Altitude Minerals Ltd has secured firm commitments for a $1.215 million private placement and resolved to launch a $1.5 million non-renounceable rights issue to fund upcoming drilling across its gold and silver projects in Nevada.

The private placement involves issuing up to 243,000,000 fully paid ordinary shares at $0.005 each. Participants will receive one unquoted attaching option for every two new shares subscribed, exercisable at $0.01 with an expiry date of 30 November 2028. GBA Capital is acting as lead manager to the offerings, charging a 6% fee on raised funds and shortfalls.

The company is using its existing 15% placement capacity under ASX Listing Rule 7.1 to issue 66,917,561 shares unconditionally. The remaining 176,082,439 shares and 121,500,001 attaching options require shareholder approval at an upcoming general meeting. Directors have committed to subscribing for $315,000 worth of shares within this conditional tranche on the same terms.

In parallel with the placement, Altitude is advancing a non-renounceable entitlement offer to raise up to $1,487,056. Eligible shareholders registered as of 23 September 2026 can acquire two new shares for every three shares held, priced at $0.005 per share, alongside one attaching option for every two new shares. Shareholders taking up their full entitlement may also apply for any shortfall shares under an oversubscription facility.

Funds raised across both capital initiatives will primarily support drilling at the Firenze and Winnemucca projects, alongside business development and general working capital. The company plans to conduct a 2,600-metre reverse circulation drill program at Firenze.

As a geologist, it's rare these days to be the first exploration team to put a drill hole into outcropping veins that have returned bonanza-grade silver and gold rock chips at surface. But that is exactly what we plan to do in Nevada with this next program.

Our Board sees the same opportunity, and the support from all directors and investors in this Capital Raise shows us they share our excitement.

— Duncan Chessell, Managing Director

The completion of the capital raising allows trading in the company’s securities to resume following a temporary halt. A prospectus detailing the entitlement offer and upcoming timetable will be dispatched to eligible shareholders.

Read the full announcement: Successful Placement and Entitlement Offer