Funding Boost Enables McLaren to Push Forward Critical Pre-Feasibility Study

Funding Milestone Achieved

McLaren Minerals Limited (ASX: MML) has announced the successful placement of shortfall shares following its recent entitlement offer, raising approximately $1.5 million. This capital injection comes from firm commitments by both existing and new investors, reflecting strong market confidence in the company’s McLaren Mineral Sands Project located in Western Australia.

The shortfall placement was executed in two tranches, with the first tranche settling immediately and the second tranche scheduled for settlement by the end of January 2025. The shares were issued at $0.035 each, collectively raising around $1.31 million from the initial tranche alone.

Advancing the McLaren Mineral Sands Project

The funds raised will be primarily directed towards advancing the Pre-Feasibility Study (PFS) for the McLaren Project, a critical step in assessing the viability and potential scale of the mineral sands deposit. The PFS is being conducted by consultant IHC Mining and remains on track for completion in the second quarter of 2025.

McLaren Minerals acquired the project in the third quarter of 2024, marking a significant strategic move into the titanium sector. Titanium, a critical mineral essential for aerospace, defence, and energy technologies, underpins the project’s strategic importance.

Investor Confidence and Next Steps

Managing Director Simon Finnis expressed optimism about the strong investor support, highlighting that the successful placement enables the company to proceed without delay. Drilling activities are expected to commence imminently, signaling a tangible progression from exploration to development.

Beyond the PFS, the funds will also cover exploration and tenement fees, offer costs, and general working capital, ensuring McLaren Minerals is well-positioned to maintain momentum through this pivotal phase.

The shortfall placement was managed by CPS Capital, a notable player in capital markets, which adds an additional layer of credibility to the transaction.

Strategic Outlook

With the successful capital raise, McLaren Minerals is poised to unlock the potential of its McLaren Mineral Sands Project, which could become a significant source of titanium supply in Australia. The company’s focus on critical minerals aligns well with broader market trends emphasizing resource security and supply chain resilience.

Investors will be watching closely as the PFS results emerge, which will provide clearer insights into the project's economic feasibility and potential scale.