Belararox tops up the tank with $8.5m to drive copper exploration

• Belararox raises $8.5m in two tranche placement 
• Funds will go towards exploration programs at the Toro-Malambo Tambo and Kalahari copper projects 
• The company expects a solid pipeline of results in the months ahead 

Special Report: Belararox has raised $8.5 million via a strongly supported two-tranche placement to go hunting for more copper across its Tier-1 assets in Argentina and Botswana. 

The placement includes 94.44m shares at $0.09 each, raising $8.5m, with a free 1-for-2 option attached, exercisable at 15c on or before three years.

Tranche 1 will be issued under existing capacity, but tranche 2 – which includes the free options and participation from directors and management – will need shareholder approval. 

Shares are priced at $0.09, a 15% discount to the last close and 17% below the 14-day VWAP. 

With the placement sorted, it’s now full steam ahead on the copper front with funds to be used for high impact drilling in Botswana and the completion of AEM surveys, as well as geophysics at Toro South and Tambo South in Argentina before drilling begins. 

Drilling begins at Kereng West 

Belararox (ASX:BRX) recently kicked off its 2025 drilling operations on the Kareng West tenement within the Kalahari copper project in Botswana with 10 holes to investigate the D’Kar/Ngwako Pan contact zones, considered highly prospective for copper. 

Six targets were identified through gravity profiling supported by regional magnetic and gravity interpretation but only the four most promising will undergo initial drill testing in the maiden program.

Priority targets lie within the same stratigraphic horizons being explored by major copper players such as MMG, BHP and Sandfire.

The Kalahari project spans 14 exploration licences covering 4268km2 in the Kalahari Copper Belt that hosts significant sediment-hosted copper-silver deposits.

Strong investor confidence 

BRX managing director Arvind Misra said the raise marked a pivotal step for Belararox. 

“The strong demand reflects growing confidence in our strategy and the world-class potential of our projects in Argentina and Botswana,” he said. 

“With rigs already turning in Botswana and geophysics about to commence in Argentina, shareholders can look forward to a steady pipeline of results in the months ahead. 

“This funding positions us to unlock discoveries capable of delivering substantial value.”

This article was developed in collaboration Belararox, a Stockhead advertiser at the time of publishing. 

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.