Mount Ridley Mines Limited (ASX: MRD), an Australian critical minerals explorer focused on heavy rare earth elements, gallium, and scandium in Western Australia, has successfully secured A$2.0 million (before costs) through an oversubscribed placement. Announced on 4 September 2026, this capital raise from sophisticated and professional investors will accelerate the next phase of technical and development activities for its flagship Grass Patch Project and advance the proprietary Selectro™ Process. The company aims to enhance value through processing and separation of critical minerals for allied markets.
The placement secured firm commitments for A$2.0 million at an issue price of A$0.033 per share, representing a 17.5% discount to the company’s last closing price. Directors of Mount Ridley also committed to subscribe for a further A$100,000 on the same terms, pending shareholder approval at the company’s upcoming General Meeting. The company stated it intentionally right-sized the raise, despite higher demand, to align with funding requirements for high-value activities while minimising dilution.
Proceeds will significantly strengthen Mount Ridley’s financial position and fund a defined work program. Key activities include initiating a flotation program as a pre-concentration step for Selectro™ leaching, followed by a larger-scale Selectro™ bulk metallurgical testwork program. This aims to advance the technology readiness level and support the production of the company’s first mixed rare earth oxide product. Further funds are allocated for continued optimisation of the Selectro™ Process, downstream testwork, and assessing third-party feed opportunities.
The funding will also enable extensive resource definition activities at the Grass Patch Project, focusing on increasing geological confidence and advancing the definition of its scandium, gallium, and heavy rare earth element resources. Mount Ridley Managing Director & CEO, Mr Allister Caird, highlighted strong shareholder support, reflecting confidence in the Grass Patch project. He noted the raise was deliberately sized for a defined work program, which includes progressing towards the design and construction of a demonstration plant.
