Nimy Resources raises $1.72m to accelerate exploration and define gallium resource

• Nimy raises $1.72m in oversubscribed placement to accelerate exploration and definition of maiden gallium resource
• Exploration and resource development to focus on copper and gallium at a number of key locations
• Belt-scale copper opportunity identified at Mons project while gallium resource will underpin Block 3 development

Special Report: Nimy Resources has raised $1.72m in an oversubscribed share placement to accelerate exploration and resource definition at its gallium and copper projects.

Existing and new institutional and sophisticated investors provided firm commitments for the placement, which will see 28.7 million shares issued at 6c each, a 14.65% discount to the 15-day volume weighted average price.

The placement includes one free attaching unlisted option exercisable at 10c and expiring three years from the date of issue for every two shares subscribed for.

Nimy intended to raise $1.2m but oversubscriptions were accepted for a total of $1.72m.

Proceeds will be used to accelerate copper exploration across targets such as Sneaky Squirrel and Masson as well as the completion of a maiden JORC 2012 resource estimate for the Block 3 gallium deposit.

“We are very pleased with the positive market response received. Funds will be utilised to accelerate exploration and resource development across a number of key locations and commodities, with a focus on copper and gallium,” managing director Luke Hampson said.

“Nimy is unlocking a unique belt-scale copper opportunity at the Mons project, with multiple high-potential prospects in the discovery pipeline.

“Nimy is also committed to delivering a JORC 2012-compliant gallium resource to underpin the development of our high-grade gallium discovery at Block 3.”

Upcoming activity

The company plans to carry out drilling to test highly prospective copper targets in the coming quarter.

At the Masson discovery within its Mons project, the company has located anomalous copper-nickel-PGE sulphide mineralisation with recent down-hole electromagnetic surveying extending the mineralised target by a further 152m.

Meanwhile, initial drilling at the Sneaky Squirrel gossan encountered copper-zinc mineralisation beneath and aligned with the dip and direction of outcropping gossan.

At Veras, follow-up moving loop EM has identified three large EM anomalies after rock chip and soil sampling confirmed a copper-nickel-zinc-cobalt anomaly.

NIM is also preparing to release a maiden gallium resource for the Block 3 deposit within Mons after drilling repeatedly hit high-grade mineralisation.

Gallium is essential for computer chip production and widely used in electronics, AI and defence.

Interest in the specialty metal has risen since China placed export controls in 2023 making the company’s find, which could potentially become WA’s first primary producer of the critical mineral, all the more intriguing.

This article was developed in collaboration with Nimy Resources, 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.