Paradice Boosts Stake in Solstice with $2.13M Placement to Fund Drilling

Strategic Placement Strengthens Solstice’s Financial Position

Solstice Minerals Limited (ASX, SLS) has announced a strategic placement raising approximately $2.13 million from Paradice Investment Management Pty Ltd, a well-established fund manager with a track record of backing early-stage winners. This transaction elevates Paradice to the position of Solstice’s largest shareholder, holding 9.9% of the company’s shares.

The placement involves issuing around 8.87 million new shares at $0.24 each, representing a modest discount to the last closing price but a slight premium to the recent volume-weighted average price. Importantly, the shares are issued under the company’s existing capacity, avoiding the need for shareholder approval and enabling a swift capital injection.

Backing Exploration Ambitions in Western Australia

Proceeds from the placement will bolster Solstice’s already strong cash reserves, reported at $13.6 million as of March 31, 2025. The funds are earmarked for advancing aggressive drilling campaigns across the company’s flagship projects, the Yarri Gold Project and the Nanadie Copper-Gold Project.

The Yarri Project, situated in the Eastern Goldfields, benefits from extensive tenure along major gold-bearing structural corridors and proximity to existing mining infrastructure. Solstice plans to continue delineating near-surface gold mineralisation and exploring new targets that could offer standalone scale.

Meanwhile, the Nanadie Copper-Gold Project in the Murchison region boasts an inferred resource of 162,000 tonnes of contained copper and 130,000 ounces of gold within a granted mining lease. Solstice is preparing to commence reverse circulation drilling to test resource extension targets, aiming to expand this promising deposit amid a favourable long-term outlook for copper.

Investor Confidence and Future Outlook

Solstice’s Managing Director, Nick Castleden, highlighted Paradice’s commitment as a strong endorsement of the company’s progress since its IPO just over three years ago. With three investment funds now substantial shareholders, Solstice is well-positioned to pursue its exploration and development objectives.

The company anticipates steady newsflow and operational activity through the remainder of 2025, with drilling rigs set to turn shortly. This capital raise not only supports ongoing exploration but also signals confidence in Solstice’s growth trajectory in the competitive gold and copper sectors.