Morella Corporation Limited (ASX:1MC), an exploration and resource development company focused on critical minerals, has announced it has received firm commitments for a A$2.1 million placement. The placement, which garnered support from institutional, sophisticated, and professional investors, will involve the issue of approximately 52.5 million new fully paid ordinary shares at A$0.04 per share. Participants in the placement will also receive one free-attaching unlisted option for every new share subscribed for, exercisable at A$0.06 and expiring three years from the date of issue.
The placement received strong backing from both new and existing shareholders, including major shareholder Interra Resources Limited and the company’s directors, signalling confidence in Morella’s strategy and project portfolio. The funds raised will be directed towards advancing drilling and resource definition at the Mt Edon Project, ongoing exploration at the Mallina and Tabba Tabba Projects, corporate costs, and general working capital.
Drilling has commenced at the Mt Edon Rubidium-Lithium Project, held under a Joint Venture with Elevra Lithium, where Morella holds a majority interest. The current program comprises approximately 3,000 metres of Reverse Circulation drilling targeting the principal pegmatite domain. The drilling program is designed to increase drill density within the core mineralised zone, test extensions of the rubidium-bearing pegmatite system, assess vertical continuity of mineralisation at depth, and collect representative samples for analysis.
The company anticipates the drilling program will take approximately three weeks to complete, subject to operational conditions, with assay results released progressively as they are received and interpreted. Tranche 1 settlement is scheduled for 26 February 2026, with Tranche 2 requiring shareholder approval at an Extraordinary General Meeting in late April 2026.
