Eagle Mountain Mining (ASX:EM2) has released its quarterly activities report for the period ending March 31, 2025, highlighting a recapitalization and strategic shift towards its Arizona-based projects. The company completed a partially underwritten renounceable entitlement issue, raising approximately A$5.9 million before costs. This capital raise included the extinguishment of A$3.5 million in debt owed to entities associated with Managing Director Charlie Bass, significantly improving the company’s financial position. Cash reserves at the end of the quarter stood at A$1.5 million.
Exploration efforts at the Silver Mountain Project have been bolstered by age-dating analysis confirming the potential for porphyry mineralization. The analysis of latite dykes suggests a Laramide age (75 to 55 million years ago), aligning with surrounding world-class copper deposits. The company has commenced a partnering process to advance the Silver Mountain Project.
At the Wedgetail Project, studies are underway to repurpose tailings, potentially transforming them into marketable products. Preliminary market assessments indicate strong demand for carbon-neutral building materials, which could serve as a key selling point for the tailings products. Customer feedback on sample products is pending.
Corporate changes included the appointment of Fabio Vergara as Executive Director and Michael Fennell as a Non-Executive Director. Managing Director Charlie Bass has indicated his intention to step down from the Board in the coming months. The board continues to forgo director fees as part of cost-saving measures.
Eagle Mountain spent $289,000 on exploration and evaluation activities during the quarter, primarily focused on mapping, sampling, and technical studies at Silver Mountain and Oracle Ridge Mine. The company has not exercised its option to extend the ownership of mineral rights over the Patented Claims covering the Oracle Ridge Mine and is in the process of re-conveying the mineral rights to Marble Mountain Venture.
