Avenira Limited has launched a three-for-two renounceable rights issue to raise up to approximately $49 million to fund capital works at its Wonarah Phosphate Project in the Northern Territory.

The capital raising is priced at 0.6 cents per share, representing a 25% discount to the last close of 0.8 cents and a 23% discount to the 10-day volume-weighted average price. Eligible shareholders can trade their rights from 19 August 2026 until 3 September 2026, with the entitlement issue closing on 10 September 2026. Shareholders can also apply for shortfall shares in excess of their entitlements.

The principal asset is the 100%-owned Wonarah Phosphate Project located in the Barkly region. Major shareholder Hebang Biotechnology has provided multiple debt and equity funding packages since 2024 to support project advancement prior to the current rights issue, and has confirmed its intention to participate fully to maintain its 60% interest.

Net proceeds will be allocated toward initiating capital works, including $15 million for mining fleet, ancillary equipment and long-lead items, $9 million for camp expansion, offices and workshops, $9 million for mine development and site access works, and $7.5 million for site infrastructure and road construction. Working capital and general corporate purposes will absorb $4.7 million, with the remaining balance covering light vehicle fleet purchases and offer expenses.

“This raising is an important step in Avenira's transition from developer to producer. The funds give us the balance sheet to move Wonarah from a permitted project into an operating mine, and I'm pleased that we can offer all shareholders the opportunity to participate on the same terms.”

“We have assembled an experienced operational team over recent months, and we are all looking forward to formally getting on site at Wonarah. I would like to thank our shareholders for their continued support as we move into this next phase.”

— John He, Chairman and CEO

Mahe Capital Pty Ltd is acting as the lead manager for the offer. The company targets the commencement of pre-strip activities at the Wonarah project in the fourth quarter of calendar 2026, followed by the first Direct Shipping Ore shipment in the first half of calendar 2027.

Read the full announcement: Renounceable Rights Issue to Raise up to $49 Million