Anax Metals has closed the second tranche of its placement, raising $4.8 million through a share issue that included $1.1 million from directors and granted options to its lead manager.
- Raised $4.8 million in tranche 2 placement
- Directors subscribed $1.1 million
- Issued 209 million shares at $0.023 each
- 20 million options granted to lead manager
- Placement shares rank equally with existing shares
Tranche 2 Placement Finalised with Director Participation
Anax Metals Limited (ASX:ANX) has completed the second tranche of its ongoing capital raising, securing $4.8 million before costs by issuing 209.2 million shares at 2.3 cents each. Notably, company directors contributed $1.1 million to this tranche, signalling internal confidence in the miner’s prospects. The placement received shareholder approval at a general meeting held on 19 May 2026, and the new shares carry equal rights alongside the existing ordinary shares.
Options Issued to Lead Manager Sternship Advisers
In addition to the share placement, Anax Metals granted 20 million unlisted options exercisable at 3.45 cents each, expiring in May 2029, to Sternship Advisers, the lead manager of the placement. This incentive aligns the manager’s interests with the company’s future growth and underscores the importance of securing strong support for the capital raise.
Placement Completes $10 Million Capital Raise for Whim Creek
This tranche completes the $10 million placement first announced in March 2026, which is designed to underpin Anax’s development plans for its Whim Creek Copper Project. The capital raising follows an updated Definitive Feasibility Study that highlighted robust project economics, including a 113% increase in free cash flow to A$723 million and a 10-year mine life with rapid payback, reinforcing the project’s financial attractiveness. The $4.8 million raised in this tranche builds on the first tranche’s $5.2 million, which was issued in March to institutional and sophisticated investors at the same share price, demonstrating steady investor appetite for the company’s base metals exposure.
With the placement shares ranking equally with existing shares, investors can expect no dilution in voting rights or dividend entitlements, though the overall share count will increase substantially. The company confirmed compliance with all relevant provisions of the Corporations Act, issuing the shares without disclosure under Part 6D.2 but providing the necessary statutory notices.
The capital raise and associated options issuance come as Anax continues to advance debt and off-take funding discussions for Whim Creek, following a series of feasibility upgrades and strategic partnerships that have bolstered the project’s outlook. The company’s managing director, Geoff Laing, remains focused on deploying the funds to progress development milestones, building on the momentum from the earlier tranche and DFS updates.
Bottom Line?
Anax’s completed tranche 2 placement strengthens its balance sheet ahead of key development steps, but investors will watch how the company deploys this capital amid ongoing project funding negotiations.
Questions in the middle?
- How will Anax prioritise the use of funds from this completed placement?
- What impact will the increased share count have on liquidity and share price?
- Will the options granted to Sternship Advisers influence future capital management strategies?