Northstone Resources Limited (ASX: NRL) today announced it has successfully raised $2.37 million (before costs) through an oversubscribed share placement to institutional and sophisticated investors. Northstone Resources Limited is an Australian-based, ASX-listed company focused on gold and copper exploration. It holds advanced exploration and development assets across Serbia and Australia. The funds are earmarked to continue advancing the company’s gold and copper portfolio, particularly its flagship Tlamino Gold-Silver Project and the Timok East Copper Project, both located in Serbia.
The placement involved the issue of 263,444,444 fully paid ordinary shares at an issue price of $0.009 per share. This price represents a 10.0% discount to the last traded price of $0.010 on 30 October 2026 and a 22.7% discount to the five-day VWAP. The placement received strong support, with existing shareholders and new investors participating. Notably, directors and management committed a total of $240,000 to the placement, subject to shareholder approval for director commitments. Placement participants will also receive one free attaching option for every two shares subscribed, exercisable at $0.02 and expiring on 20 January 2030, pending shareholder approval. GBA Capital acted as Lead Manager for the placement.
The capital infusion positions Northstone to progress several critical technical and exploration milestones. A maiden JORC Mineral Resource Estimate for the Tlamino Gold-Silver Project is targeted for delivery in the December quarter of 2026, a significant step in the company’s development strategy. Following this, scoping study activities will commence, providing a pathway to assess Tlamino’s potential development. The funds will also support ongoing exploration, including infill, step-out, and greenfield drilling at Tlamino, as well as advancing exploration activities at the Timok East Copper Project, aiming to identify further discovery opportunities within its Serbian portfolio.
