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- Oversubscribed $2.37 million placement receives strong support
- Backing from existing shareholders, new institutional, sophisticated and professional investors
- Lots of skin in the game with directors and management committing $240,000 to placement
- New funds to support Tlamino gold-silver project scoping study
Northstone Resources (ASX: NRL) is ramping up activities across its Serbian portfolio after it attracted firm commitments for an oversubscribed share placement which raised $2.37 million.
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The placement was supported by existing shareholders, new institutional, sophisticated and professional investors, while commitments from directors and management totalled $240,000 worth of placement shares.
“We are grateful for the strong support of our management, existing shareholders and the new investors joining the register, showing an endorsement of the progress our team has delivered at Tlamino this year and imminent investment catalysts. We intend to repay that support through consistent and disciplined delivery,” CEO, Max Piirto, said.
“Record drilling outside the 2021 estimate and infill results confirming continuity give us real confidence heading into the resource update. With final infill assays, the first results from greenfield exploration, the maiden JORC mineral resource estimate and the updated scoping study all to come, the months ahead represent an exceptionally busy period of news flow for Northstone.
“These funds position us to keep advancing our Serbian portfolio, with a clear focus on building value at Tlamino and Timok East.”
A major focus fpr the company going forward is progressing a series of important technical and exploration milestones at its flagship Tlamino gold-silver project in Serbia.
The company is targeting the delivery of its maiden JORC mineral resource estimate (MRE) in the December quarter of 2026, with scoping study activities to commence following delivery of the MRE.
Mr Piirto told shareholders these milestones are intended to establish a stronger technical and economic foundation for assessing Tlamino’s development potential, while ongoing step-out and greenfield drilling will continue to evaluate opportunities to extend known mineralisation and identify additional targets at Tlamino.
In parallel, Northstone intends to advance exploration activities at its Timok East copper project, providing further opportunities for discovery across its Serbian portfolio.
Placement proceeds will be applied towards the maiden JORC MRE and scoping study activities at Tlamino, together with step-out and greenfield drilling at Tlamino and to fund field exploration at the Timok East copper project.
NRL was down 10.0% to 0.9¢. Mkt cap $21.43M.
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