Highlights

  • Altair Minerals has received a firm commitment from Endeavour Gold Corporation (a wholly owned subsidiary of Endeavour Mining plc, LSE/TSX: EDV) for a strategic placement of 656,264,364 shares at A$0.043 per share, raising approximately A$28.2 million — a 5% premium to Altair's last traded price of $0.041, an 11% premium to the 5-day VWAP, and a 40% premium to the 30-day VWAP.
  • The placement will lift Endeavour to a 9.90% shareholding in Altair upon completion, with proceeds to be deployed toward a materially expanded drilling program of approximately 50,000 metres (25,000m diamond and 25,000m RAB) at the Greater Oko Project in Guyana — representing a ~66% increase from the current program — with a second RAB rig to be immediately secured and geochemical programs to be doubled.
  • ALR shares were trading at $0.041 as of 27 April 2026, and the company's pro-forma treasury of approximately A$40 million following completion provides a multi-year exploration runway at Greater Oko, now at 428km² and the largest contiguous gold exploration project in Guyana — a context amplified by Endeavour's 22.4 million ounce gold discovery track record in West Africa's Birimian Greenstone Belt.

Altair Minerals Limited (ASX:ALR) is a mineral exploration company with its primary focus on the Greater Oko Gold Project in Guyana, South America. Founded in 2021, Altair has assembled what it describes as the largest consolidated gold exploration land package in Guyana, covering 428 square kilometres across the Oko Shear Zone following the permit rationalisation announced alongside the placement. As of 27 April 2026, ALR shares were priced at $0.048, reflecting 17.07% gain during the trading session.

The announcement on 27 April 2026 of a A$28.2 million placement to Endeavour Gold Corporation at a meaningful premium to market is a transformative event for Altair. The transaction brings a globally credentialed strategic shareholder, access to a world-class exploration technical team, and — most critically — the capital to pursue a materially larger and faster exploration program at Greater Oko over the coming years.

Endeavour Mining: The Strategic Significance of This Investment

Endeavour Mining plc (LSE/TSX: EDV) is the largest gold producer in West Africa and ranks among the top 10 senior gold producers globally. Since 2016, Endeavour's exploration team has delivered 22.4 million ounces of gold (Measured and Indicated) in discoveries — a track record that positions it as one of the most prolific exploration-stage value creators in the modern gold mining industry. The appointment of Endeavour's Executive Vice President of Exploration, Sonia Scarselli (formerly BHP's Vice President of Exploration and Xplor), as Special Advisor to Altair's board and Greater Oko Project — subject to mutual election by both parties — would add direct technical leadership from a globally recognised exploration expert.

The strategic logic for Endeavour's investment rests on a geological parallel that Altair's management has emphasised consistently: the Guiana Shield in South America is interpreted as a geological continuation of the West African Birimian Greenstone Belt, the terrain in which Endeavour has built its discovery track record. If this geological analogy holds, the exploration methodologies, target models, and technical heuristics that Endeavour has applied successfully in West Africa may be transferable to the Guyana setting — potentially accelerating the discovery process at Greater Oko.

Greater Oko Project: Current Status and Exploration Targets

Greater Oko now spans 428 square kilometres following the relinquishment of certain non-material permits back to vendor Adamantium Exploration Inc. The project encompasses four key target areas spanning approximately 55 kilometres along the Oko Shear Zone, with Altair's exploration activity concentrated at South Oko and North Peters. Recent exploration results have demonstrated meaningful gold mineralisation: North Peters has returned intercepts of 89m at 2.40g/t Au and 85m at 4.81g/t Au, while South Oko's main soil anomaly has doubled in size and geophysics have defined shear zone drill targets.

The scale of the land package — described by Altair's CEO Faheem Ahmed as the last untapped Birimian-like greenstone belt on the planet, sitting in a pro-mining and politically stable jurisdiction — underpins the company's multi-year exploration thesis. Guyana's gold sector has attracted significant international attention following G Mining Ventures' acquisition of G2 Goldfields' Oko West Project, which provides a geological analogue and commercial precedent directly adjacent to Altair's tenements.

Use of Placement Proceeds: Accelerated Exploration Program

The A$28.2 million placement proceeds will be directed toward a significantly expanded exploration program across Greater Oko. The current drilling program of approximately 30,000 metres — comprising one RAB and one diamond rig — will be expanded to approximately 50,000 metres, with a second RAB rig to be immediately secured to run simultaneously at North Peters and South Oko. A minimum of 15,000m diamond and 15,000m RAB is allocated to South Oko. Geochemical programs will be doubled in pace, with additional personnel, sampling equipment, and excavators to be deployed.

The company's pro-forma treasury of approximately A$40 million following placement completion provides not only a runway for the 50,000m Phase I program, but also optionality for a Phase II diamond program of more than 30,000m to aggressively delineate any major discovery that may arise. This exploration capital depth is unusual for a company of Altair's current market capitalisation and reflects both the scale of the land package and the conviction embedded in Endeavour's decision to invest at a 40% premium to the 30-day VWAP.

Share Price, Placement Premium and Market Dynamics

The placement's pricing at A$0.043 — a 5% premium to the last traded price of $0.041, an 11% premium to the 5-day VWAP, and a striking 40% premium to the 30-day VWAP — is a highly unusual feature for a placement of this size in the junior ASX gold exploration sector, where placements are almost universally priced at a discount to prevailing market prices. A premium placement at this magnitude, from a counterparty of Endeavour Mining's calibre, constitutes a strong external endorsement of the Greater Oko land package's geological prospectivity and Altair's ability to unlock its value.

Post-placement, Endeavour will hold approximately 9.90% of Altair's enlarged capital base. The placement will be conducted in two tranches: Tranche 1 of 398 million shares (utilising Altair's existing placement capacity under ASX Listing Rules 7.1 and 7.1A) settling by 30 April 2026, and Tranche 2 of approximately 258 million shares subject to shareholder approval at an EGM expected in mid-June 2026.

Conclusion

Altair Minerals' A$28.2 million premium placement to Endeavour Mining on 27 April 2026 is the most consequential corporate transaction in the company's history, bringing a globally credentialed strategic investor, a reinforced technical advisory framework, and a materially expanded exploration treasury to the Greater Oko Project. The premium pricing — particularly the 40% premium to the 30-day VWAP — signals Endeavour's high conviction in the Birimian-analogue geological setting of the Guiana Shield, and Altair's established land position within it. At $0.041 per share, the company enters a multi-year, multi-rig drilling campaign with approximately A$40 million in pro-forma cash, a world-class exploration partner, and the operational scale to pursue discovery simultaneously across multiple targets.