Cosmo’s $2M Placement Sets Stage for High-Stakes NSW Exploration
Cosmo Metals has raised $2 million through a strategic placement to fast-track exploration at its promising NSW gold, antimony, and copper projects, with maiden drilling set to begin this quarter.
- Raised $2 million via two-tranche placement at $0.018 per share
- Funds targeted for maiden drilling at Bingara and Nundle projects in NSW
- Strong investor demand including Managing Director and major shareholder participation
- Projects have seen minimal modern exploration for over 30 years
- Additional funding allocated to Western Australia projects and corporate costs
Strategic Capital Raise to Accelerate Exploration
Cosmo Metals Ltd (ASX – CMO) has successfully secured $2 million through a two-tranche placement priced at 1.8 cents per share, a modest discount to recent trading levels. This capital injection is designed to underpin an aggressive exploration program focused on the company’s recently acquired Bingara and Nundle projects in northern New South Wales. These projects, rich in gold, antimony, and copper, have been largely overlooked in recent decades, presenting a compelling opportunity for discovery.
The placement attracted strong demand from sophisticated and institutional investors, including participation from Cosmo’s Managing Director, Ian Prentice, and major shareholder Great Boulder Resources, pending shareholder approval. The minimal discount and absence of attaching options underscore investor confidence in Cosmo’s assets and strategy.
Unlocking Underexplored NSW Mineral Potential
The Bingara and Nundle projects cover an extensive 743 square kilometres within the New England Orogen, a region known for its mineral endowment but underexplored in recent decades. Historic drilling at the Spring Creek gold prospect within Bingara revealed encouraging high-grade gold intersections, including 6 metres at 6.43 grams per tonne gold and 8 metres at 2.83 grams per tonne gold, from shallow depths. These results provide a strong foundation for the maiden drilling campaign set to commence in the third quarter of 2025.
Beyond gold, the projects are notable for their antimony potential, hosting multiple historic antimony mines such as the Zwer’s Scheelite Mine, which produced over 4.3 tonnes of antimony. The NSW Mines Department has identified these projects as having some of the highest antimony-gold prospectivity in the state, second only to nearby Larvotto Resources’ Hillgrove Project.
Broader Exploration and Corporate Support
While the primary focus is on NSW, Cosmo will also allocate part of the proceeds to exploration activities at its Kanowna Gold Project and Yamarna Base Metals Project in Western Australia. These projects add diversification to Cosmo’s portfolio, with Kanowna located near the prolific Kalgoorlie gold mining district and Yamarna hosting significant base metal mineralisation.
Cosmo’s leadership emphasizes the importance of systematic data collection and modern exploration techniques to unlock value from these underexplored assets. The upcoming drilling campaign will be a critical test of the projects’ potential and could set the stage for further capital raising or strategic partnerships.
Bottom Line?
As Cosmo Metals prepares to drill after decades of dormancy, the market will be watching closely for signs of a new mineral discovery in NSW’s underexplored terrain.
Questions in the middle?
- What initial assay results will the maiden drilling campaign reveal about the gold and antimony potential?
- How will shareholder approval impact the completion of the second tranche of the placement?
- Could successful exploration at Bingara and Nundle attract larger strategic investors or partners?
