Everest Metals raises $3.9m to advance Gold and Critical Metal projects

Everest Metals secures firm commitments for $3.9m placement from sophisticated investors
At the Revere Gold Project, proceeds will fund continued bulk sampling and processing to upgrade current 334 000oz exploration target to JORC resource whilst bringing forward the 5500m regional drilling program
Funds will also be for infill resource drilling at the Mt Edon critical mineral project, whilst proceeding with scoping study and pilot plant design

Special Report: Investors have demonstrated their confidence in Everest Metals Corporation and its projects by providing firm commitments for a $3.9m placement to fund operations.

The placement of shares is priced at 11c, which represents a 10% premium to a June 2024 placement price and a 12% discount to the last closing price.

Everest Metals Corporation (ASX:EMC) will use the funds to continue bulk sampling and processing at its Revere gold project in WA’s Murchison region to deliver a maiden JORC resource and bring forward a regional 5500m aircore drill program to enhance existing targets.

Proceeds will also be used to fund resource infill drilling at its Mt Edon critical mineral project in the southern portion of the Paynes Find greenstone belt as well as scoping study/pilot plant planning for Mt Edon.

“We are very proud of what the company has accomplished over the last 12 months – a world class critical mineral resource at Mt Edon, successful refurbishment and mobilisation of the Gekko processing plant for high-grade gold recovery at the Revere gold project as well as successful gold exploration results at Revere,” executive chairman Mark Caruso said.

Mt Edon has a resource of 3.6Mt at 0.22% rubidium – a critical and strategic mineral used in a range of military, new energy and high-tech applications. Importantly, the resource includes a world-class high-grade zone of 1.3Mt @ 0.33% Rb2O and 0.07% Li2O (0.25% Rb2O cut-off).

Recent activities

In the past couple of months, EMC has progressed its 36,000t bulk sampling program at Revere to enhance its understanding of the mineralised system.

This covers just 700m of a potential 7km strike length, providing both exploration upside and gold mineralised material for processing by the Gekko plant into a gold concentrate.

It has completed the load and haul program as well as screen and crushing of material for Pit 2, completed all site works and infrastructure development for the Gekko plant, and refurbished the plant to specifications for the Revere site.

The Gekko plant has been mobilised to site and commissioning has commenced.

Revere sits proximal to, and along strike from, the DeGrussa and Monty copper-gold mines 55km south-east, as well as the Andy Well gold mine 40km to the south-west.

This article was developed in collaboration with Everest Metals Corporation, 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.