Eagle Mountain Mining Raises $1.08M, Eyes Shortfall Placement to Boost Arizona Projects
Eagle Mountain Mining has closed its entitlement offer, raising just over half of its targeted $1.98 million, with a significant shortfall to be placed alongside lead managers. The funds will support its copper-gold exploration projects in Arizona.
- Entitlement offer closed raising $1.08 million of $1.98 million target
- Issued nearly 120 million new shares at 0.9 cents each
- Approximately 40 million free attaching options issued
- Shortfall of $0.9 million to be placed with lead managers
- Funds aimed at advancing copper-gold projects in Arizona, USA
Entitlement Offer Closes with Partial Subscription
Eagle Mountain Mining Limited (ASX, EM2) has announced the close of its non-renounceable entitlement offer on 9 January 2026, raising $1.08 million from shareholders. The offer, which sought to raise approximately $1.98 million, fell short by nearly $0.9 million. The company issued close to 120 million new shares at a price of 0.9 cents each, along with 40 million free attaching options exercisable at 2 cents until November 2028.
Shortfall Placement to Support Funding Needs
The shortfall of approximately 99.9 million shares, representing $898,775, will be placed in conjunction with the lead managers as per the terms of the offer. This placement is critical for Eagle Mountain to secure the full funding initially targeted to advance its exploration activities. While the partial subscription may raise questions about shareholder appetite, the company’s strategy to work with lead managers to place the shortfall suggests confidence in attracting further investment.
Focus on Strategic Copper-Gold Projects in Arizona
Eagle Mountain Mining is focused on the Wedgetail and Silver Mountain projects in Arizona, a region known for significant copper discoveries including the Bagdad and Miami mines. Arizona’s status as a mining hub in the United States positions Eagle Mountain well to capitalise on growing demand for copper and gold, metals critical to the energy transition and technology sectors. The fresh capital injection will help fund ongoing exploration and development efforts in this strategic location.
Financial Position and Outlook
As of 30 September 2025, Eagle Mountain held $0.56 million in cash, underscoring the importance of the recent capital raise. The company’s market capitalisation stands at $14.5 million, with 1.32 billion shares on issue. The new shares and options are expected to be issued shortly, subject to cleared funds. Investors will be watching closely how the company deploys these funds and manages dilution risks amid ongoing exploration activities.
Board and Management Confidence
The board, led by Non-Executive Chairman Rick Crabb and Executive Director Fabio Vergara, authorised the announcement, signalling steady leadership through this capital raising phase. The involvement of lead managers in placing the shortfall also indicates a level of market support and belief in Eagle Mountain’s prospects despite the partial subscription outcome.
Bottom Line?
Eagle Mountain’s next steps in placing the shortfall and deploying funds will be pivotal for its Arizona copper-gold ambitions.
Questions in the middle?
- Who will take up the shortfall shares and at what terms?
- How will the partial raise impact shareholder dilution and share price?
- What are the immediate exploration milestones planned with the new funds?
