Key Highlights

  • Infinity Mining has completed a Placement of 31,000,000 new shares at A$0.0065 each, raising A$201,500 before costs.
  • Mining One Pty Ltd, the company’s strategic technical alliance and farm-in partner for the Victorian Tanjil project, participated in the placement.
  • Shares were issued under the existing Listing Rule 7.1 placement capacity, and CPS Capital Group was appointed lead manager and broker.
  • Dr James Xiao has left the board with effect from the announcement date, following his input on the Orivium Extraction project.

Infinity Mining Limited (ASX:IMI) has completed a placement to raise A$201,500 before costs through the issue of 31,000,000 new fully paid ordinary shares. The company also announced that Dr James Xiao has left its board. The exploration company holds projects across New South Wales, Victoria and Western Australia, including the Cangai and Tanjil projects and the Hillside project in the East Pilbara.

Placement Details and Participants

The placement was offered to sophisticated and professional investors at an issue price of A$0.0065 per share. Funds raised will be applied toward the company’s general Working Capital requirements. Mining One Pty Ltd, which the company describes as its strategic technical alliance and farm-in partner for the Victorian Tanjil project, took part in the placement. The company’s earlier farm-in arrangement with the partner was announced in April 2025.

The new shares will be issued under the company’s existing placement capacity pursuant to Listing Rule 7.1 and will rank equally with existing fully paid ordinary shares. CPS Capital Group Pty Ltd was appointed as lead manager and broker. It will receive a management fee of 2% and a raising fee of 4%, both excluding GST, on the funds raised under the placement.

Board Change and Background

Dr James Xiao has left the board, effective from the announcement date. The company said his departure follows the completion of its re-focus of operations and his considerable technical input to the Orivium Extraction project. The Orivium Extraction project relates to the company’s binding arrangements with Orivium Global Pte Ltd for the use of Orivium processing technology for Cangai feedstock and e-waste. The company thanked Dr Xiao for his input.

Chairman Cameron Petricevic is listed as the company’s executive chairman and contact for Shareholder enquiries. The announcement did not include a replacement director or any change to the company’s executive arrangements.

Project Portfolio and Strategic Context

Infinity describes its portfolio as covering copper, gold, antimony and base metal exploration across New South Wales, Victoria and Western Australia. The portfolio includes the Cangai Project in New South Wales, the Tanjil Bren and Walhalla South Extended joint venture projects in Victoria and the Hillside Project in the East Pilbara. The company also has binding arrangements with Orivium Global in relation to processing technology.

The Orivium arrangement and the Tanjil farm-in are both referenced in earlier company announcements. The placement does not change the company’s stated project portfolio, and the announcement does not disclose exploration budgets or timelines for specific projects.

Placements of this kind are typically used to fund general corporate and working capital needs, and the company has stated that the proceeds of this placement will be applied in the same way. The use of its placement capacity under Listing Rule 7.1 means the shares were issued without shareholder approval, within the limits set by the rule. The announcement does not state the company’s cash balance or the period over which the funds are expected to last. The director change and the placement are reported together in the same announcement, and the company has not linked the two events beyond noting that Dr Xiao’s departure follows the completion of its re-focus.

Closing Perspective

The placement is modest in size relative to the company’s exploration portfolio, and the funds are earmarked for working capital. The announcement does not disclose the company’s cash balance, forward spending or the future role of Mining One beyond its current participation. The departure of Dr Xiao from the board is effective immediately, and the company has not named a successor. Future disclosures on board composition, the Orivium project and the Tanjil joint venture are likely to indicate how the company’s exploration activity develops.