WIN Metals Limited (ASX: WIN) announced it has secured $2.35 million through a heavily oversubscribed placement to a strategic consortium of resource investors. WIN Metals is a mineral exploration company holding 350km² of granted tenure in the Southern Goldfields and Kimberley regions of Western Australia with gold, nickel, and lithium resources within the Company’s tenure. The placement, priced at $0.02 per share, will enable the company to accelerate drilling at the high-grade Radio Gold Mine and progress evaluation work at the Butchers Creek Gold Project.
According to the company, proceeds from the placement will be used primarily to fund resource drilling at the Radio Gold Mine and drilling and evaluation work at the Butchers Creek Gold Project. Drilling at Radio is expected to commence within weeks, shortly after the completion of the Radio Mine Gold Project acquisition. The placement included one free attaching unlisted option for every two shares issued, with options exercisable at $0.04 and expiring two years from the issue date, subject to shareholder approval at the upcoming Annual General Meeting.
The placement saw strong support from existing and new sophisticated investors, with demand significantly exceeding the funds sought. Subject to shareholder approval at the Annual General Meeting on or around 26 November 2025, directors may also participate in the placement for a further 1,250,000 shares and 625,000 options. The funds will also support ongoing evaluation of high-priority satellite gold targets, and general working capital and costs of the offer.
WIN Metals Managing Director and CEO Steve Norregaard expressed gratitude to existing investors and welcomed new investors, stating the funds would be immediately put to work at both the Butchers Creek Gold Project and the Radio Gold Mine Project. GBA Capital and SP Corporate Advisory Pty Ltd acted as Joint Lead Managers for the placement. They will receive a cash management and raising fee of 6% of the amount raised, as well as 11,750,000 unlisted options, subject to shareholder approval.
