Turnstone Resources Ltd has secured firm commitments to raise A$1.1 million through a two-tranche placement of new fully paid ordinary shares priced at A$0.02 each.

The issue price represents an 11.1% premium to the company's last traded price of A$0.018 and a 3.7% discount to its 15-day volume-weighted average price of A$0.0208.

The placement comprises 55 million new shares directed at sophisticated and professional investors. Tranche 1 will raise up to A$810,000 via the issuance of 40,500,000 shares utilizing Turnstone's existing placement capacity under ASX Listing Rules 7.1 and 7.1A. Tranche 2 aims to raise up to A$290,000 through 14,500,000 shares and is subject to shareholder approval at a general meeting expected to be held in mid-October 2026. The second tranche includes commitments from directors totaling A$160,000 across 8,000,000 shares, with subscriptions submitted by Richard Pearce, Len Jubber, and Rory Luff.

Placement shares are scheduled to settle on 8 September 2026, with allotment expected on or around 9 September 2026. Lead manager GBA Capital Pty Ltd will receive 4,000,000 options exercisable at A$0.035 over three years as part of its fee, subject to shareholder approval.

Proceeds from the financing will fund the evaluation and potential acquisition of new critical minerals opportunities, alongside exploration across Turnstone’s Swedish copper-gold portfolio. That portfolio spans the Glava, Torsby West, and Klinten project areas situated within the Värmland region of south-west Sweden. The company completed high-resolution drone magnetic surveys covering approximately 100 square kilometres across those three project areas in July 2026.

“The placement provides flexibility to assess additional critical minerals opportunities that meet our commodity and jurisdiction criteria, while progressing exploration across our Swedish copper-gold portfolio. The next phase of work will focus on refining drill targets at Glava and across Torsby West.”

“In addition, we will progress the review of strategic options for the German potash assets.” — Richard Pearce, Non-Executive Chairman

Upcoming operational activities involve mapping, sampling, ground electromagnetic geophysics, and potential maiden drilling at Glava and Torsby West, subject to results. Funds will also support the ongoing review of strategic options for the company's German potash assets, ensuring capital is directed toward value-accretive initiatives across the portfolio.

Read the full announcement: $1.1 Million Placement to Fund Critical Minerals Strategy