Key Highlights

  • The share purchase plan raised $125,000 before costs from 16 applicants.
  • 2,083,325 new shares were issued at $0.06, the same price paid in the earlier placement.
  • All applications were accepted in full, without any scale-back.
  • Up to 11,250,008 shortfall shares may still be placed at not less than 6 cents.

Critical Minerals Group (ASX:CMG) has closed its share purchase plan (SPP) after raising $125,000 before costs, adding a small amount to the funds it is using for feasibility work at the Lindfield vanadium project in north-west Queensland. The SPP closed on 4 November, and the company reported the outcome on 9 November.

The company said it received 16 applications and issued 2,083,325 new shares at $0.06 each, the same price paid by investors in its earlier placement. All applications were accepted in full, without any scale-back. The new shares were issued on 9 November and were expected to begin trading on 10 November. After the issue, the company has 137,547,473 shares on issue.

Context: the October placement

The SPP followed a Placement of about $1.25 million announced on 19 October 2026. Companies often offer an SPP after a placement so that existing retail shareholders can buy shares at the same price as institutional and sophisticated investors, usually without brokerage. Including the SPP, the October and November offers bring in close to $1.38 million before costs, based on the reported figures. Because both offers were priced at 6 cents, every new share in this round carried the same price.

Participation in the SPP was modest compared with the placement. With 16 applications, the plan raised about a tenth of the placement amount.

Where the money goes

According to the company, the funds will support work towards a definitive feasibility study (DFS) for Lindfield. This includes drilling, bench-scale metallurgical testwork, an environmental impact statement and preparation of a Mining Lease application. A DFS is the most detailed study stage normally completed before a development decision. The environmental impact statement and mining lease are both regulatory steps that must be completed before a mine can be built in Queensland.

Vanadium is used mainly to strengthen steel and is also used in vanadium redox flow batteries for grid-scale energy storage. Critical Minerals Group has positioned Lindfield as a potential source of the metal.

Shortfall shares

The company said up to 11,250,008 shortfall shares may still be placed at a price of not less than $0.06 each. Combined with the shares already issued under the SPP, that is 13,333,333 shares, which would be worth about $800,000 at 6 cents. This figure is a calculation from the reported numbers, not a stated fundraising target, and there is no assurance any shortfall shares will be placed. Any shortfall placement would further dilute existing holders.

Limitations and next steps

The amounts raised are small compared with the usual cost of completing a DFS, permitting and later construction, so further funding would typically be needed as Lindfield advances. Explorers and developers at this stage commonly fund work through a series of smaller raisings, and each one adds shares to the register. The DFS has not been completed, and the project's technical and economic case has yet to be confirmed through that process.

The steps the company has disclosed are to progress the DFS workstreams, including drilling, metallurgy, the environmental impact statement and the mining lease application, and potentially to place the SPP shortfall. Shareholders will be watching for updates on drilling and testwork results, and on the timing of the regulatory submissions, as the company reports progress through its ASX announcements.