Revolver Resources (ASX:RRR) has received strong market support for a capital raising to support development of Dianne copper mine in Queensland.
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The company received binding commitments for an equity placement to raise gross proceeds of approximately $2.6 million,
Revolver also received binding subscriptions for the issue of 30-month convertible notes to raise a further $1.775 million.
MD, Pat Williams, said Revolver continues to advance a range of project funding options for Dianne, with offered terms being enhanced by recent strong global copper demand and price appreciation.
“We continue to diligently and systematically advance a range of potential project funding packages for Dianne. In this regard, I am pleased to say that the combination of strong global copper market demand and price appreciation over recent months has seen progressive and significant improvement in the commercial terms offered by potential counterparties within this process,” he said.
“This capital raising delivers us the ability to continue advancing and optimizing the project funding process towards targeted near-term finalisation, while also committing to further critical path site early development works and procurement activities in parallel.
“This is expected to place Revolver and the short-lead, capital-lite Dianne Copper Mine project in the ideal position for a targeted positive Final Investment Decision (FID) in coming months.”
The new funds will support a commitment to further early development works and procurement activities at Diane, with a positive final investment decision (FID) targeted in coming months, with first copper cathode output expected within 12 months of FID.
The Dianne deposit at the Diane project previously hosted one of the highest-grade operating copper mines in the world.
Revolver’s Dianne copper mine strategy is focused on a low capital cost development of the existing mineral resource at the Dianne deposit.
Mr Williams said Revolver’s regional exploration strategy at the Dianne project also continues to test the volcanogenic massive sulphide (VMS) and intrusive related gold system (IRGS) located to the west of the Dianne deposit.
The Dianne Copper mine project is supported by the Queensland Critical Minerals and Battery Technology Fund.
RRR is down 5.56% to 8.5¢. Mkt cap $26.60M.
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