Two investors have bought nearly 30 per cent of explorer E2 Metals.

The substantial shareholder notices were released after market close last Friday, showing that Gregory Williams had bought 19.4 per cent, while Martin Donohue had taken a 9.2 per cent stake.

Collectively the two men sunk $1m into the tiny explorer, which has a market cap of just $5.2m.

E2 tried to buy a cobalt and nickel project in New South Wales in the latter half of last year, but was forced to drop the deal because of the falling cobalt price and softening in sentiment.

By December the company had also decided to exit its flagship Neavesville gold and silver project in New Zealand because of “significant uncertainty” regarding exploration and mining in the region.

E2 is now acquiring an 80 per cent stake in 127,000ha of gold and silver prospective land in Argentina.

The same day E2 announced it was buying the portfolio of projects in December, it revealed Simon Peters had stepped down as managing director.