Enova Mining Ltd (ASX: ENV), a critical minerals exploration and development company with a strategic portfolio of projects across Brazil and Australia, targeting the growing global demand for rare earth elements and battery metals, has announced the completion of a strongly supported share placement, raising $2 million before costs. The placement involved the issue of 333,333,333 shares at $0.006 per share to new and existing sophisticated and professional investors. Due to significant demand, the placement was substantially scaled.
The funds raised will be used to advance drilling, sampling, and test work at the East Salinas project, including metallurgical and environmental studies. Additionally, the capital will support basement drilling at Charley Creek and metallurgical test work for the CODA project, as well as regional exploration, equipment purchases, and general working capital. A total of 166,666,667 options (ENVO), exercisable at $0.012 and expiring on 29 December 2028, will be issued on a one-for-two basis with the shares subscribed.
Eric Vesel, CEO / Executive Director of Enova Mining, expressed enthusiasm for the placement’s success and the support received from shareholders. He highlighted the company’s eagerness to follow up on encouraging drilling results from the East Salinas Project in Brazil, which confirmed the presence of ionic adsorption (IAC) style REE enrichment. Vesel also noted planned activities for other projects, including hard-rock drilling at Cattle Creek and the advancement of metallurgical test work for CODA.
GBA Capital Pty Ltd acted as Lead Manager to the Placement and will be issued 12,000,000 Shares as a broker fee along with 70,000,000 ENVO options. Placement and Broker Fee Shares will be issued under the Company’s ASX Listing Rule 7.1 and 7.1A capacity and are expected to settle on 19 February 2026. The issue of the Placement and Lead Manager Options will be subject to shareholders approval.
