Altitude Minerals Raises $1.15M to Advance Nevada and NSW Exploration Projects

Placement Raises Over $1 Million for Key Exploration Push

Altitude Minerals Ltd (ASX:ATT) has successfully completed a $1.155 million placement priced at 1.3 cents per share, accompanied by attaching options exercisable at 3.4 cents each until July 2027. The capital injection comes as the company prepares to accelerate exploration across its portfolio, targeting silver and gold in Nevada alongside copper-gold porphyry systems in New South Wales.

The placement, which includes 88.9 million new shares and 107 million options pending shareholder approval, was strongly supported by both new and existing investors, reflecting confidence in Altitude’s strategy of securing high-quality targets in established mining jurisdictions. GBA Capital acted as lead manager for the placement, which was issued at an 18% discount to recent trading prices, a typical concession for raising funds swiftly.

Nevada Projects: Combined Drill Program to Unlock Silver and Gold Potential

In Nevada, Altitude is advancing two key projects: the recently acquired W-Project near Winnemucca and the Firenze Project, which has already been drilled to validate high-grade silver and gold targets. Due to limited rig availability in the region, the company plans a cost-effective combined reverse circulation (RC) drill campaign for both projects once the W-Project’s drill targets are fully validated over the coming months. This approach aims to maximise operational efficiency and capitalise on the significant exploration upside in a top-tier mining jurisdiction.

The W-Project option secured earlier this month revealed widespread gold mineralisation in historical drilling but left critical high-grade feeder zones untested, setting a compelling stage for Altitude’s upcoming work exclusive option secured. Meanwhile, the Firenze Project’s readiness for drilling follows detailed target validation and permit acquisition, positioning it for a 2,600-metre RC program to test a 1.2-kilometre structural corridor rich in silver and gold mineralisation Firenze Project drill targets.

Byrock Project: Copper-Gold Porphyry Drilling Set for June

Closer to home, Altitude is pressing ahead with drilling at the Byrock Project in the Macquarie Arc of New South Wales, targeting copper-gold porphyry systems interpreted as an extension of a major mineralised belt. Preparations are being fast-tracked for a June 2026 drill campaign following encouraging aircore results and extensive geophysical surveys that confirmed multiple pipe targets for follow-up testing.

The Byrock Project drilling will build on previous successes, including the confirmation of a copper-gold porphyry system at the T55 Target, which validated the company’s geological model and supported the joint venture earn-in with Nimrod Resources. The upcoming program aims to test deeper mineralisation and refine the understanding of the project’s economic potential Byrock porphyry targets gravity and passive seismic surveys.

Options and Shareholder Approval Pending

The placement includes attaching options exercisable at 3.4 cents each, expiring in July 2027, which will be issued subject to shareholder approval at a forthcoming general meeting. Additionally, broker options will be granted as part of the placement fee arrangement. If approved, these options provide investors with a leveraged exposure to Altitude’s exploration upside over the next 18 months.

Managing Director Duncan Chessell expressed optimism about the company’s prospects, highlighting the strategic value of the W-Project acquisition and the significance of confirming economic copper-gold porphyry systems in NSW. The company’s focus now shifts to validating drill targets and executing the planned campaigns that could materially advance Altitude’s exploration pipeline.