Join our daily newsletter At The Bell to receive exclusive market insights
Antares Metals (ASX:AM5) has had a busy Week 5, completing a $2 million capital raising, acquiring a strategic portfolio of Western Australian gold and base metal assets, and making a major management change.
Listen to the HotCopper podcast for in-depth discussions and insights on all the biggest headlines from throughout the week. On Spotify, Apple, and more.
Completion of the deals was subject to the company completing a minimum $2,000,000 capital raising. On the back of the $2.03M placement, Antares has successfully acquired a 100% interest in the Quinns gold, copper and zinc VMS project and the Katanning gold project from Kilonova Metals.
The move comes after Antares recently undertook a major management change, with Terence Topping set to take the reins at the Oz explorer.
“With the $2.03 million placement now complete, we are well-funded to hit the ground running,” the incoming managing director told shareholders today, adding the acquisition of Quinns and Katanning provides a rare opportunity to secure high-quality, strategic landholding in tier-one mineral provinces.
“Our immediate focus will be on refining our drill targets… while continuing to advance the high-potential copper and uranium targets at Mt Isa North.”
The 165 square kilometre Quinns project is some 10 kilometres from Monument Mining’s Burnakura mill and around 50 kilometres from Westgold Resources’ (ASX:WGX) flagship Bluebird and Tuckabianna mills. The historic gold field covers 20km of underexplored prospective geological strike and comprises extensive historical workings with a proven history of nugget discoveries.
Matanning, meanwhile, includes 130sqkm of contiguous, granted tenure located along strike from Ausgold’s (ASX:AUC) 2.44M ounce gold project.
The new chief, Mr Topping, boasts more than 35 years of experience in mineral exploration and development worldwide as he joins Antares.
The managing director’s previous roles included being co-founder of explorer Taipan Resources, which discovered the high-grade Paulsens gold deposit, and executive chairman of ASX-listed Kairos Minerals (ASX:KAI) through the expansion of the Mount York gold deposit in the Pilbara.
He was also the founder of uranium explorer Scimitar Resources, which then merged with Jackson Gold to form Cauldron Energy (ASX:CXU) in the 2000s. Mr Topping has held non-executive director roles at Preston Resources (ASX:PRS), Rumble Resources (ASX:RTR), and Accelerate Resources (ASX:AX8).
And, following Mr Topping’s appointment, Johan Lambrechts is stepping down as chief executive officer, effective February 19.
AM5 has been steady at 1.1cps on Friday arvo.
Join the discussion: See what HotCopper users are saying about Antares Metals Ltd and be part of the conversations that move the markets.
The material provided in this article is for information only and should not be treated as investment advice. Viewers are encouraged to conduct their own research and consult with a certified financial advisor before making any investment decisions. For full disclaimer information, please click here.
