Anax Metals Limited (ASX: ANX), an exploration and development company focused on its Whim Creek Copper Project in Western Australia, where it aims to bring its copper assets into production, has announced a $6 million capital raise. This placement will primarily accelerate high-impact exploration at its Whim Creek tenure. Concurrently, prominent geologist and mining executive Nick Jolly has been appointed as a Non-Executive Director.
The $6.0 million (before costs) placement, through the issue of approximately 176.4 million new shares at $0.034 each, is primarily earmarked for a high-impact drilling program at Whim Creek. This exploration will target near-mine and extensional opportunities, following up on promising historical drill results and underexplored targets. Diamond drilling is anticipated to commence in July 2026, initially focusing on extensions of the Mons Cupri and Whim Creek deposits, central to Anax’s development plans.
Mr Jolly’s appointment to the Board brings over 25 years of extensive experience in exploration strategy, discovery, and resource growth across Australian mining assets. He previously served as General Manager – Geology at Spartan Resources Limited and held senior leadership roles at Northern Star Resources Limited. His expertise is expected to significantly enhance Anax’s ability to drive its exploration agenda. Mr Jolly has also committed to subscribe for $100,000 under the placement.
Anax Metals Managing Director Geoff Laing highlighted that the capital raise and Mr Jolly’s appointment strengthen the company’s ability to pursue exploration while advancing Whim Creek’s development. He confirmed commitment to bringing the project into production, with ongoing debt funding and strategic workstreams progressing. Post-placement, Anax expects to hold approximately A$12 million in pro-forma cash, enhancing its capacity for both near-term exploration upside and long-term value creation.
