Trigg Minerals has raised A$12.5 million from institutional and strategic investors to accelerate development of its Antimony Canyon Project in Utah, positioning itself as a key supplier in the US critical minerals market amid soaring antimony prices.
- A$12.5 million placement led by US and Australian institutional investors
- Funds to support pilot mining, resource restatement to JORC compliance, and exploration
- Strong investor demand reflects confidence in Trigg’s US expansion strategy
- Plans underway for potential US mainboard listing to enhance market presence
- Antimony prices surge to approximately USD 60,000 per metric tonne
Capital Raise Signals Confidence in US Antimony Supply
Trigg Minerals Limited (ASX – TMG) has successfully raised A$12.5 million through a placement to institutional and professional investors, including new strategic US funds. This capital injection is earmarked to advance the company’s flagship Antimony Canyon Project (ACP) in Utah, a critical step as Trigg aims to become a near-term antimony producer in the United States.
The placement, priced at 8.5 cents per share, was oversubscribed, underscoring strong investor confidence in Trigg’s strategic direction. Notably, the company chose to scale back the raise rather than accept oversubscriptions, anticipating additional non-dilutive funding avenues such as federal grants and divestment of non-core assets to bolster its balance sheet further.
Advancing a Tier-1 Antimony Asset Amid Rising Prices
Antimony, a critical mineral essential for flame retardants, batteries, and defence applications, has seen prices surge to around USD 60,000 per metric tonne. Trigg’s ACP is one of the largest and highest-grade undeveloped antimony projects in the US, with a foreign resource estimate of 12.7 million tonnes at 0.79% antimony, containing over 100,000 tonnes of the metal. While this resource estimate is yet to be restated under the JORC 2012 code, the company plans to complete this compliance upgrade in 2025, enhancing the project’s credibility and investment appeal.
Funds from the placement will underpin near-term pilot mining operations designed to address supply chain disruptions in the US, which currently lacks domestic antimony production. This move aligns with broader national interests in securing critical mineral supply chains, particularly for defence and industrial applications.
Strategic Team Expansion and Market Positioning
Trigg is bolstering its leadership with recent appointments of antimony experts and a US defence advisor, signaling its intent to build a world-class team to navigate the complex critical minerals landscape. The company is also exploring a potential listing on a US mainboard exchange, which would enhance its visibility and access to capital markets in North America.
Alongside the US project, Trigg continues exploration at its Wild Cattle Creek deposit in New South Wales, Australia, which hosts a JORC-compliant resource. This dual-jurisdiction approach positions Trigg as a vertically integrated, conflict-free supplier to Western economies.
Looking Ahead
With a strengthened balance sheet and clear development milestones, Trigg Minerals is poised to accelerate its growth trajectory in the critical minerals sector. The company’s focus on delivering secure antimony supply to the US and allied markets could make it a pivotal player as geopolitical and supply chain considerations intensify.
Bottom Line?
Trigg’s capital raise sets the stage for rapid advancement in US antimony production, but execution risks and regulatory hurdles remain key watchpoints.
Questions in the middle?
- How quickly can Trigg complete the JORC-compliant resource restatement for Antimony Canyon?
- What progress will Trigg make toward securing a US mainboard listing and what impact will this have?
- How will pilot mining operations perform amid volatile antimony prices and supply chain pressures?