Megado Minerals Raises A$1.65M to Advance Iberian Copper and Alpartir Silver-Copper Projects

Capital Raise Details and Shareholder Approval

Megado Minerals Limited (ASX:MEG) announced a capital raising of A$1.65 million to support exploration activities at its high-grade copper and silver projects in Northern Spain. The company secured firm commitments for a placement of 75 million fully paid ordinary shares at A$0.02 each, raising A$1.5 million before costs. Alongside this, the board of directors has committed to subscribing for an additional 7.5 million shares, equating to A$150,000, subject to shareholder approval at an Extraordinary General Meeting (EGM) planned for late May or early June.

Investors participating in the placement will receive one free attaching option for every two shares subscribed, exercisable at A$0.04 until 30 April 2028, also contingent on shareholder approval. The placement shares are to be issued under the company’s placement capacity pursuant to ASX:Listing Rules 7.1 and 7.1A, with settlement expected on 16 April 2026. Broker fees of 5% will apply where applicable for introduced investors.

Use of Funds Focused on Iberian and Alpartir Projects

The proceeds from the placement and director subscription will primarily fund drilling activities on Investigation Permits within the Iberian Copper Project. This project encompasses 12 permits covering 956 square kilometres in the provinces of Navarra and Aragón, targeting copper oxide and sulphide mineralisation in historic mining areas. The company is developing a works program to identify multiple high-priority drilling targets across the project area.

Additionally, reconnaissance geological mapping and sampling are planned at the Alpartir Silver-Copper Project, which covers 576 square kilometres in Aragón. This project targets high-grade, structurally controlled silver-copper-antimony vein systems with historical underground mining dating back to the 19th century. Megado considers Alpartir a strategic entry into a historically productive European silver-copper district with significant exploration upside.

Broader Project Portfolio and Exploration Strategy

Beyond its Iberian assets, Megado retains interests in Canadian lithium and gold projects in Quebec, including the Cyclone Lithium and Gold Project and the K Lithium Project, both prospective for lithium and associated metals. The company also holds the North Fork Rare Earth Project in Idaho, USA, under an exploration agreement with a subsidiary of Iluka Resources, allowing exclusive exploration rights for two years from October 2024.

This capital raising follows recent developments including the securing of critical permits and promising assay results at the Iberian Copper Project, which set the stage for the maiden drilling campaign planned for the second quarter of 2026. The company’s strategic focus on advancing these projects is underscored by director participation in the placement, reflecting internal confidence pending shareholder approval. For further details on the project’s recent assay results and exploration plans, see Megado Minerals’ update on the high-grade copper-silver potential at Iberian Project.