Key Highlights

  • Mt Malcolm Mines' rights issue closed having raised A$1,037,697, and a shortfall Placement on 19 June 2026 added A$769,773.
  • Proceeds were earmarked for exploration and a study into a 500,000 tonne per annum carbon-in-pulp processing Facility at Leonora.
  • The Malcolm Gold Project covers a semi-contiguous 274 square kilometre tenement holding about 10 to 25 kilometres east of Leonora.

Mt Malcolm Mines (ASX:M2M) raised about A$1.8 million through a rights issue and shortfall placement in mid-2026 to pay for a processing-plant study and exploration near Leonora in Western Australia. The company is assessing whether a small carbon-in-pulp plant could be feasible while it remains at the exploration stage.

The Malcolm Gold Project

Mt Malcolm describes itself as a gold-focused explorer. Its Malcolm Gold Project is a semi-contiguous 274 square kilometre tenement holding in the Leonora district of the Eastern Goldfields, roughly 10 to 25 kilometres east of Leonora. The company's April 2026 offer document states that the Malcolm Mining Centre historically produced 47,200 ounces of gold and identifies three target types: gold, volcanic-hosted sulphide (VHMS) base metals and rare earth elements. Historic production is not a current resource, and the company has not reported a JORC resource for the project.

The rights issue

On 28 April 2026 the company announced a non-renounceable two-for-five rights issue to raise up to about A$2.07 million through as many as 206.6 million shares at A$0.01, a 9.1 per cent discount to the prior close of A$0.011. The offer was not underwritten, and Mahe Capital acted as lead manager. Proceeds were allocated to exploration of the gold, VHMS and rare earth targets, a study into a 500,000 tonne per annum carbon-in-pulp (CIP) processing facility at Leonora, including financial modelling, and working capital.

The timetable ran from a Record Date of 4 May to a closing date of 25 May, with new shares trading from 1 June, subject to variation. The company reported on 12 June that the issue had closed, raising A$1,037,697 through 148,242,484 shares; shareholders took up A$429,454 and the shortfall provided A$608,243. On 19 June the company placed the remaining shortfall, raising a further A$769,773 through 109,967,599 shares. Together the two amounts total about A$1.81 million by simple addition.

One figure does not reconcile. Dividing the amounts raised by the number of shares issued gives about A$0.007 a share, not the A$0.01 set out in the April offer document. The company has not explained the difference, so the final issue price remains unconfirmed.

What the funds cover

The raising fell short of the maximum, and the company has not disclosed its cash balance after the offer. Nor has it published a budget split between the plant study and exploration. The processing-plant study is a feasibility exercise; it does not mean a plant will be built, and a CIP circuit would require a defined resource, funding and approvals.

Director David Evans acquired about 3.4 million shares on market at A$0.008 on 29 June 2026, and directors took up rights on 12 June.

Key Insights

Gold explorers of this size have generally relied on repeated small raisings, which dilute existing holders. Mt Malcolm's VHMS and rare earth targets are unproven, and any development would depend on regulatory and heritage approvals. The company's June 2026 Quarterly Report and Annual Report are the next disclosures expected to update drilling results, cash and expenditure.