iTech Minerals targets $3m in capital raise to support gold and antimony drilling

• Fully subscribed placement to raise $2m at $0.05 per new share
• Share purchase plan offered under same terms to raise additional $1m
• Funding to support exploration for antimony and gold at Reynolds Range project

Special Report: Fresh capital from a $2m placement and up to $1m from a share purchase plan will be channelled directly into the drill bit at the Reynolds Range project, funding exploration for antimony and gold.

iTech Minerals (ASX:ITM) has already drummed up some solid rock chip samples from the Reynolds Range, grading up to 30.6% antimony and 24 g/t gold from the Sabre prospect and 15.9% antimony and 5 g/t gold from Falchion.

Now, the company is looking to test those high-grade zones with the drill bit, with plans to explore both Sabre and Falchion, as well as the Pine Hill gold prospect and Reward gold-copper prospect.

ITM managing director Mike Schwarz said the combined capital raise will fund iTech’s current exploration plans in full.

“The Reynolds Range Project is producing some exciting high-grade antimony and gold targets, within a large-scale mineralised system, defined by a 6km by 2.5km antimony soil anomaly,” he said.

“The company plans to drill test beneath high-grade antimony and gold rock chips in the coming months.”

iTech expects to begin its drilling programs at Reynolds Range by late October or early November 2025.

Watch: iTech finds high-grade antimony zones at Reynolds Range

Capital raise details

ITM will issue 40 million shares for its $2m placement, with the $0.05 per share price representing a 14.2% discount to the company’s 5-day VWAP.

The accompanying share purchase plan offered under the same terms will give investors an opportunity to increase their holding in ITM by up to $30,000.

The SPP is not underwritten, but iTech is considering scaling up the SPP should it prove to be oversubscribed.

Interested and eligible shareholders have until Tuesday, September 23 to submit their applications.

This article was developed in collaboration with iTech Minerals, 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.