Cosmo Metals Limited has received firm commitments for a $1.25 million two-tranche placement to fund maiden copper drilling at the Bingara Project in northern New South Wales.

The financing involves the issuance of approximately 357.1 million new fully paid ordinary shares at $0.0035 per share. Participants will also receive one free-attaching unlisted option for every two new shares subscribed for, carrying an exercise price of $0.0053 and a three-year expiry.

Tranche 1 covers 94.9 million shares issued under existing placement capacity, with settlement scheduled for 9 September 2026. Tranche 2 comprises 262.2 million shares and requires shareholder approval at a general meeting planned for early October 2026.

Major shareholder Great Boulder Resources Ltd is participating in the placement with a $200,000 commitment, while Cosmo Managing Director Ian Prentice has committed $25,000. Both insider participations form part of Tranche 2 and remain subject to shareholder approval.

Funds raised from the placement will primarily support the maiden drilling program at the Mona Copper VMS Prospect, which is targeted to commence early in the fourth quarter of 2026. Proceeds will also fund detailed soil sampling and target generation at Antimony Gully, assess complementary acquisition opportunities, and provide general working capital.

Cosmo acquired the Bingara and Nundle gold, antimony, and copper projects in March 2025. The holdings cover approximately 743 square kilometres across the New England Orogen.

“We are very pleased with the strong support received for the Placement from both existing and new investors, which leaves Cosmo well placed to advance first ever drilling at the highly prospective Mona VMS copper trend early in Q4 of 2026. Since acquiring the Bingara and Nundle Projects, our systematic exploration has advanced a number of compelling targets, led by Mona where high-grade copper-gold- silver mineralisation from mine dump samples provides a strong basis for maiden drill testing. We are entering an exciting period of exploration and news flow and look forward to updating shareholders as drilling and field activities progress.”

— Ian Prentice, Managing Director

Discovery Capital Partners and Cumulus Wealth acted as joint lead managers to the placement.

Read the full announcement: $1.25M Placement to Advance NSW Copper Exploration