Antares Metals Limited has secured firm commitments to raise $2,570,129 before costs through a two-tranche placement of new ordinary shares, providing capital to advance exploration across its project portfolio in Western Australia and Queensland.

The placement comprises 514,025,723 new fully paid ordinary shares issued at an issue price of $0.005 per share. Participants will also receive one free attaching unquoted option for every two new shares subscribed, exercisable at $0.012 with a three-year expiry from the date of issue.

Tranche 1 involves the issuance of 214,025,723 shares to raise $1,070,129 using the company’s existing placement capacity under ASX Listing Rules 7.1 and 7.1A. Tranche 2 will raise $1,500,000 through the issue of 300,000,000 shares and remains subject to shareholder approval. Company directors Terence Topping, Bruno Seneque, and Richard Maddocks have committed to participate in Tranche 2 for $37,500 in aggregate, subject to the same approvals.

Funds raised under the placement will be applied directly to exploration and drilling at the Quinns Gold and Copper-Zinc VMS project in Western Australia to progress maiden drilling. Proceeds will also support ongoing field exploration across the 2,003km² Mt Isa North copper-uranium project in Queensland, alongside existing project commitments at Ravensthorpe and Katanning, placement costs, and general working capital.

Antares acquired the Mt Isa North copper-uranium project in October 2024 following the successful completion of a $2.1 million entitlement offer.

"This placement gives us the capital to drill at the Quinns Project, at a time when we're generating our best exploration results to date. Attracting new professional and sophisticated investors is fantastic validation, and having Bruno, Richard and I back Tranche 2 alongside them says something too. This funds the maiden drilling we've been building towards at Quinns, and keeps us moving at Mt Isa North"

— Terry Topping, Managing Director

The company will convene a general meeting, expected to be held on or around 19 October 2026, to seek shareholder approval for Tranche 2, the attaching options, director participation, and related lead manager securities. Templar Wealth Pty Ltd acted as lead manager to the placement.

Read the full announcement: Antares Secures $2.57 Million to Fund Exploration