Highlights

  • Aquirian has secured firm commitments to raise approximately A$8 million through a Placement priced at A$0.40 per share.
  • Funds will support Drillforce Working Capital, Debt restructuring and Collar Keeper® inventory expansion.
  • The company recently secured a circa A$48 million Lord Byron drilling and energetics agreement with Brightstar Resources.
  • Aquirian continues progressing expansion of its Wubin energetics Facility and integrated Mining services platform.
  • The company reported H1 FY26 Revenue of A$16.9 million and EBITDA of A$2.5 million.
  • Shares traded lower on 8 May 2026 despite the company outlining growth initiatives and strategic expansion plans.

Aquirian Limited (ASX:AQN) has unveiled a broad growth and expansion strategy alongside an approximately A$8 million Equity raising, as the mining services company looks to accelerate development across its drilling, energetics and technology-focused operations.

The company’s latest investor presentation outlined plans to expand its integrated drill and blast offering, strengthen working capital capacity and support the commercial rollout of its proprietary Collar Keeper technology platform.

During the afternoon session on 8 May 2026, Aquirian shares declined 4.55% to AUD 0.42. Despite the pullback, the stock remains approximately 20% higher over the past 12 months as investors continue monitoring the company’s expansion initiatives across the mining services sector.

The latest update comes as Aquirian advances multiple operational projects, including infrastructure upgrades, new Supply agreements and broader deployment of its technology-led mining solutions strategy.

A$8 Million Placement to Fund Growth Initiatives

A central component of the announcement was Aquirian’s capital raising initiative, with the company confirming it had received firm commitments to raise approximately A$8 million through a single Tranche placement.

The placement involves the issue of 19.95 million new fully paid ordinary shares at an Offer Price of A$0.40 per share.

According to the company, the raising price represented a 9.1% discount to Aquirian’s last traded price of A$0.44 on 5 May 2026. The placement was also completed at discounts of 11.2% and 11.5% to the company’s five-day and ten-day Volume weighted average prices respectively.

Aquirian stated that the funds raised are intended to support several operational and strategic priorities, including inventory expansion associated with automated Collar Keeper Systems, Drillforce Working Capital Management and debt restructuring initiatives designed to align with future contracting growth.

The company noted that the placement shares will rank equally with existing ordinary shares on issue.

Following completion of the placement, total shares on issue are expected to increase to approximately 125.9 million shares.

Drillforce Contract Wins Continue to Build Momentum

One of the more significant commercial developments highlighted in the presentation was Aquirian’s recently secured supply agreement linked to Brightstar Resources’ Lord Byron open pit mine in Laverton.

The company confirmed that its Subsidiary Drillforce WA executed a Strategic Framework Agreement with Brightstar Resources and secured an initial three-year drilling and energetics services contract with projected revenue of approximately A$48 million.

The agreement is scheduled to commence on 1 September 2026 and covers a range of integrated services, including drilling, blasting, logistics support, storage infrastructure and energetics supply.

Management indicated that the contract forms part of a broader long-term strategic framework between the two companies that may create additional opportunities across Brightstar’s wider Goldfields operations, including Lady Byron, Cork Tree Well and Lady Shenton.

The agreement is also expected to support deployment of Aquirian’s vertically integrated services platform and technology-focused operating model.

According to the company, around A$6 million in Assets are required to support the Lord Byron contract, with approximately 75% of the required equipment already owned by Aquirian.

Existing assets include two T45 drill rigs and site reload facility equipment, while the remaining balance is expected to be funded through available cash and debt facilities.

Focus on Technology and Energetics Expansion

Aquirian’s latest strategy presentation also placed significant emphasis on its longer-term technology and energetics growth plans.

The company continues positioning itself as an integrated provider across the entire drill and blast value chain, covering drilling, blasting services, energetics Manufacturing, logistics, storage, technical services and compliance solutions.

Management highlighted continued development of its patented Collar Keeper System, which is designed to improve drill and blast efficiency and fragmentation control in mining operations.

The company stated that testing of the automated Collar Keeper System has now been completed and the platform is considered operationally ready.

