Industrial Minerals Advances Laverton Gold Acquisition with $3M Placement

Strategic Acquisition in a Proven Gold Belt

Industrial Minerals Ltd (ASX:IND) is making a decisive move into gold exploration by acquiring 100% of Galleon Metals Limited, owner of the Laverton Gold Portfolio. This portfolio spans approximately 205 square kilometres within the Laverton Tectonic Zone, one of Australia's most prolific orogenic gold districts, boasting historic production exceeding 28 million ounces. The acquisition is valued at A$4.67 million in shares plus a 2% net smelter return royalty, positioning IND to tap into a region adjacent to multi-million-ounce deposits held by Genesis Minerals (ASX:GMD).

The Laverton portfolio encompasses 15 exploration licences featuring four drill-ready banded iron formation (BIF)-hosted gold targets along a 45-kilometre structural corridor. Historical drilling highlights include robust intercepts such as 43 metres at 2.24 g/t gold and 21 metres at 2.79 g/t gold at the Gladiator prospect, and a standout 4 metres at 19.17 g/t gold from surface at North Pool. These results underscore the potential for high-grade mineralisation in a geological setting analogous to nearby major deposits like Barnicoat and Chatterbox.

Capital Raise to Fuel Exploration Ambitions

To underpin the acquisition and exploration program, IND is conducting a two-tranche placement to raise up to $3 million at $0.10 per share, representing an 11.4% discount to the recent volume weighted average price. The first tranche of $2 million will be issued under existing placement capacity, with the second tranche of up to $1 million subject to shareholder approval expected in July 2026. Post-placement, IND’s cash position will be approximately $3.39 million, earmarked primarily for exploration at Laverton and existing projects, transaction costs, and corporate overheads.

This capital raise follows IND’s recent announcements highlighting its advanced high purity quartz resource at the Pippingarra Project, where it unveiled a maiden JORC Inferred Mineral Resource of 6.2 million tonnes grading 98% silica, confirming its diversified mineral portfolio beyond gold. The Laverton acquisition thus complements IND’s existing assets, expanding its footprint in Western Australia’s mineral-rich landscape Industrial Minerals Unveils 6.2Mt High Purity Quartz Resource.

Board Restructure to Drive Growth

Alongside the acquisition, IND is reshaping its leadership to accelerate value creation. Warrick Clent, a director and shareholder of Galleon Metals with extensive experience in Eastern Goldfields gold exploration, is appointed Managing Director. Mike Dunbar, currently Managing Director of Emmerson Resources (ASX:ERM) and a key figure in the discovery of several major gold deposits, joins as Non-Executive Director. Jeffrey Sweet transitions to a Non-Executive Director role, ensuring continuity, while two existing directors depart.

The new board members will be incentivised through 8.8 million performance rights tied to share price milestones and JORC resource targets on the Laverton project. For instance, one tranche vests if IND’s shares trade at a VWAP of $0.25 for 30 consecutive days, while others hinge on achieving inferred mineral resources of 250,000 ounces and 500,000 ounces at a minimum grade of 1.5 g/t gold within four years.

Exploration Plans and Regional Context

IND plans a staged exploration campaign starting with data compilation and targeting, followed by an extensive reverse circulation drilling program of approximately 7,000 to 8,000 metres across the four priority prospects: North Pool, Gladiator, Majestic, and Crawford. The program aims to infill and extend known mineralisation along key shear zones and BIF horizons, with diamond drilling and detailed geochemical studies to follow based on initial results.

The Laverton Gold Portfolio is strategically located near established infrastructure and road access, with the Chatterbox Shear Zone at North Pool hosting a 1.7-kilometre strike length of mineralisation. The proximity to Genesis Minerals’ Beasley Creek and Lancefield deposits, as well as other significant resources like Lady Julie and Mt Morgans, situates IND’s new asset in a highly prospective corridor that has attracted substantial investment and development activity in recent years Industrial Minerals Secures 6.2Mt High Purity Quartz Resource.