Cosmo Metals (ASX:CMO) is set to expedite exploration for gold, antimony, and copper across its Bingara and Nundle projects in New South Wales, after receiving commitments for a $2 million placement. The placement will fund exploration work at the NSW sites, as well as exploration expenditures at the Kanowna Gold Project and Yamarna Base Metals Project in Western Australia. Funds will also be allocated to project generation, general working capital, and corporate overheads. Cosmo Metals is a mineral exploration company focused on key assets in Western Australia and New South Wales.
Under the two-tranche placement, shares will be issued at $0.18 per share, representing a 5.3% discount to the last closing price and a 3.5% discount to the 30-day volume weighted average price. Discovery Capital Partners and Cumulus Wealth will act as joint lead managers and bookrunners for the placement.
Managing Director Ian Prentice stated that following the acquisition of the Bingara and Nundle projects in April 2024, the company is eager to maintain momentum with its systematic exploration efforts. This will involve collecting new data and compiling data from previous explorers. Prentice added that this work has defined a number of large-scale targets that have not seen modern exploration in over 30 years.
In conjunction with existing cash reserves, the placement will ensure Cosmo is well-funded to advance exploration at the Bingara and Nundle projects. Both project areas cover a combined 743 square kilometres in the New England Orogen of northern New South Wales.
