Why Altitude Minerals (ASX:ATT) is awaiting its entitlement offer result as Nevada silver-gold drilling nears

Sonal Goyal

12 November 2026 02:05 PM AEDT

Why Altitude Minerals (ASX:ATT) is awaiting its entitlement offer result as Nevada silver-gold drilling nears

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Key Highlights

The non-renounceable entitlement offer, seeking up to about $1.5 million, closed on 10 November with results due on 13 November.
Firenze has historical surface rock chips of up to 1,825g/t silver and 44g/t gold but has never been drilled.
The company withdrew from its Byrock earn-in after disappointing assays and will relinquish two adjacent tenements.
Cash of $817,000 at 30 September gave about 1.5 quarters of funding before the second Placement Tranche and entitlement offer.

Altitude Minerals (ASX:ATT) is at a funding and exploration turning point. Its non-renounceable entitlement offer, seeking up to about $1.5 million, closed on 10 November 2026 after two extensions, with results scheduled for 13 November. At the same time, the company says a drilling rig is due to begin its first programme at the never-drilled Firenze silver-gold project in Nevada.

The offer follows a $1.215 million placement at the same price, completed in two tranches. Together, the raisings are meant to fund Nevada drilling and Working Capital after disappointing results at the company's Byrock copper-gold project in New South Wales.

What Altitude does

Altitude is an early-stage explorer that has shifted its focus to epithermal silver and gold in Nevada. It owns 100% of Firenze and holds an exclusive option over the neighbouring W-Project near Winnemucca. Its remaining Australian asset, the Theseus copper-gold porphyry project in NSW, is to be advanced through a non-dilutive arrangement or sold, according to the September quarter report released on 12 October 2026.

Firenze has historical surface rock chips of up to 1,825g/t silver and 44g/t gold but no recorded drilling. Rock chips are selective, and these figures do not indicate the grade or size of any deposit. The company has not reported a mineral resource for either Nevada project.

Byrock exit and Nevada drilling plans

The Quarterly Report says drilling at Byrock tested three of four priority porphyry targets. While it confirmed parts of the geological model, assays were disappointing and the project did not meet the company's thresholds for further spending. Altitude withdrew from its earn-in with Nimrod Resources and will relinquish two adjacent tenements.

In Nevada, the company staked 15 more claims at the W-Project and completed mapping, sampling and a CSAMT geophysical survey to define targets. An update on 21 October 2026 said rig availability had been delayed because other Nevada explorers kept rigs on site. It gave an expected start of 10 to 15 November for a roughly three-week combined RC programme, with about 14 days for assay turnaround. At the AGM on 11 November, the chairman said drilling was expected to begin within a couple of weeks.

Placement, entitlement offer and dilution

The placement raised $1.215 million at $0.005 a share, with one free option exercisable at $0.01 for every two shares. Shareholders approved the second tranche, including director participation, at a general meeting on 27 October 2026, and 176.1 million placement shares plus 3.24 million broker-fee shares were issued on 3 November.

The entitlement offer is two new shares for every three held at $0.005, again with attaching Options exercisable at $0.01 and expiring on 30 November 2028. At full take-up, this ratio alone would expand the share count by two-thirds, before any options are exercised. All twelve AGM resolutions on 11 November passed, including a new incentive plan, director options and a 10% additional placement capacity.

The September quarter Appendix 5B showed cash of $817,000 at 30 September 2026, net operating outflows of $551,000 and about 1.5 quarters of funding, before the second tranche and the entitlement offer.

Risks and what to watch

Take-up of the entitlement offer is uncertain, and any shortfall would leave less money for drilling. Exploration risk is high: Firenze has never been drilled, and good surface samples often Fail to translate into economic intersections. Further raisings, option exercises and incentive grants could dilute holders further.

Near-term milestones are the offer results and share issue on 13 November, Quotation of the new shares from 16 November, the start of Nevada drilling and first assays, expected later in the December quarter.

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