$20m Institutional-led Placement to Accelerate Drilling

Key points

• $20 million placement at $2.20 per share supported by institutions and sophisticated investors
• Funds to accelerate drilling at Chalkos Copper-Silver Project
• Strengthened cash balance to over $24 million

Full summary

Kaoko Metals Limited, an ASX-listed exploration company, has secured $20 million from institutional investors to accelerate its exploration activities. The funds, raised through a placement of 9.1 million shares at $2.20 each, will be used to expand and accelerate diamond drilling at the Otniel and Donkey Hill prospects within the Chalkos Copper-Silver Project, mobilize a second drill rig, and conduct a more comprehensive exploration program across the broader Chalkos Project. Additionally, the funds will support exploration activities at the Karibib Gold-Copper-Tungsten Project, including geophysics over priority prospects and an expanded drill program. The placement price represents a 12.0% discount to the last closing price and a 20.2% premium to the 15-trading-day VWAP.

Guidance

Kaoko Metals expects to have cash reserves over $24 million after the placement.

Outlook

Kaoko Metals aims to accelerate exploration and drilling to expand mineral resources and potentially discover new mineral deposits.