Future Metals Secures $4.2M Capital, Zeta Resources Takes 12.4% Stake

• A$4.2 million capital raise completed, including a 12.4% stake acquired by Zeta Resources
• Non-binding MOU signed with Zeta Resources to assess ore processing at Savannah Mine
• Co-funded ground electromagnetic survey awarded for Eileen Bore exploration
• CEO recruitment underway to accelerate project development
• Strong PGM price environment supports exploration and development plans

Strategic Partnership and Capital Boost

Future Metals NL has taken a decisive step forward in its exploration and development journey with a successful A$4.2 million capital raise, attracting Zeta Resources as a significant new shareholder with a 12.4% stake. This funding round, comprising a placement and a fully underwritten rights issue, underpins the company’s ambitions to advance its copper-nickel-platinum group metals (PGM) projects in Western Australia.

Central to this momentum is a newly executed non-binding Memorandum of Understanding (MOU) with Zeta Resources. The agreement sets the stage for a collaborative feasibility study to evaluate the potential for Future Metals’ Eileen Bore and Panton ores to be processed at the Savannah Mine’s processing plant, currently on care and maintenance. This strategic infrastructure partnership could unlock significant value by leveraging existing processing capacity in the East Kimberley region.

Exploration Advances at Eileen Bore

The Eileen Bore Prospect, located just 20 kilometres from the Panton Project, has emerged as a promising target following recent drilling and geophysical surveys. Notably, a ground electromagnetic (EM) survey has been awarded co-funding by the Western Australian Government’s Exploration Incentive Scheme, supporting the identification of conductive sulphide zones within a key 4.5-kilometre ultramafic intrusion. Historical and recent drilling has revealed encouraging copper, nickel, and PGM mineralisation, with intercepts such as 7.4 metres at 0.46% copper, 0.51% nickel, and 0.3 grams per tonne PGM highlighting the prospect’s fertility.

Leadership and Market Tailwinds

Future Metals is also progressing its leadership capabilities by initiating a CEO recruitment process aimed at driving exploration and project development. This move aligns with the company’s strategy to capitalise on a more favourable metal price environment, with platinum and palladium prices up 56% and 38% year-to-date respectively. The improved pricing backdrop enhances the economic viability of the Eileen Bore and Panton projects and supports the company’s plans to ramp up activities.

Financially, the company ended the quarter with a healthy cash position of approximately A$3.92 million, maintaining disciplined expenditure with exploration and corporate costs tightly controlled. This financial prudence, combined with strategic partnerships and government support, positions Future Metals well to advance its projects through the next phases of exploration and development.

Looking Ahead

While the MOU with Zeta Resources is non-binding and feasibility assessments are ongoing, the potential to utilise the Savannah processing plant represents a significant strategic opportunity. The upcoming CEO appointment and results from the planned EM survey will be critical milestones to watch as Future Metals seeks to translate exploration success into operational progress.

Bottom Line?

Future Metals’ strategic capital raise and partnership set the stage for a pivotal year of exploration and development in a strengthening PGM market.

Questions in the middle?

• Will the feasibility study confirm the economic viability of processing Future Metals’ ore at the Savannah plant?
• Who will be appointed as the new CEO, and what impact will leadership have on project acceleration?
• What further exploration results can be expected from the upcoming electromagnetic survey at Eileen Bore?