Auric Mining Limited (ASX:AWJ) has received firm commitments to raise approximately A$17 million before costs through a two-tranche placement of 91,891,892 shares priced at A$0.185 per share, with funds directed toward project acquisitions, drilling activities, and ongoing works at the Burbanks processing plant.

Key Points

  • Firm commitments received for a two-tranche placement of 91,891,892 shares at A$0.185 per share to raise approximately A$17 million before costs.
  • Tranche 1 to raise approximately A$8.7 million; Tranche 2 to raise approximately A$8.3 million, subject to shareholder approval at an EGM expected in mid-December 2026.
  • Directors committed to subscribe for A$120,000 (648,648 shares) as part of Tranche 2, subject to shareholder approval.
  • A Share Purchase Plan launched to raise up to A$3.0 million at A$0.185 per share, subject to an ASX waiver, with a record date of 5pm AWST on 11 November 2026.

Placement Structure and Joint Lead Managers

The placement is structured in two tranches. Tranche 1 comprises 46,973,400 shares to raise approximately A$8.7 million, issued under ASX Listing Rules 7.1 and 7.1A. Tranche 2 comprises 44,918,492 shares to raise approximately A$8.3 million and requires shareholder approval at an Extraordinary General Meeting expected in mid-December 2026. Canaccord Genuity (Australia) Limited, Taylor Collison Limited, and MA Moelis Australia Advisory Pty Ltd acted as Joint Lead Managers, with Lazarus Advisory Pty Ltd acting as Co-Manager. Settlement of Tranche 1 shares is scheduled for Tuesday, 17 November 2026.

Allocation of Placement Funds Across Projects

According to the filing, proceeds will be used for Munda grade control and extensional drilling to grow the Mineral Resource, extensional and resource growth drilling at the Union Jack Project located 15km from Burbanks, and acquisition and commencement of drilling at Iron Maiden, which lies 5km south of Norseman and has seen little exploration in the last 20 years. Funds will also cover relocation of a recently purchased infrastructure package and equipment for Burbanks, expected to be delivered to Burbanks during December 2026, as well as general working capital and ongoing business development activities.

Share Purchase Plan Terms and ASX Waiver Application

The Share Purchase Plan offers eligible existing Auric shareholders the opportunity to subscribe for additional shares at A$0.185 per share, the same price as the placement, to raise up to A$3.0 million. The SPP record date was 5pm AWST on 11 November 2026. The Company has applied to ASX for a waiver to allow the SPP to proceed at the A$0.185 issue price, as the discount limitation requirements under ASX Listing Rule 7.2 Exception 5 and Listing Rule 10.12 Exception 4 are not strictly met. Eligible directors committed to subscribe for A$90,000 under the SPP. Further details will be provided in a subsequent release.