Aquirian Raises $8 Million to Fuel $48 Million Lord Byron Contract

Capital Raise Targets Drillforce Expansion

Aquirian Limited (ASX:AQN) has successfully raised approximately $8 million via a placement of nearly 20 million new shares at $0.40 each, a discount of around 9% to recent trading prices. The capital injection is earmarked to strengthen the balance sheet and accelerate growth initiatives within its Drillforce business, particularly supporting the rollout of its patented automated Collar Keeper® technology and expanding working capital.

The placement attracted strong demand, exceeding the target raise, with participation from existing institutional, industry, and sophisticated investors, as well as new institutional entrants. Directors have also committed to invest roughly $40,000 subject to shareholder approval, signalling management’s confidence in the company’s growth trajectory.

Backing a $48 Million Lord Byron Contract

This capital raise comes on the back of Aquirian’s recently secured $48 million, three-year contract to provide drilling and energetics services at Brightstar Resources’ Lord Byron open pit mine in Laverton, Western Australia. The contract, part of a broader five-year Strategic Framework Agreement with Brightstar, positions Aquirian as a preferred long-term partner across multiple Goldfields operations and leverages its vertically integrated technology and service offering.

The Lord Byron agreement requires approximately $6 million in assets, of which Aquirian already owns about 75%, including two T45 drill rigs and reload facility equipment. The placement proceeds will assist in funding the remaining asset requirements alongside working capital and debt restructuring to align with the growing contract pipeline. This deal builds on the company’s earlier $20 million Mt Ida contract and the commissioning of its Wubin energetics facility, reflecting a clear growth path for the Drillforce platform.

Technology and Integration Driving Growth

Central to Aquirian’s strategy is the commercialisation of its Collar Keeper® System, a patented technology designed to improve drill and blast efficiency and safety. The company plans to use part of the placement funds to increase inventory of automated Collar Keeper® Systems and critical spares, supporting operational scalability and customer demand. This technology, alongside integrated services spanning drilling, blasting, energetics manufacture, storage, and compliance, underpins Aquirian’s ambition to deliver end-to-end solutions for the mining sector.

Financially, the company reported a rebound to profitability in the half-year ending December 2025, with revenue up 27.4% to $16.9 million and EBITDA more than doubling to $2.5 million. The placement is expected to boost net cash to approximately $3 million post-settlement, providing a stronger platform to execute its growth plans.

Capital Structure and Use of Funds

Post-placement, Aquirian’s shares on issue will increase to roughly 126 million, with a fully diluted count of 134 million including options and performance rights. The $8 million proceeds will be allocated primarily to inventory build (~$1 million), working capital for Drillforce (~$4 million), and debt restructuring (~$3 million). Euroz Hartleys acted as Sole Lead Manager for the placement.

With the settlement expected on 15 May and new shares to be allotted on 18 May, the placement shares will rank equally with existing shares, maintaining shareholder alignment. The board and management remain significant shareholders, holding 25% collectively, reinforcing their vested interest in delivering shareholder returns.

Strong investor support for this raise follows recent contract wins and technology advancements, including the $48 million Lord Byron drilling deal and the $20 million Mt Ida contract. These underpin a growing pipeline that Aquirian aims to capitalise on through its integrated mining services approach.