Avenira Raises $48.9 Million Through Rights Issue to Fund Wonarah Phosphate Project DSO Phase

Shwetambri Chauhan

06 November 2026 11:23 AM AEDT

Avenira Raises $48.9 Million Through Rights Issue to Fund Wonarah Phosphate Project DSO Phase

Image Source: Krish Capital Pty Ltd

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Avenira Limited (ASX:AEV) has completed its renounceable rights issue and associated shortfall placement, raising $48.9 million before costs, with the company set to issue approximately 8.1 billion new fully paid ordinary shares as part of its funding strategy for the Wonarah Phosphate Project in the Northern Territory.

Key Points

Total Capital Raising of $48,870,806 before costs, comprising $35,933,997 from rights taken up and $12,936,809 from shortfall placed.
Approximately 8,145,134,202 new fully paid ordinary shares to be issued, with new shares issued on 6 November 2026.
Major shareholder Hebang Biotechnology (Hong Kong) Investment Limited and other major shareholders took up their entitlements.
Capital Raising proceeds, together with a $50 million term facility and a $35 million working capital revolving facility, are expected to fully fund the DSO phase of the Wonarah Phosphate Project.

Rights Issue Allocations and Share Issuance

The renounceable rights issue was originally announced on 17 August 2026. Under the final allocations, rights taken up accounted for $35,933,997, representing 5,988,999,333 shares, while the shortfall placement contributed $12,936,809, representing 2,156,134,869 shares, bringing the total to $48,870,806 and 8,145,134,202 shares. The company disclosed that it may place any remaining shortfall in accordance with the Rights Issue prospectus. Mahe Capital Pty Ltd acted as Lead Manager to the Rights Issue. The new shares were issued on the date of the filing.

Wonarah Phosphate Project Funding Structure

According to the filing, the Capital Raising forms one of two parts of the company's funding strategy for the Wonarah Phosphate Project. The debt financing component comprises a $50 million term facility and a $35 million working capital revolving facility. Together, the Capital Raising proceeds and debt facilities are expected to fully fund the direct shipping ore phase of the Wonarah Phosphate Project. The funding structure is consistent with the Board's decision to adopt an owner-operator model for the project, which is 100% owned by Avenira.

Proceeds Directed to Mine Development and Infrastructure

The filing states that proceeds from the Capital Raising will support development of the Wonarah Phosphate Project in the Northern Territory, including mine establishment, site infrastructure, and working capital as the company progresses towards DSO production and export. Under the owner-operator model, the company is establishing the workforce, equipment, and operating systems required for mining, alongside product handling and transport arrangements to deliver phosphate rock to customers. The filing disclosed that pre-strip is starting in the current quarter, with first ore on ship targeted for the first half of 2027.

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