Altair Minerals Secures A$28.2 Million Placement from Endeavour to Accelerate Greater Oko Drilling

Strategic Capital Injection from Major Gold Producer

Altair Minerals (ASX:ALR) has secured a significant A$28.2 million placement from Endeavour Gold Corporation, a wholly owned subsidiary of Endeavour Mining plc (LSE: EDV), at a 5% premium to Altair’s last closing price. This deal not only strengthens Altair’s treasury to approximately A$40 million but also marks Endeavour’s entry as a 9.9% shareholder, signalling a strong vote of confidence from one of West Africa’s largest gold producers.

The placement price of A$0.043 per share represents an even more substantial premium to volume-weighted average prices, including a 40% premium to the 30-day VWAP. This premium underscores Endeavour’s strategic intent to back Altair’s ambitious exploration plans at the Greater Oko project in Guyana.

Accelerated Exploration with Expanded Drilling and Geochemical Programs

With fresh capital in hand, Altair plans to ramp up its current maiden drill program from 30,000 metres to approximately 50,000 metres, split evenly between diamond and RAB drilling. The company intends to immediately bring in a second RAB rig to operate concurrently across high-priority targets like North Peters and South Oko. This expansion is designed to fast-track the delineation of mineralised zones, with the potential to add up to four more diamond rigs pending exploration success.

Geochemical efforts will also intensify, with plans to double the rate of soil and auger sampling and trenching at South Oko. Altair aims to bolster its field teams and logistics to support these scaled activities. Regional exploration programs will be bolstered with additional all-terrain vehicles and new access routes, targeting parallel shear zones within the Greater Oko tenure.

This funding boost comes on the heels of Altair’s recent launch of a 30,000-metre drilling campaign focused on validating high-grade targets at Greater Oko, including the North Peters area, which has yielded impressive intercepts such as 85 metres at 4.81 g/t gold. The ongoing work aligns with earlier findings of significant gold anomalies at South Oko, supporting a multi-year discovery pipeline. These developments build on the company’s strategy of systematic exploration and are well complemented by Endeavour’s technical expertise, which will be formalised through a joint Technical Committee and the appointment of Endeavour’s Executive Vice President of Exploration, Sonia Scarselli, as a Special Advisor to Altair’s board and project team. The synergy between Endeavour’s experience in the Birimian Greenstone Belt and Altair’s position on the geologically continuous Guiana Shield offers a compelling technical partnership.

Streamlining Permits to Focus on High-Value Targets

Alongside the capital raise, Altair has rationalised its permit holdings by relinquishing non-core permits back to Adamantium Exploration Inc. This streamlining effort leaves Altair with a consolidated land package of 428 square kilometres, maintaining its status as the largest contiguous gold exploration project in Guyana. The company and Adamantium are actively pursuing additional high-priority permits adjoining Greater Oko to further refine and strengthen the project’s footprint.

Altair’s CEO Faheem Ahmed highlighted the strategic nature of Endeavour’s investment, noting the alignment in exploration philosophy and the unique opportunity presented by the Greater Oko project’s scale and location within a politically stable, pro-mining jurisdiction. The partnership not only provides capital but also access to one of the world’s most successful gold exploration teams, potentially accelerating Altair’s pathway to discovery.