CuFe raises $5.4m for Tennant Creek copper-gold exploration and studies

• CuFe placement raises $5.4m at 9% premium for Tennant Creek copper-gold work
• Funds for next phase of exploration drilling and study work at the project in the NT
• Studies will investigate bismuth potential and likelihood for DSO copper/gold

Special Report: CuFe has secured an injection of $5.4 million in capital through a strategic private placement as it moves toward the next phase of exploration drilling and studies at its Tennant Creek copper-gold project in the NT.

The funds were raised through the issue of 318m shares at 1.7c each – a rare premium of 9% to the five-day volume weighted average price – to just four participants led by critical minerals and strategic defence sector focused investor Mathew August.

Other participants include a leading institutional investment fund and two other high net worth investors from North America and Australia, strengthening CuFe’s (ASX:CUF) register with the addition of long-only strategic investors aligned with its vision and corporate execution strategy.

The placement includes one free attaching unlisted option with an exercise price of 5c and expiring November 30, 2027, for every two shares subscribed for.

Proceeds will be used to fund exploration and feasibility work at the company’s flagship Tennant Creek project.

Work program

Executive director Mark Hancock said the funds would allow the company to improve the resource classification at the Gecko deposit, where resources were upgraded 400% in August 2025 to 18.4Mt grading 2.32% copper equivalent.

Funds will also be used to progress underground mining studies and a review on the potential to produce bismuth – a critical mineral previously produced from Gecko and Orlando.

Additionally, the review will determine the potential to develop a starter pit producing direct shipping copper/gold ore which could offer an early cashflow generation opportunity ahead of constructing a new processing plant.

CUF holds a 55% interest in the ~240km2 Tennant Creek property with Gecko Mining Company holding the remainder.

It sits about 25km from the Tennant Creek town site and is close to a gas pipeline, grid power, the Stuart Highway and rail line to Darwin.

Besides Gecko, Tennant Creek also hosts the Orlando deposit, which is the subject of a scoping study released in late July 2025.

The study had estimated net present value and internal rate of return – both measures of potential profitability – of $355m and 59% respectively.

Orlando will also deliver revenue of $1.26bn from the production of 39,449t of copper and 167,419oz of gold.

Total pre-production capital expenditure, which includes the construction of a new processing plant, is estimated at $136m with payback in 1.9 years.

This article was developed in collaboration with CuFe, 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.