$2.5m Raised to Fast Track Stage 2 Drilling at Music Well
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| Stock | Augustus Minerals Ltd (AUG.ASX) |
|---|---|
| Release Time | 18 May 2026, 9:44 a.m. |
| Price Sensitive | Yes |
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Augustus Minerals Secures $2.5M to Accelerate Drilling
Key Points
- $2.5 million raised from institutional, professional, and sophisticated investors
- Funds to expedite Music Well drilling program in Western Australia
- Additional funds allocated for Ti-Tree, Vanapa, and Mt Kare projects
- Issue price at 2.4% discount to last close
Full Summary
Augustus Minerals Limited (ASX: AUG) has secured $2.5 million from institutional, professional, and sophisticated investors to expedite its Stage 2 drilling program at Music Well in Western Australia. The funds will be used for 2,300 meters of drilling at Clifton East, including 14 RC and 2 Diamond holes, and 500 meters of RC drilling at St Patrick's Well. Additional funds will be allocated for soil and rock chip sampling at Music Well, EM survey at Ti-Tree, field work at Vanapa, and costs related to the Mt Kare license grant in Papua New Guinea. Working capital and placement costs will also be covered by the raised funds. The issue price was set at a 2.4% discount to the last closing price.
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