Highlights

  • Hawk raises AUD 5.0 m via placement to fund exploration and project development.
  • Option secured to earn up to 80% of Olympus Scandium Project in Western Australia.
  • Funds to advance drilling at Cactus (Utah) and de-risk Olympus in Tier-1 jurisdictions.

Hawk Resources Limited (ASX:HWK) has announced the completion of a placement raising AUD 5.0 million (before costs). The funds were secured through firm commitments from sophisticated, professional and institutional investors at an issue price of AUD 0.02 per share, representing a total of 250 million shares.

The placement will be completed in two tranches. Tranche 1, comprising 67.7 million shares, will raise approximately AUD 1.35 million under the company’s existing placement capacity. Tranche 2, consisting of 182.3 million shares to raise approximately AUD 3.65 million, remains subject to shareholder approval.

Each participant in the placement will receive one free attaching HWKO quoted option for every two new shares issued, subject to approval at the upcoming annual general meeting. Directors have also committed to participate for a combined total of AUD 70,000, subject to shareholder approval.

Funds raised will be applied to drilling at the Cactus copper-gold project in Utah, completion of the Olympus Scandium Project acquisition, exploration at Olympus, and general working capital.

Olympus Scandium Project Option

In parallel with the placement, Hawk executed a binding Heads of Agreement with Opal Resources to acquire an option to earn up to 80% of the Olympus Scandium Project, located in Western Australia.

Olympus hosts a 7 km × 4 km scandium-in-soil anomaly (>500 ppm Sc) defined by historical pXRF analyses, with RAB intercepts including 11 m @ 934 ppm Sc from surface. The project was previously explored for copper, nickel, cobalt, PGE and gold between 2001–2009.

Under the agreement, Hawk may exercise the option before 18 October 2026, subject to conditions including due diligence, shareholder and regulatory approvals, and completion of related agreements.

Management Commentary

Managing Director Scott Caithness stated:
“Olympus offers Hawk a genuine large-scale opportunity in a Tier-1 jurisdiction. Scandium is a highly strategic metal due to its unique ability to strengthen and reduce the weight of aluminium alloys, as well as its role in solid oxide fuel cells and next-generation 5G/6G telecom networks. With global supply constrained and dominated by by-product streams, any scalable new source of scandium offers strong strategic value and leverage to future demand growth.”

Next Steps

Hawk’s immediate plans at Olympus include securing a permit to enter Ngaanyatjarra land, undertaking laboratory analysis of soil and lag samples to confirm historical data in Q4 2025, followed by a systematic drilling program in H1 2026 to assess continuity and thickness of mineralisation.

Share performance

The company is currently trading at AUD 0.035 per share, up by105.82% from the previous close of AUD 0.17.