Kuniko Limited (ASX: KNI), a mineral exploration company focused on strategic and critical mineral projects, has announced a fully underwritten rights issue to raise A$1.2 million. The funds will be used to advance the Commonwealth gold-silver project in the Lachlan Fold Belt of New South Wales. GBA Capital has provided partial underwriting to A$1.2 million of any Rights Issue shortfall, providing funding certainty. The company also has battery metals projects in Europe.
The rights issue is a 1-for-3 non-renounceable offer at A$0.07 per share, with one free attaching option for every three shares subscribed. The options are exercisable at A$0.14 with a two-year term. The offer closes at 5:00pm (AWST) on Friday, 12 September 2025, giving shareholders the opportunity to participate in the company’s growth. Kuniko entered into a binding two-stage earn-in agreement to acquire up to 70% of the Commonwealth Project.
The Commonwealth Project offers near-term drilling opportunities in a Tier-1 jurisdiction, with high-grade gold and silver mineralisation already demonstrated and approvals in place. Kuniko will immediately commence Stage-1 technical work to refine drill designs over the depth conductor beneath Commonwealth and step-out positions at Silica Hill, with drilling anticipated early in Stage-1. The project also shows potential for zinc, lead, and copper mineralisation. Drill-ready status with approvals and access already secured allows for rapid mobilisation of exploration programs.
CEO Antony Beckmand commented that the underwriting provides funding certainty and allows the company to progress without delay. He added that the Commonwealth Project complements their Norwegian battery metals foundation while expanding decisively into precious metals. Shareholders are encouraged to read the prospectus and supplementary prospectus before deciding whether to participate in the offer.
