasts for increased production and financial performance.
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