Highlights

  • Felix Gold secured firm commitments for an approximately AUD 7.25 million Placement before costs.
  • The issue price is AUD 0.12 per share, with the placement divided into two tranches.
  • Proceeds are earmarked for Treasure Creek permitting, studies and resource definition.
  • The proposed US antimony refinery remains subject to further technical and commercial work.
  • A separate share purchase plan of up to AUD 1 million is also proposed.

Felix Gold Limited develops gold and antimony opportunities centred on its Treasure Creek project in Alaska and is evaluating a proposed US antimony refinery. On 4 November 2026, Felix Gold (ASX:FXG) announced firm commitments for an approximately AUD 7.25 million Equity placement before costs. The financing is intended to support permitting, economic studies and resource work, rather than an immediate production decision.

Placement Structure and Shareholder Participation

The placement comprises 60,416,667 new shares at AUD 0.12 each. Felix Gold (ASX:FXG) initially sought AUD 6.5 million but accepted additional Demand within its available capacity. The first Tranche covers 41,250,000 shares and approximately AUD 4.95 million, with settlement scheduled for 11 November 2026 and issue on 12 November.

A second tranche of 19,166,667 shares, representing approximately AUD 2.3 million, is conditional on shareholder approval. It includes a AUD 2 million commitment from an existing major shareholder and AUD 0.3 million from directors. Felix Gold (ASX:FXG) also proposed a non-underwritten share purchase plan of up to AUD 1 million at the same issue price. Eligible Australian and New Zealand shareholders may apply for up to AUD 30,000, subject to the offer terms and potential scale-back. The plan is scheduled to open on 13 November and close on 4 December 2026.

Where the Capital Is Intended to Be Applied

Felix Gold (ASX:FXG) identified AUD 1.80 million for Treasure Creek mine permitting and an economic study. Another AUD 1.80 million is allocated to analysis of 2026 drilling, an updated gold Mineral Resource estimate and antimony resource definition. These activities do not constitute a completed feasibility assessment.

The proposed Frontier refinery has a separate AUD 1.30 million allocation for site selection, permitting and economic assessment, alongside discussions concerning possible US government support. The company allocated the remaining AUD 3.65 million to corporate expenditure, offer costs and a cash buffer. With unaudited cash of AUD 1.3 million at 30 September 2026, Felix indicated combined available funds of approximately AUD 8.55 million.

Treasure Creek Exploration and Antimony Processing Questions

Treasure Creek is located in Alaska’s Fairbanks Mining District. Felix Gold (ASX:FXG) is pursuing permitting and further evaluation while awaiting much of its 2026 drilling dataset. As reported in the announcement, results for 73 of 80 holes remained pending, following initial gold assay results released on 29 October 2026. Pending grades cannot be assumed.

The company has also reported flotation concentrate from selected massive stibnite samples reaching 74% antimony. Those samples were not necessarily representative of average deposit grades. Separately, pilot-scale batch production of antimony metal had been achieved, although final refining and laboratory testing remained outstanding. Felix Gold (ASX:FXG) had not established an antimony Mineral Resource or completed an economic study. Any refinery or mine development would still require technical validation, permits, financing and corporate approvals. Discussions about potential external funding should not be treated as committed financial assistance.

Key Insights

The November placement gives Felix Gold (ASX:FXG) a defined funding plan for its 2026 exploration follow-up, Treasure Creek studies and proposed antimony-processing pathway. The distinction between funded assessment and commercial readiness remains important. Shareholder approval for the second tranche, outstanding assays, resource estimates, permitting outcomes and economic studies are among the next measurable milestones. Neither the capital raising nor selected processing results establish the economic viability of a mine or refinery.