Sierra Nevada Gold has secured firm commitments for a $12.3 million single-tranche placement and lined up an additional $0.55 million director and management participation to fund rapid exploration at the As Safra Copper-Gold Project in Saudi Arabia.

The placement comprises approximately 123.2 million new CHESS Depositary Interests priced at $0.10 each, utilising the company's existing placement capacity under ASX Listing Rules 7.1 and 7.1A. Directors, management and former management intend to subscribe for the remaining $0.55 million through a separate tranche, which remains subject to shareholder approval at an Extraordinary General Meeting scheduled for late October 2026.

Proceeds will directly fund an extensive upcoming field campaign at As Safra, where Sierra Nevada Gold expects to commence its Phase 2 drilling program within six weeks. The planned program will incorporate over 25,000 metres of reverse circulation and diamond drilling alongside approximately 10.5 kilometres of trenching across and beyond the 800-metre Central Copper Zone.

To anchor its operations in the Kingdom, the company established its 100%-owned Saudi Arabian subsidiary, Arabian American Minerals LLC, in March 2026 to hold licenses and execute exploration programs. The operational pivot toward Saudi Arabia has also prompted the company to initiate a strategic review and commercialisation process for its portfolio of five 100%-owned exploration assets in Nevada, USA, freeing up capital to concentrate on its growing Middle Eastern footprint.

“Early exploration and drilling results from As Safra have established it as our core strategic focus, with strong results from our Phase 1 drilling program, and a Phase 2 program of +25,000m of drilling expected to commence within six weeks.”

“To build on our momentum at As Safra, we plan to direct our resources towards advancing the Project as quickly as possible and pursuing broader growth opportunities in Saudi Arabia. We have a focused technical and corporate team, including members with Saudi-specific experience, and are keen to continue our work to unlock this exciting mineral province.”

— Adam Oehlman, Chief Executive Officer

The funding package positions the company to aggressively test targets across As Safra's broader 5.5-kilometre mineralised corridor following encouraging results from Phase 1 drilling.

Read the full announcement: $12.85 million Capital Raising to advance As Safra