Metal Hawk has secured $1.2 million from sophisticated investors as RC drilling begins at the Numbat lode in Western Australia. The campaign will test whether the company’s strongest Leinster South gold intercept extends along strike and at depth.
- $1.2 million placement at 9.5 cents a share
- RC drilling begins at the Numbat lode
- Target intercept returned 9m at 12.3g/t gold
- Directors’ subscription remains subject to shareholder approval
- Assay results expected in six to eight weeks
Numbat drilling starts after $1.2 million raise
Metal Hawk Limited (ASX:MHK) has put fresh capital behind its highest-grade Leinster South result, beginning reverse-circulation drilling at the Numbat lode while securing firm commitments for a $1.2 million placement. The money is intended to fund the current campaign, further RC and diamond drilling, regional exploration and working capital.
The immediate target is the mineralised zone intersected in hole 26LSRC077, which returned 9 metres at 12.3 grams per tonne gold from 70 metres, including 5 metres at 20.7g/t from 72 metres. Metal Hawk says the result remains open down-plunge and along strike, but it is still an exploration intercept rather than a defined resource or economic discovery.
Placement priced at a 5% discount
The placement will issue approximately 12.63 million new shares at 9.5 cents each, a 5% discount to the last traded closing price of 10 cents. Most of the issue will be made under the company’s existing ASX Listing Rule 7.1 capacity, with 12.27 million shares earmarked for that route.
A further 363,158 shares are to be subscribed for by Metal Hawk directors, but that portion requires shareholder approval at a general meeting. Completion of the broader placement is expected around 24 September 2026, meaning the company has announced commitments but not yet completed settlement.
Exploration program moves beyond the discovery hole
The new RC program is designed to establish the extent of the Numbat system beyond 26LSRC077. Metal Hawk also plans diamond drilling, regional exploration and additional work at the Thylacine prospect, giving the raise a wider purpose than simply testing one follow-up hole.
Initial assays are expected in six to eight weeks and will be reported as results are received and verified. The key question is whether the exceptional grade in the discovery intercept can be repeated across a broader zone; until those results arrive, the geological potential remains promising but unquantified.
Bottom Line?
The raise gives Metal Hawk near-term drilling capacity, but the investment case now turns on whether Numbat delivers continuity beyond one standout intercept and whether shareholder approval is secured for director participation.
Questions in the middle?
- Will follow-up drilling confirm that the high-grade Numbat mineralisation extends along strike and at depth?
- How quickly will the placement settle, and will shareholders approve the directors’ additional subscription?
- Can RC and diamond drilling establish enough continuity to move Numbat beyond an exploration target toward a defined resource?