Nagambie Resources has opened a discounted Share Purchase Plan aiming to raise $3.7 million to support diamond drilling at its Whroo Mines project and bolster working capital, following a strategic joint venture announcement with Alkane Resources.
- Share Purchase Plan offers shares at 1.3 cents, a 17.7% discount
- Target raise of up to $3.7 million to fund diamond drilling at Whroo Mines
- SPP open to eligible shareholders with no brokerage fees
- Recent joint venture term sheet signed with Alkane Resources
- Alkane to invest $2.5 million and potentially spend up to $27.5 million for JV stakes
Nagambie Resources Launches Discounted Share Purchase Plan
On 2 March 2026, Nagambie Resources Limited (ASX: NAG) announced the opening of its 2026 Share Purchase Plan (SPP), inviting eligible shareholders to purchase shares at a discounted price of 1.3 cents each. This price represents a 17.7% discount to the recent five-day volume weighted average price of 1.58 cents, offering a compelling entry point for investors without brokerage fees or additional transaction costs.
The company aims to raise up to $3.7 million through this SPP, with funds earmarked primarily for an initial diamond drilling program at its wholly owned Whroo Mines Gold-Antimony Project. The drilling initiative is a critical step in advancing exploration and unlocking the potential of this historically significant mining area. Additionally, proceeds will support general working capital needs, ensuring operational flexibility as Nagambie progresses its projects.
Strategic Joint Venture with Alkane Resources
This capital raising follows a significant strategic development announced on 30 January 2026: a binding term sheet for a joint venture with Alkane Resources Limited. The proposed Alkane and Nagambie Joint Venture (ANJV) aims to leverage synergies between Alkane’s established Costerfield Mine and Nagambie’s nearby antimony-gold discoveries at Whroo, located just 40 kilometres apart.
Under the agreement, Alkane will subscribe for $2.5 million worth of Nagambie shares at 1.5 cents each; a premium to the recent trading price; and has options to increase its stake by investing between $12.5 million and $27.5 million to acquire up to 80% of the joint venture. This partnership could deliver significant cost savings through shared processing facilities, underground equipment, and experienced personnel, potentially accelerating project development timelines.
Looking Ahead: Exploration and Growth Potential
Chairman Kevin Perrin highlighted the strategic importance of the Whroo Mines project, noting its extensive historical mining footprint and the opportunity to apply learnings from Nagambie’s recent discoveries. With 100% ownership retained over Whroo and the Wandean Gold-Antimony Project, Nagambie is positioning itself for a focused exploration push backed by fresh capital and a strong industry partner.
CEO James Earle encouraged eligible shareholders to participate in the SPP, underscoring the company’s bright outlook and the value proposition presented by the discounted share offer. The timetable for the SPP spans from 5 March to 26 March 2026, with allotment and quotation of shares expected in early April.
As Nagambie embarks on this next phase, the combination of targeted drilling and strategic collaboration with Alkane could prove pivotal in unlocking value for shareholders and advancing the company’s standing in the gold and antimony sector.
Bottom Line?
Nagambie’s capital raise and JV with Alkane set the stage for a potentially transformative exploration campaign.
Questions in the middle?
- Will the SPP reach its $3.7 million target given it is not underwritten?
- How will the joint venture terms evolve beyond the initial binding term sheet?
- What early results can be expected from the upcoming diamond drilling at Whroo Mines?