Falcon Metals Ltd has received firm commitments to raise A$30 million before costs through a placement of 50,000,000 new shares at an issue price of A$0.60 per share, backed by institutional funds across Australia, North America, and Europe.

The capital injection strengthens the company’s balance sheet and positions it to fund exploration across its gold portfolio, ensuring funding for the next 24 months. The funding underpins an expanded diamond drilling program at the 100%-owned Blue Moon Gold Project, located within exploration licence EL007839 in the Bendigo Goldfield region of Victoria. Drilling at the project has targeted the northern down-plunge extension of the Garden Gully line of reef, where historical mining operations yielded significant production.

Falcon Metals is conducting a ~60,000-metre diamond drilling program at the Blue Moon Gold Project using three operating rigs, with the potential to mobilise additional rigs depending on incoming results. Proceeds from the placement will also finance a maiden 4,000 to 5,000-metre reverse-circulation drilling program at the Errabiddy Gold Project in Western Australia.

Falcon Metals plans to commence its maiden reverse-circulation drilling program at the Errabiddy Gold Project in September 2026. 

"With this raising, Falcon is now exceptionally well-funded to advance the exciting next phase of exploration at Blue Moon, while also commencing maiden drilling at Errabiddy."

— Tim Markwell, Managing Director

The placement shares will be issued using the company's existing capacity under ASX Listing Rules 7.1 and 7.1A. Settlement of the new shares is scheduled for 3 September 2026, with allotment and quotation expected on 4 September 2026. Canaccord Genuity (Australia) Limited, Jett Capital Advisors LLC, and Bell Potter Securities Limited acted as joint lead managers and bookrunners for the transaction, while Salient Corporate served as corporate adviser.

Read the full announcement: $30 Million Placement Positions Falcon to Expand Drilling