Altair Raises A$13 Million at A$0.016 per Share for Major Drilling Push
Altair Minerals has raised A$13 million through an institutional placement led by 1832 Asset Management, fully funding an extensive drilling program at its Greater Oko Project set to begin early next year.
- A$13 million raised via institutional placement at A$0.016 per share
- 1832 Asset Management becomes a substantial shareholder
- Funds to fully finance a minimum 15,000m drilling program starting Q1 2026
- Ongoing geochemical and geophysical exploration at Greater Oko
- Placement attracted prominent international mining investors
Strategic Capital Raise Bolsters Exploration Ambitions
Altair Minerals Limited (ASX – ALR) has successfully secured firm commitments for a A$13 million institutional placement, marking a significant milestone in its exploration journey. The placement, priced at A$0.016 per share, attracted strong demand from internationally renowned mining institutions and resource investors, with 1832 Asset Management emerging as a cornerstone shareholder. This injection of capital positions Altair to accelerate its exploration activities at the Greater Oko Project, a highly prospective greenstone belt in a politically stable jurisdiction.
Funding a Major Drilling Campaign
The proceeds from the placement will fully fund a minimum 15,000-metre drilling program scheduled to commence in early Q1 2026. This ambitious campaign will focus on the North Peters and South Oko areas, with phase one diamond drilling planned to cover between 3,000 and 5,000 metres at North Peters and 10,000 to 12,000 metres at South Oko. Alongside drilling, Altair is advancing geochemical and geophysical programs designed to refine and prioritize high-probability drill targets, enhancing the potential for significant discoveries.
Investor Confidence and Strategic Positioning
The participation of 1832 Asset Management and other prominent investors underscores confidence in Altair’s long-term vision and the prospectivity of the Greater Oko Project. CEO Faheem Ahmed highlighted the rarity of attracting such calibre of institutional support early in the company’s development, emphasizing the strategic value of Altair’s consolidated position across the last untapped Birimian-like greenstone belt. The company is also planning to expand its exploration footprint into new, highly prospective districts within Greater Oko, signaling a commitment to sustained growth and discovery potential.
Market and Operational Implications
Managed by 62 Capital and Argonaut Securities as joint lead managers and bookrunners, the placement was executed under ASX Listing Rules 7.1 and 7.1A, with shares to rank equally with existing stock. The 15.8% discount to the last traded price reflects a strategic balance between raising capital efficiently and rewarding existing shareholders. With funds secured, Altair is poised to deliver on its exploration milestones, which could materially enhance its resource base and shareholder value if drilling results prove positive.
Looking Ahead
As Altair prepares to embark on its maiden drill program at Greater Oko, the market will be watching closely for early assay results and updates on exploration progress. The company’s ability to convert its geological potential into tangible resources will be critical in defining its trajectory in the competitive junior mining sector.
Bottom Line?
Altair’s successful capital raise sets the stage for a pivotal drilling campaign that could redefine its exploration prospects.
Questions in the middle?
- What initial results will the maiden 15,000m drilling program yield at Greater Oko?
- How will 1832 Asset Management’s involvement influence Altair’s strategic direction?
- Could Altair’s expanded exploration footprint uncover additional high-value targets?
