Shares in micro-cap Tambourah Metals (ASX:TMB) have surged, experiencing a 44 per cent increase after Tribeca Investment Partners acquired a substantial position in the company. Tambourah Metals is focused on gold and critical minerals exploration in Western Australia. The company aims to discover and develop resources to meet growing global demand.
The company announced it has received binding commitments to raise $3 million through a strategic placement. This capital injection is earmarked for funding an “aggressive exploration program” at its Beatty Park South project, located in Western Australia. The placement involves the issue of up to 35.2 million shares at a price of 8.5 cents per share.
The funds raised are intended to accelerate exploration activities at Beatty Park South, where Tambourah Metals is targeting gold and critical minerals. The company has expressed optimism about the project’s potential and the strategic placement is designed to expedite resource discovery.
Tambourah Metals’ stock has demonstrated remarkable growth this year, with an increase of 875 per cent. On Thursday, the stock was trading at 18 cents, reflecting the positive market response to the investment and exploration plans.
