Altitude Minerals Raises $500K to Unlock Heavy Mineral Sands Potential
Altitude Minerals has completed a $500,000 capital raise to fund targeted drilling and exploration of heavy mineral sands in South Australia and New South Wales, advancing its Eromanga Basin project.
- Completed $500,000 capital raise via entitlement offer shortfall and placement
- Funds allocated for air-core drilling and exploration of heavy mineral sands
- Issued 29.4 million shares and 14.7 million attaching options to investors
- Drilling permit approval and heritage survey expected by late August
- 4,000m drilling program planned to commence in September 2025
Capital Raise Completed
Altitude Minerals Ltd (ASX – ATT) has successfully raised $500,000 through the placement of shortfall shares from its recent entitlement offer, alongside an additional placement. The company issued over 29 million shares and nearly 15 million attaching options to sophisticated and professional investors at $0.017 per share. These funds will underpin the next phase of exploration targeting heavy mineral sands (HMS) in South Australia and New South Wales.
Focused Exploration Plans
The capital injection is earmarked for a series of strategic activities including targeted delineation and high-impact air-core drilling aimed at unlocking HMS potential within the Eromanga Basin in South Australia. The company also plans to generate further project opportunities in the region and conduct low-cost drill target generation at its Byrock and Theseus projects in New South Wales.
Upcoming Milestones
Altitude is progressing key preparatory steps with a heritage survey scheduled for late August, followed by expected drilling permit approvals around the same time. The company has secured a drilling rig and anticipates commencing a 4,000-metre air-core drilling program in September 2025, which is expected to take approximately two weeks. These activities are critical to advancing the understanding of the HMS deposits and refining exploration targets.
Investor Communication and Outlook
Altitude has committed to keeping shareholders informed through social media updates and email newsletters, with material results to be announced to the market as operations progress. The attaching options issued alongside shares have an exercise price of $0.034 and are exercisable until July 2027, providing investors with potential upside as exploration advances.
While the company’s plans are promising, the commencement of drilling remains contingent on heritage and permitting approvals, which could impact timelines. Nevertheless, this capital raise marks a significant step in Altitude’s strategy to unlock value from its heavy mineral sands projects.
Bottom Line?
Altitude Minerals’ $500K raise sets the stage for critical drilling results that could reshape its exploration trajectory.
Questions in the middle?
- Will heritage and permitting approvals proceed smoothly to enable September drilling?
- What initial results might the 4,000m air-core drilling program reveal about HMS potential?
- How will the market respond to the attaching options and potential share dilution?