Highlights

  • Alicanto Minerals secured Non-dilutive funding package totalling A$18.1 million.
  • Funding includes A$5 million cash, A$3.1 million in equity and potential A$10 million additional investment
  • Diamond drilling underway to expand the 915,000oz resource at Mt Henry
  • Mineralisation remains open with significant scope for resource growth

Alicanto Minerals Ltd (ASX:AQI) shares fell 9.42% to AUD 1.73 on 9 April 2026, coinciding with the release of an update outlining a non-dilutive funding package and ongoing drilling activities at its Mt Henry Gold Project. Despite the decline in today’s session, the stock remains up 440.63% over the past year, reflecting strong longer-term momentum as the company advances its resource base and development strategy.

Non-Dilutive Funding Strengthens Financial Position
Alicanto confirmed it has secured a funding package totalling A$18.1 million through an agreement with Stria Lithium Inc. The structure of the arrangement is designed to provide capital without issuing new equity, enabling the company to maintain exposure to future upside while advancing its project portfolio.

The funding package comprises an upfront A$5 million cash payment in exchange for a 1% net smelter return (NSR) royalty over the Mt Henry Gold Project. In addition, Alicanto will receive 4,000,000 shares in Stria, valued at approximately A$3.1 million.

The agreement also includes the potential for a further A$10 million cash investment from Stria, contingent on Alicanto achieving a Mineral Resource Estimate of at least 2.0 million ounces at a minimum grade of 0.8 grams per tonne gold in accordance with the JORC Code. If this milestone is reached, the royalty would increase to 2% NSR.

Following completion of the transaction, Alicanto is expected to hold approximately A$20 million in cash, along with A$3.1 million in listed equity securities, providing additional financial flexibility as it progresses its growth plans.

About Alicanto Minerals
Alicanto Minerals Ltd is an exploration and development company focused on advancing gold and base metal assets across Australia and Europe. Its primary focus is the Mt Henry Gold Project in Western Australia, which hosts a current Mineral Resource of 24 million tonnes at 1.2 grams per tonne gold, equating to approximately 0.9 million ounces of contained gold.

The project is located within a 16-kilometre mineralised corridor and benefits from proximity to established infrastructure, including sealed road access near the Coolgardie–Esperance Highway. Mineralisation remains open along strike and at depth, indicating potential for further expansion.

In addition to its Australian assets, Alicanto is also active in Sweden’s Bergslagen mining region, where it is exploring for copper, gold, silver and polymetallic mineralisation. This includes work around the Falun project and the Sala silver-zinc-lead deposit, where the company has previously defined an inferred resource.

Drilling Program Targets Resource Expansion
Alicanto confirmed that diamond drilling is currently underway at the Mt Henry Gold Project, with two rigs operating across the Mt Henry and Selene prospects. The drilling program is focused on expanding the existing resource base and testing the broader mineralised system.

Early observations from the drilling are reported to be consistent with the company’s geological model, supporting confidence in the potential to grow the resource. Mineralisation remains open along strike and at depth, highlighting opportunities for further discoveries.

Historical drilling across the project has averaged less than 100 metres in depth, which the company views as an indication of untapped potential. The current program is designed to extend drilling deeper into the system and systematically evaluate its scale.

The company has indicated that much of the existing resource lies within 100 metres of surface, reinforcing the accessibility of the mineralisation and providing a foundation for continued exploration and development.

Royalty Structure Aligns with Growth Strategy
The funding arrangement with Stria has been structured as a royalty agreement rather than an equity issuance. This approach enables Alicanto to secure capital while retaining ownership and leverage to future increases in project value.

Under the terms of the agreement, Stria will initially provide a non-refundable deposit of A$1 million, which will be credited toward the A$5 million cash consideration payable at completion. Upon completion, Alicanto will also gain exposure to Stria through its shareholding, expected to represent approximately 6.5% of Stria’s issued capital.

The company also retains a right of first refusal over any future sale of the royalty, providing an additional layer of strategic flexibility. Completion of the transaction remains subject to customary conditions, including regulatory approvals and shareholder approval by Stria.

Board Changes Reflect Transition Phase
Alongside the funding update, Alicanto announced changes to its board composition. Ms Amber Stanton has been appointed as a Non-Executive Director, effective immediately.

Ms Stanton brings more than 25 years of experience in legal, governance and capital markets roles, including her current position as General Counsel and Company Secretary at Bellevue Gold Limited. Her background includes advising listed resource companies on mergers and acquisitions, capital markets transactions and cross-border operations.

Her appointment is aligned with Alicanto’s transition into an active execution phase, where governance and strategic oversight become increasingly important as project development accelerates.

At the same time, Mr Didier Murcia AM has stepped down as a Non-Executive Director after more than a decade of service. The company acknowledged his contribution over this period.

Management Commentary on Growth Outlook
Alicanto’s Non-Executive Chair, Ray Shorrocks, highlighted that the funding arrangement strengthens the company’s balance sheet and provides the resources needed to advance its strategy at Mt Henry.

He noted that structuring the funding through a royalty allows the company to maintain maximum exposure to project upside while progressing development activities. The ongoing drilling program is expected to play a key role in unlocking additional value, particularly given the open nature of the mineralisation and limited historical drilling at depth.

The board changes were also framed as part of the company’s evolution, with additional expertise supporting its move into a more execution-focused phase.

Market Reaction and Investor Perspective
Alicanto Minerals shares declined 9.42% to AUD 1.73 on 9 April 2026, coinciding with the release of the funding and drilling update. The movement comes despite the announcement outlining strengthened financial capacity and continued exploration activity.

Over the longer term, the company’s share price performance remains notable, with gains of 440.63% over the past year. The latest update provides further detail on how Alicanto intends to deploy capital and expand its resource base as it advances the Mt Henry project.

The announcement combines elements of funding, operational progress and governance changes, offering a comprehensive view of the company’s current positioning.

What This Means for Investors?
Alicanto’s latest update highlights a combination of funding security, active exploration and strategic board alignment as it progresses its Mt Henry Gold Project. The non-dilutive nature of the funding package allows the company to advance its plans while maintaining exposure to future resource growth.

The ongoing drilling program and the open nature of the mineralisation provide a basis for potential expansion of the resource, while the structured agreement with Stria introduces additional capital pathways tied to exploration success.

As the company continues its transition into an execution phase, further updates on drilling outcomes, resource estimates and project development are likely to be key areas of focus for investors.

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