MRQ.ASX: Placement for Development at Garies High Grade REE Project

Placement for Development at Garies High Grade REE Project

Stock	MRG Metals Ltd (MRQ.ASX)
Release Time	10 Aug 2026, 11:02 a.m.
Price Sensitive	Yes

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MRG Metals Raises $800K for Garies REE Project

Key Points

MRG Metals raises $800K through a placement to fund the Garies High Grade REE Project
Funds will be used for drilling, mining license application, and resource expansion
The company is seeking strategic partners to further develop the project

Full Summary

MRG Metals Limited has raised $800K through a capital raising to fund its Garies High Grade REE Project in South Africa. The funds will be used for completion of the mining license application, resource expansion drilling at the DrillTarg target, a stream sediment program over the Garies Project, and step-out auger drilling at the Adriano and Fotinho Rare Earth Projects in Mozambique. The company is also seeking strategic partners to assist in further developing the Garies project and is considering an offer to shareholders. The raised funds will provide a clear pathway to expand the DrillTarg resource, progress the mining license application, test the remaining 22 targets, and advance towards the delivery of a pilot plant.

Guidance

MRG Metals plans to use the raised funds for exploration and development activities at Garies and Adriano/Fotinho projects.

Outlook

MRG Metals is optimistic about the potential of the Garies project and is seeking strategic partners to further develop it. The company is also progressing with its Mozambique projects.