Patriot Resources Secures $3M Placement to Accelerate Silver and Copper Drilling

Capital Raise Fuels Dual Exploration Push in Peru and Zambia

Patriot Resources (ASX:PAT) has secured firm commitments to raise $3 million through a placement priced at $0.055 per share, a 10% discount to its last traded price. The bulk of the raise will be allotted on 28 August 2026, with a smaller tranche earmarked for Executive Chairman Hugh Warner, pending shareholder approval. This capital injection is earmarked for advancing drilling and exploration activities at two of its core assets: the Tassa Silver-Gold Project in Peru and the Kitumba Copper Project in Zambia.

Tassa Project: A High-Grade Silver Giant Emerging

The maiden JORC resource at Tassa, announced earlier this year, delineates an inferred 31.4 million ounces silver equivalent (AgEq) from 18.53 million tonnes at a robust 52.68 g/t AgEq. This positions Tassa as a globally significant silver asset with multiple high-grade zones, including standout intercepts such as 60m at 224 g/t silver from just 24m depth. The project benefits from a valid drilling environmental permit and a recently secured community agreement with the Pachamayo group, which covers the northern portion of the license area.

Patriot has also expanded the mineralised strike length to 3.1km with the addition of the Tassa 5 tenement, increasing the project's landholding by 50%. This southern extension offers further potential for resource growth, particularly in gold, complementing the dominant silver mineralisation. The company plans a Phase 1 drilling program to target high-grade zones, infill gaps, and step-out extensions, aiming to convert the sizeable exploration target of up to 774 million ounces AgEq into a formal resource.

Zambia Discovery Adds Copper-Silver-Zinc-Cobalt Dimension

Meanwhile, in Zambia, Patriot's maiden 2,000m reverse circulation (RC) drilling program at the Kitumba Copper Project has confirmed a new copper-silver-zinc-cobalt discovery. The mineralisation starts from surface and remains open at depth and along strike, with impressive intercepts including 1m at 2.56% copper and 62.3 g/t silver from 55m. The mineralised footprint is potentially around 5.5km of strike but has only been partially tested to date.

Strategically, Kitumba is located just 18km from Sinomine’s $600 million copper processing and smelter infrastructure, offering a rare opportunity for early-stage development. The project sits within the prolific Copperbelt region, adjacent to First Quantum and Mimosa’s Kashime copper project, providing a compelling pathway for resource growth and value creation.

Portfolio Focus Sharpens with Lithium Divestment

Patriot also holds the Gorman Lithium and Critical Minerals Project in Canada, which hosts high-grade spodumene and anomalous tantalum and caesium values. However, the company is actively pursuing divestment of this asset to concentrate resources and capital on its silver and copper growth pillars at Tassa and Kitumba. This strategic focus aligns with the recent capital raise and the planned drilling campaigns.

Experienced Leadership and Strong Local Partnerships

The company’s leadership combines deep technical and operational expertise with proven capital markets experience. Managing Director Dominic Duggan brings a decade of mining and finance expertise, while Executive Chairman Hugh Warner has a track record of delivering value through strategic M&A and project development, notably at the Arcadia Lithium Project. Local governance and execution are bolstered by in-country partners and a seasoned technical team, including Chief Geologist Eugene Gotora, ensuring effective exploration and community engagement.