PolarX Secures $5M Placement at 1.5 Cents to Fund 10km Drilling Program
PolarX has raised $5 million through a share placement to ramp up exploration at its Humboldt Range Gold Project in Nevada, complementing a major joint venture with Northern Star Resources in Alaska.
- Placement of approximately 335 million shares at $0.015 each raising $5 million
- Funds directed to expanded drilling and geophysical surveys at Humboldt Range Gold Project
- Northern Star JV to invest up to A$17 million by March 2026 in Alaska Range Copper-Gold Project
- Combined funding positions PolarX to accelerate resource growth in Nevada and Alaska
- Placement supported by new and existing sophisticated and institutional investors
Strategic Capital Raise
PolarX Limited has successfully secured firm commitments to raise approximately $5 million through a placement of around 335 million shares priced at 1.5 cents each. This capital injection is aimed at significantly increasing exploration activity at the Humboldt Range Gold Project in Nevada, a site that holds promising potential given its proximity to established multi-million ounce mines and processing infrastructure.
Complementing the Northern Star Joint Venture
This equity raising comes on the heels of a recently announced joint venture with Northern Star Resources Limited, which is set to invest up to A$17 million into the Alaska Range Copper-Gold Project by March 2026, with a potential staged investment of up to A$60 million over five years. The Northern Star JV focuses on expanding high-grade copper resources at Stellar and Caribou Dome, enhancing PolarX’s footprint in a highly prospective 35-kilometre strike zone.
Focused Exploration Plans at Humboldt Range
The proceeds from the placement will fund a two-phase drilling program totaling approximately 10 kilometres of reverse circulation drilling at key prospects Star Peak and Fourth of July. Additionally, geophysical surveys including induced polarization and airborne magnetics will be conducted to refine targets. This exploration push aims to identify consistent mineralisation suitable for heap leach operations and to unlock the high-grade potential of quartz-hosted gold veins.
Investor Confidence and Market Positioning
PolarX’s Managing Director, Dr. Jason Berton, expressed satisfaction with the strong support from both new and existing sophisticated and institutional investors, highlighting the strategic timing amid robust gold and copper prices. The company’s dual exposure to these commodities in stable US jurisdictions, combined with the financial backing from Northern Star and this equity raise, positions PolarX to accelerate resource expansion and enhance shareholder value.
Looking Ahead
Settlement of the placement shares is expected by mid-September, with trading to commence shortly thereafter. The capital raise not only fuels immediate exploration but also strengthens PolarX’s working capital position, enabling sustained advancement of its projects through 2026 and beyond.
Bottom Line?
With fresh capital and a strong JV partner, PolarX is poised to unlock significant value from its US gold and copper assets.
Questions in the middle?
- What early results will the upcoming Humboldt Range drilling program reveal about gold mineralisation?
- How will Northern Star’s staged investment influence PolarX’s strategic priorities and project timelines?
- What are the potential risks if exploration outcomes at either Nevada or Alaska projects fall short of expectations?