Aquirian also confirmed that it has executed a manufacturing offtake agreement linked to biodegradable Collar Keeper products as it continues pursuing broader commercialisation opportunities.

The company indicated that inventory build associated with automated Collar Keeper Systems and critical spare components will form one of the primary uses of proceeds from the current capital raising.

Management views the technology platform as a potential contributor to future operational growth as mining operators increasingly focus on blast efficiency, dilution reduction and fragmentation performance.

Wubin Facility Expansion Continues

The Wubin energetics hub also remains a major component of Aquirian’s broader operational strategy.

According to the presentation, the company commissioned the Wubin facility and has continued progressing upgrades linked to storage and manufacturing capacity expansion.

Aquirian stated that the facility recently achieved a record ex-gate daily volume of 259 tonnes during February.

The company also confirmed that it completed its first downhole energetics service from the Wubin facility while continuing to progress infrastructure expansion initiatives.

Current storage capacity at the site includes active ammonium nitrate storage of 3,000 tonnes, while booster storage capability of up to 400 tonnes is targeted for FY2027.

An electronic detonator facility is also planned for FY2028 as part of the company’s longer-term expansion strategy.

Management believes the Wubin hub provides scalability opportunities as mining activity and Demand for blasting services continue increasing across Western Australia.

Financial Position and Operating Metrics

Aquirian also outlined several financial metrics covering recent reporting periods.

For FY25, the company generated total revenue of A$26.1 million, compared with A$23.2 million in FY24.

EBITDA for FY25 was reported at A$1.6 million, while H1 FY26 EBITDA reached A$2.5 million.

Revenue during the first half of FY26 totalled A$16.9 million, indicating continued operational activity across the group’s mining services divisions.

The company reported net assets of A$16.1 million during H1 FY26.

On a pro-forma basis following the placement, Aquirian expects to move into a net cash position of approximately A$3 million.

As at 31 December 2025, the company reported cash balances of approximately A$6.8 million alongside debt balances of approximately A$11.8 million.

The planned use of proceeds includes around A$4 million for Drillforce working capital management and approximately A$3 million allocated toward debt restructuring activities.

Board and Management Continue Expansion Focus

Aquirian’s presentation also highlighted the experience of its Leadership team as the company pursues expansion across mining services and energetics markets.

Managing Director Greg Patching founded the company following a lengthy career in the drill and blast sector, including senior leadership roles at Orica and Hanwha.

The company also announced the appointment of Tanya Rybarczyk as Non-Executive Director commencing 1 June 2026.

Rybarczyk brings more than three decades of experience across finance, manufacturing, Investor relations and strategic planning, including previous senior leadership roles at Wesfarmers and Dyno Nobel.

Aquirian stated that board and management collectively remain among the company’s largest shareholders, holding approximately 25% of Issued Shares.

Integrated Mining Services Model Remains Central Strategy

A key theme throughout the presentation was Aquirian’s strategy of building an integrated mining services platform spanning multiple stages of the drill and blast process.

The company operates across blasting services, drilling, energetics manufacturing, storage, compliance services, Training, fragmentation control and logistics.

Management believes this integrated model creates multiple revenue pathways while improving operational alignment across mining service delivery.

Aquirian also noted that Drillforce acts as the market-facing operating arm for the company’s broader mining services ecosystem.

The company continues targeting expansion opportunities both domestically and internationally, including technology distribution opportunities currently underway in markets such as Zambia.

Investors Monitoring Commercial Execution and Growth Pipeline

Aquirian’s latest update outlines a company continuing to expand its operational footprint across the mining services sector while simultaneously investing in technology commercialisation and infrastructure capacity.

With new contract wins, capital raising initiatives, technology deployment and energetics expansion progressing concurrently, investors are likely to remain focused on execution against the company’s broader growth strategy over the coming reporting periods.

Upcoming milestones may include progress on the Lord Byron contract commencement, further Wubin expansion activities, deployment of automated Collar Keeper Systems and conversion of the company’s active tendering pipeline into additional commercial agreements.