Chalice Mining is set to raise A$70 million in private placement to further fund its Julimar nickel/copper/platinum group elements project.
Located 70km north-east of Perth, the Julimar project was staked in early 2018 as part of Chalice’s search for high-potential nickel exploration opportunities.
Chalice announced that it has received commitments to raise the amount at A$7.30 per share via a private placement to a select group of major, long-only institutional investors and significant existing shareholders.
Upon completion of the placement, Chalice is forecast to have cash on hand of A$150 million.
“The proceeds from the placement will fund ongoing exploration and pre-development activities at Chalice’s 100 per cent-owned Julimar project,” Chalice said in a statement.
The Gonneville deposit, located n private farmland at the southern end of the 30km long Julimar complex, will also benefit from the placement.
Planned activities at Julimar include:
- a near-term ramp up of reconnaissance exploration drilling along the 30km long Julimar
Complex - ongoing wide-spaced step-out drilling at Gonneville to determine the overall scale of the deposit and define extensions to the underground mineral resource
- initial drill testing of six recently defined greenfield targets
- completion of the scoping study for Gonneville.
Chalice received environmental approval for Julimar in January 2022 and has since defined a Tier-1 scale mineral resource estimate for Gonneville.
In January 2021, Chalice received permission to extend exploration for the project to the Julimar State Forest, making it the first nickel-copper-PGE exploration activities within the state forest.