- MLX cornerstones larger $22.1 million capital raising
- Stellar to have a pro-forma cash position of $33 million to fund Heemskirk tin project
- Capital raise will help finalise prefeasibility study (PFS)
Stellar Resources (ASX: SRZ) has entered into a binding placement agreement with Metals X (ASX: MLX) to raise $17 million via a strategic placement.
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The company is currently in a trading halt to execute an additional capital raising to raise a further $5.1 million.
Following completion of the strategic placement and capital raising, the company would have raised approximately $22.1 million and will have a pro-forma cash position of $33 million – making it well funded to advance the Heemskirk tin project in Tasmania towards development.
The capital raise will instantly support finalising the prefeasibility study (PFS) due in Q3 2026 and completing a definitive feasibility study (DFS).
It will also help fund exploration on the company’s nearby East Renison and Granite Tor tin projects, as well as general working capital.
MD, Simon Taylor, said securing a $17 million strategic placement from a proven, world-class tin producer of Metals X’s calibre was an endorsement of the Heemskirk tin project.
“This capital injection is highly transformative for the company. It ensures we are fully funded to rapidly advance Heemskirk through our upcoming prefeasibility study in Q3 2026 and straight into the definitive feasibility study,” he said.
“Furthermore, it allows us to aggressively pursue exploration across our highly prospective East Renison and Granite Tor projects.
“Having Metals X on the register also opens the door to significant strategic advantages. With our projects located so close to their flagship Renison operation, there are clear, logical synergies to explore within this Tier-1 tin district.”
Metals X is Australia’s largest tin producer with a 50% equity interest in the Renison tin operation through its 50% stake in the Bluestone Mines Tasmania Joint Venture (BMTJV) – located approximately 15km north-east from the Heemskirk tin project.
Mr Taylor said that with a market capitalisation of approximately $1.3 billion, Metals X continues to demonstrate robust operational and financial success.
Metals X’s executive director, Brett Smith, said his company has been closely monitoring the steady progress the Stellar team has achieved at Heemskirk.
“Their recent resource upgrade and the notable metallurgical improvements at Queen Hill highlight the underlying quality of the asset, and we are very pleased to formalise this strategic placement,” Mr Smith said.
SRZ is steady at 3.4c. Mkt cap $92.24M.
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