Auravelle Metals Raises $1.5 Million to Accelerate Nuckulla Hill Drilling

Capital Raise Strengthens Exploration War Chest

Auravelle Metals Limited (ASX:AUV) has secured firm commitments to raise $1.5 million via a share placement priced at 0.8 cents per share, representing an 11.1% discount to the last close and a 16.1% discount to the 10-day VWAP. The placement attracted support from both new and existing sophisticated and institutional investors, with all directors committing approximately $205,000 subject to shareholder approval.

This capital injection is designed to fund an active exploration program across Auravelle's portfolio, primarily focusing on the Nuckulla Hill Gold Project in South Australia's Gawler Craton, as well as the Crown and Skye projects in Western Australia. The funds will also cover working capital and costs related to the placement.

Exploration Plans Backed by Strong Funding Momentum

Managing Director Andrew Muir emphasised the company's readiness to advance multiple drill programs, including follow-up Reverse Circulation (RC) drilling at Sheoak within Nuckulla Hill during Q3 and Q4 2026. These programs aim to expand known mineralisation and test early-stage targets identified through recent soil sampling and structural studies.

Alongside drilling, Auravelle plans metallurgical test work at Sheoak and soil sampling campaigns at Crown and Skye, underpinning a comprehensive exploration push to build on last year’s encouraging results. Notably, previous RC programs at Sheoak returned high-grade intercepts such as 21m at 3.1 g/t gold, including narrower zones grading above 20 g/t, highlighting the prospect’s potential for significant resource growth.

Placement Structure and Shareholder Approvals

The placement consists of 187.5 million new shares, with 161.875 million shares issued under Auravelle’s existing placement capacity and 25.625 million shares reserved for director participation pending shareholder approval at an extraordinary general meeting scheduled for September 2026. Alongside the shares, the company will issue attaching unlisted options on a one-for-two basis, exercisable at 1.6 cents and expiring after two years, also subject to shareholder approval.

Post-raise, Auravelle’s capital structure will expand to approximately 924 million shares and 232 million options, including lead manager options issued to Bell Potter Securities Limited. All new shares will rank equally with existing securities and are expected to be quoted on the ASX shortly after settlement.

Looking Ahead to a Busy Second Half

The funding boost positions Auravelle to maintain exploration momentum through 2026, with key activities including infill and extensional drilling at Sheoak, aircore drilling across regional targets at Nuckulla Hill, and soil sampling at Crown and Skye. Metallurgical test results from Sheoak are also anticipated in Q3, potentially informing future development pathways.

These initiatives build on recent geological advances, including detailed aeromagnetic surveys that have refined drilling targets along the Yarlbrinda Shear Zone, a prolific gold-bearing structure. The company’s strategy to expand and delineate its high-grade zones at Sheoak and explore early-stage prospects could materially enhance its project pipeline and shareholder value.