This share purchase plan follows an oversubscribed placement of $5 million on August 17, enabling the company to kick-off a targeted exploration program at the flagship Panton Project in WA’s north.

The placement included 40 million new, fully paid ordinary shares in the company at a price of $0.125 per share to raise $5m, as well as one free listed attaching option for every three placement shares issued with the placement options issued on the same terms.

Future Metals (ASX:FME) managing director Jardee Kininmonth says the company appreciates the continued support from existing sophisticated and institutional investors as it looks to progress the scoping study on its large existing PGM-nickel resource, which currently sits at 6.9 million ounces of palladium equivalent.

“The share purchase plan will enable our valued retail shareholder base the opportunity to participate in the fundraising on the same price and terms as the placement,” he says.

SPP details

As part of the SPP, the SPP options will be exercisable at a price of $0.10 per share with an expiry date of June 11, 2024.

Eligible shareholders may apply for SPP shares ranging from a minimum value of $5,000 up to a maximum value of $30,000.

The SPP Offer opens on Monday, 22 August 2022 and closes on Friday, 9 September 2022.

New sulphide targets

While FME has been preparing a scoping on the existing mineral resource estimate, it has also been pushing ahead with exploration work which would grow the mineralisation at Panton.

The company recently identified several new sulphide-rich targets outside the known mineralised zone at Panton during a review of existing geological data by nickel-copper-PGE expert Jon Hronsky from Western Mining Services.

These exploration targets sit outside Panton’s existing mineral resource, which means the company could be onto something far greater than the already significant mineralisation at the project’s main zone.

FME’s review revealed increased sulphide mineralisation revealed high-grade intercepts, including one hit of 19m at 0.51 grams per tonne PGM, 0.59% nickel, 0.28% copper and 0.022% cobalt from 82m, as well as numerous late-time airborne electromagnetic conductors.

 

 

 

This article was developed in collaboration with Future Metals , 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.

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