Mt Malcolm Mines has fully placed the shortfall from its May rights issue, raising an additional $769,773 through issuing nearly 110 million shares. The funds will support a feasibility study for a 500,000 tpa CIP plant at Leonora and ongoing exploration at the Malcolm Gold Project.
- Shortfall placement raises $769,773 before costs
- 109.97 million new shares issued to complete rights issue
- Funds earmarked for Leonora CIP plant feasibility study
- Exploration to continue on gold, VHMS, and rare earth targets
- Mahe Capital acted as Lead Manager
Rights Issue Shortfall Fully Placed
Mt Malcolm Mines (ASX:M2M) has closed the gap on its May rights issue by placing the remaining shortfall, raising an extra $769,773 before costs. This final tranche involves issuing 109,967,599 new fully paid ordinary shares, marking the completion of the capital raise originally announced on 6 May 2026.
The company welcomed new investors joining the register, signalling continued market interest in its projects and growth prospects.
Capital to Drive Processing Plant Feasibility
The fresh capital injection is earmarked primarily for a processing plant study aimed at assessing the feasibility of constructing a 500,000 tonnes per annum Carbon-in-Pulp (CIP) facility at Leonora in Western Australia. This step is critical for Mt Malcolm’s strategy to move towards production scale, complementing its existing exploration efforts.
Advancing Exploration at Malcolm Gold Project
Alongside the plant study, the company will continue to advance its exploration targets across gold, Volcanic Hosted Massive Sulphide (VHMS), and Rare Earth Element (REE) prospects within the Malcolm Gold Project. These activities aim to build on prior resource definitions and support the development pipeline.
Mahe Capital Pty Ltd acted as Lead Manager to the rights issue, overseeing the placement process. The new shares are scheduled for official issue on 19 June 2026.
Bottom Line?
Completion of the rights issue shortfall strengthens Mt Malcolm’s balance sheet, setting the stage for key feasibility and exploration milestones that will be pivotal in defining its path to production.
Questions in the middle?
- How will the processing plant feasibility study impact project timelines and capital requirements?
- What exploration results can investors expect from the ongoing gold, VHMS, and REE programs?
- Will the expanded shareholder base influence Mt Malcolm’s strategic direction or funding options?