Highlights

• Arrow Minerals has proposed a Placement of up to 275 million ordinary shares at $0.02 per share, with the Issue Date set for 19 November 2026.

• Proceeds are to be applied to exploration and resource drilling in the Pilbara, product test work and marketing, development studies for the Pannawonica project, the Niagara work programme, and working capital.

• The placement includes 269.25 million shares to be issued under ASX Listing Rules 7.1 and 7.1A capacity, with 5.75 million shares to directors subject to Shareholder approval.

• Joint lead managers Salient Corporate, BMO Capital Markets, and Morgans Corporate are entitled to a 6% fee on funds raised under the placement.

Arrow Minerals Limited (ASX:AMD), an ASX-listed minerals exploration and development company trading under the ticker AMD, lodged an Appendix 3B on 12 November 2026 notifying the Australian Securities Exchange of a proposed placement of up to 275 million fully paid ordinary shares at a price of $0.02 per share. The placement is structured across two tranches: 269.25 million shares to be issued under the company's existing placement capacity under ASX Listing Rules 7.1 and 7.1A, with the remaining 5.75 million shares proposed to be issued to directors and therefore subject to shareholder approval at a subsequent general meeting. The proposed issue date for the main Tranche of the placement is 19 November 2026, allowing the company to access capital ahead of the upcoming field season and development study milestones.

Structure and Terms of the Arrow Minerals Placement

The company has outlined several specific purposes for which the placement proceeds will be deployed. These include exploration and resource drilling activities in the Pilbara region of Western Australia, product test work and Marketing activities relating to the company's minerals portfolio, development studies for the Pannawonica project, work programs at the Niagara project, and general Working Capital and costs of the offer. The allocation of capital across both exploration drilling and development study work reflects the company's position at a juncture where both near-term resource definition and longer-term project development planning are active priorities. Product test work and marketing activities also feature as a use of proceeds, suggesting the company is simultaneously advancing the technical definition of its minerals and working to establish commercial pathways for the eventual sale of those minerals. The choice of placement over a pro-rata offer or share purchase plan was explained in the lodgement as reflecting the need to raise funds within a short timeframe, the certainty of funds provided by institutional and sophisticated investor participation, lower execution risk, and prevailing market conditions.

Intended Use of Proceeds Across Projects

Arrow Minerals' project portfolio is centred on the Pilbara region, one of Australia's most significant mineral endowments hosting world-class iron ore, lithium, gold, and base metal deposits. The Pannawonica project, referenced as a destination for development study funding, is associated with the company's iron ore and related minerals activities in the region. The Niagara project is a separate work programme also located in the Pilbara, adding another front to the company's exploration and development pipeline. The involvement of three joint lead managers — Salient Corporate, BMO Capital Markets, and Morgans Corporate — provides broad institutional and retail investor coverage for the placement, with fees of six percent on funds raised reflecting standard market terms for a capital raise of this scale and structure.

Project Portfolio and Strategic Context

For investors in Arrow Minerals, the placement represents the company's mechanism to maintain financial capacity to execute on a portfolio of work programs across multiple Pilbara projects simultaneously. Access to capital at a relatively early stage of project development is a persistent requirement for exploration and pre-development companies, and the placement structure — prioritising speed, certainty, and low execution cost — reflects pragmatic capital market management. The placement price of $0.02 per share will serve as the reference point for the new shares following their issue, and the participation of experienced institutional advisers as joint lead managers signals confidence in the placement's ability to secure sufficient investor interest to fund the near-term work programs described. The allocation of a portion of shares to directors, subject to shareholder approval, is consistent with standard governance practice and aligns the board's interest with the placement outcome. The two-stage consideration given to the placement structure — specifically choosing it over a pro-rata entitlement offer or share purchase plan — reflects a pragmatic assessment of the trade-off between inclusivity and execution speed. While a rights issue would allow all shareholders to participate on a pro-rata basis, the additional time, documentation, and cost requirements of that structure can be a material disadvantage when field programs need to be funded ahead of an upcoming season. The company's reasoning, as disclosed, prioritised speed and certainty of funding over broader shareholder participation, a decision that directors are entitled to make within the framework of ASX Listing Rules when the interests of the company are best served by efficient access to capital. For the broader Arrow Minerals Investment story, the placement represents a step in the company's ongoing effort to advance multiple work fronts across its Pilbara portfolio simultaneously. The combination of exploration drilling to build the geological database, product test work to understand the commercial characteristics of its minerals, and development studies to assess the economic viability of its most advanced project reflects a multi-track approach to value creation that is appropriate for a company with several Assets at varying stages of maturity. The Pilbara region's strong track record as a destination for major minerals investment — particularly in iron ore, lithium, and gold — provides a supportive geological and infrastructure context for Arrow's exploration activities. The company's ability to continue advancing its project pipeline through a combination of internally funded work and externally supported capital raises will be a key determinant of its progress in the period ahead.

Key Insights

For investors in Arrow Minerals, the placement represents the company's mechanism to maintain financial capacity to execute on a portfolio of work programs across multiple Pilbara projects simultaneously. Access to capital at a relatively early stage of project development is a persistent requirement for exploration and pre-development companies, and the placement structure — prioritising speed, certainty, and low execution cost — reflects pragmatic capital market management. The placement price of $0.02 per share will serve as the reference point for the new shares following their issue, and the participation of experienced institutional advisers as joint lead managers signals confidence in the placement's ability to secure sufficient investor interest to fund the near-term work programs described. The allocation of a portion of shares to directors, subject to shareholder approval, is consistent with standard governance practice and aligns the board's interest with the placement outcome. The two-stage consideration given to the placement structure — specifically choosing it over a pro-rata entitlement offer or share purchase plan — reflects a pragmatic assessment of the trade-off between inclusivity and execution speed. While a rights issue would allow all shareholders to participate on a pro-rata basis, the additional time, documentation, and cost requirements of that structure can be a material disadvantage when field programs need to be funded ahead of an upcoming season. The company's reasoning, as disclosed, prioritised speed and certainty of funding over broader shareholder participation, a decision that directors are entitled to make within the framework of ASX Listing Rules when the interests of the company are best served by efficient access to capital. For the broader Arrow Minerals investment story, the placement represents a step in the company's ongoing effort to advance multiple work fronts across its Pilbara portfolio simultaneously. The combination of exploration drilling to build the geological database, product test work to understand the commercial characteristics of its minerals, and development studies to assess the economic viability of its most advanced project reflects a multi-track approach to value creation that is appropriate for a company with several assets at varying stages of maturity. The Pilbara region's strong track record as a destination for major minerals investment — particularly in iron ore, lithium, and gold — provides a supportive geological and infrastructure context for Arrow's exploration activities. The company's ability to continue advancing its project pipeline through a combination of internally funded work and externally supported capital raises will be a key determinant of its progress in the period ahead.