Tanami Gold NL (ASX: TAM), an Australian gold exploration and development company focused on projects within the Tanami region of Western Australia, has announced a fully underwritten 1 for 1 pro-rata renounceable entitlement offer. The offer aims to raise up to approximately A$70.5 million before costs, with new fully paid ordinary shares priced at $0.06 per share. The proceeds are designated to meet the company’s obligations under the 50/50 Central Tanami Project Joint Venture, marking a significant move to advance its core assets.
The capital injection will be primarily directed towards several key project components. This includes A$37.2 million for the Groundrush exploration decline, A$5.5 million for surface resource definition drilling, A$11.4 million for central camp upgrades and refurbishment, and A$11.6 million for non-processing infrastructure. An additional A$4.8 million is allocated for general working capital and offer costs. Tanami Gold Chairman, Mr Arthur Dew, commented that “this is an exciting new phase of growth for Tanami Gold,” emphasising that the offer strengthens the company’s financial position and ensures appropriate capitalisation for the Central Tanami Project’s development.
The renounceable nature of the offer provides eligible shareholders with the opportunity to trade their entitlements on the ASX. Key shareholders, including APAC Resources Limited, Metals X Limited (ASX:MLX), and Everbright Securities Investment Services (HK) Ltd, collectively holding approximately 49.2% of the company’s existing shares, have committed to subscribing for their full entitlements. The Entitlement Offer is set to open on Monday, 18 May 2026, and will close on Wednesday, 27 May 2026. Bell Potter Securities Limited is underwriting the offer, with Bell Potter and Evolution Capital Pty Ltd serving as Joint Lead Managers.
