Red Mountain Mining Limited (RMX) has announced the successful completion of a placement, raising $0.65 million to accelerate exploration activities at its key projects. Red Mountain Mining is a mineral exploration and development company with a portfolio of critical minerals including gold, lithium and base metal projects, located in Australia, Canada and USA. The placement attracted significant interest from both new and existing investors and was heavily oversubscribed, indicating strong confidence in the company’s strategic direction.
The funds raised will primarily be used to expedite exploration at the Armidale Antimony-Gold Project. Recent sampling at Oaky Creek, part of the Armidale project, confirmed high-grade antimony mineralisation, with rock-chip assays reaching up to 28.34% Sb. These samples, containing quartz-stibnite veining, highlight the potential for a substantial, high-grade, antimony-bearing orogenic vein system, extending up to 500m from historical workings.
In addition to the Armidale project, the placement funds will also support exploration activities at the Kiabye Gold Project in Western Australia and the Fry Lake Gold Project in Canada. The company issued approximately 76.5 million new placement shares at 0.85 cents per share, a 15% discount to the last traded price. One attaching quoted option, exercisable at $0.02 per share and expiring on 10 May 2027, will be issued for every two placement shares, pending shareholder approval.
