Felix Gold strengthens Alaska antimony plans with $7.25 million raise

Placement demand exceeds Felix Gold’s initial target

Felix Gold Limited (ASX:FXG) has secured more equity funding than initially sought, with firm commitments for a two-tranche placement worth approximately $7.25 million at $0.12 a share. Demand exceeded the original $6.5 million target, allowing the company to accept oversubscriptions within its available placement capacity.

The issue price represents a 14.3% discount to Felix Gold’s last closing price and five-day volume-weighted average price of $0.14. The first tranche will issue 41.25 million shares under existing placement capacity, raising about $4.95 million. A further 19.17 million shares, worth approximately $2.3 million, are proposed for major shareholder MDF Global and company directors or related entities, but that tranche needs shareholder approval.

Funding targets mine permits, refinery studies and drilling

Felix Gold plans to direct $1.8 million towards Treasure Creek mine permitting and an economic study, with another $1.3 million earmarked for Frontier refinery site selection, permitting, economic work and negotiations over a potential US Department of Energy award.

The company will also spend $1.8 million on results from its 2026 drilling program, an updated gold Mineral Resource estimate and antimony resource definition. The raise comes after the company reported 80 drill holes at Treasure Creek, with 73 assays still pending, and recently flagged a cash balance of about $1.267 million at the end of September. That earlier funding pressure is now being addressed through the placement, although the use-of-funds table also includes $3.65 million for corporate, transaction and share purchase plan costs, plus a cash buffer.

Share purchase plan adds a second funding channel

Eligible shareholders in Australia and New Zealand will be invited to apply for up to $30,000 of new shares at the same $0.12 price through an ununderwritten share purchase plan targeting up to $1 million. The company has not guaranteed that amount and may scale back applications or accept oversubscriptions at its discretion.

On the stated capital structure, the first tranche would lift shares on issue from 516.3 million to 557.6 million. If shareholders approve the second tranche, the total would rise to approximately 576.8 million shares. That makes the immediate funding more certain than the full proposed raise, while the SPP’s final contribution remains dependent on shareholder participation.

Antimony milestones remain conditional

The financing is designed to fund delivery of work already under way across the proposed Treasure Creek mine and Frontier refinery. Felix Gold says field work, bulk sampling, environmental baseline programs and pilot-plant work have advanced, but the filing stresses that no antimony Mineral Resource or JORC-compliant economic study has yet been completed.

The potential DOE award is similarly unresolved. Selection for award negotiations is not a commitment to funding, and the funded scope and final amount remain subject to negotiation and approval. The company also says laboratory assays and the final refining stage of its pilot program remain outstanding, with no metal at commercial specification produced.