Mount Ridley Mines Limited has secured firm commitments to raise $2.0 million before costs through an oversubscribed placement of approximately 60.6 million new ordinary shares priced at $0.033 each. In addition, company directors have committed to subscribe for a further $100,000 on the same terms, subject to shareholder approval at the next general meeting.

Settlement of the placement is scheduled for 10 September 2026, with allotment expected on the following day. Alpine Capital acted as lead manager to the offering and will receive standard fees alongside unlisted options subject to shareholder approval.

The capital injection will directly fund the next phase of technical and development work at the flagship Grass Patch Project, located approximately 25 kilometres north of the deep-water port of Esperance. The project hosts heavy rare earth element, scandium, and gallium resources defined across 70,000 metres of historical drilling.

Proceeds will accelerate an active flotation test program designed to assess pre-concentration ahead of leaching, followed by a larger-scale bulk metallurgical testing program for the proprietary Selectro Process. Developed in-house, the leach technology is designed to recover scandium, heavy rare earths, and gallium simultaneously from a single leach circuit. Funds will also support scoping studies, resource definition activities, and technical work aimed at increasing geological confidence across the project's critical mineral inventory.

“The strength of support from our existing shareholder base speaks to the confidence in the Grass Patch project as we move into a high impact work program. This raise was sized deliberately against a defined work program rather than as a general contingency, with funds allocated specifically for the flotation program, bulk test work and scoping study as we progress toward the design and construction of a demonstration plant. We see this as a well-supported step that positions the company to execute without distraction over the coming months.”

— Allister Caird, Managing Director & CEO

The company's near-term technical work will continue alongside ongoing assessment of third-party feed opportunities for the Selectro processing route.

Read the full announcement: $2 Million Placement to Advance Selectro and Grass Patch