Astral Resources Secures AU$25M Placement for Final Investment Decision

Money Bizwiz Team
2 Min Read

Investment News: Astral Resources Secures Funding for Gold Projects

Astral Resources (ASX:AAR) has secured funding up to a final investment decision thanks to “firm commitments” to raise approximately AU$25 million through a placement of new company shares.

The funding will be divided into two tranches, with the first tranche already raising AU$21 million through the issuance of approximately 263 million new fully paid shares at AU$0.095 each.

The second tranche, subject to shareholder approval, is expected to bring in about AU$4 million.


“Proceeds of the placement ensure that Astral is funded through to completion of the Mandilla Pre-Feasibility Study (PFS) and Definitive Feasibility Study (DFS),” stated Astral in a Wednesday press release.

The company outlined that the funds will be utilized alongside current cash reserves for various study and technical work streams related to the PFS and DFS. The proceeds will also support exploration, infill drilling, and ongoing resource estimate updates for Mandilla and the Feysville project.

“We are delighted with the strong support shown by both new and existing investors in the Placement,” expressed Astral Managing Director Marc Ducler in a company statement. “The calibre of new investors we attracted and the amount raised is a testament to the quality of the Mandilla Gold Project as one of Australia’s best near-term gold development stories.”

Both Mandilla and Feysville assets are situated south of Kalgoorlie in Western Australia and together hold consolidated resources of 1.38 million ounces of gold.

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Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.

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