Australian Mines (ASX: AUZ) has raised $3.0 million in a strategic placement led by Tribeca Investment Partners to fast-track its Flemington scandium project and fund other exploration initiatives.
The placement was transacted at $0.028 per share, representing a 16.0% premium to the 30-day VWAP.
The capital injection will advance the Flemington scandium project from its completed Scoping Study to a Pre-Feasibility Study (PFS).
Post-placement, the company expects to have cash in excess of $6.0 million before placement costs.
The PFS workstreams are designed to further de-risk mining, processing, infrastructure design, and permitting aspects of the project.
Diversified Exploration Program Funded
Beyond Flemington, a portion of the proceeds will fund expanded drilling at the Boa Vista gold project in Brazil, aiming to support a JORC-compliant mineral resource.
The capital will also support additional work at the Resende project, including a two-hole drill program and trenching over rare earth targets.
Funding is allocated for pilot-scale work on energy storage metal hydrides, aligning with the company's strategic technology initiatives.
Working capital and placement costs are also covered by this raise.
Flemington Project: Key Technicals
The Flemington project boasts a robust resource base, with approximately 99.4% of its Measured and Indicated resources falling within a 300 ppm Sc cut-off.
Technical simplicity is highlighted, with plans for three shallow free-dig open pits and conventional hydrometallurgical processing and an expected recovery of 90.8%.
The PFS stage will focus on refining capital and operating cost estimates, alongside ongoing discussions with potential end users and offtakers.
Previous drilling at the Boa Vista gold project has consistently revealed strong and broad gold mineralisation, with results from March 2026 reporting the strongest intercept to date, including 195.3 gram-metres.
Earlier in February 2026, Australian Mines reported exceptional near-surface, high-grade scandium results from Flemington, confirming expansion potential beyond the existing resource footprint.
The company also previously secured $4.0 million in January 2026 through a capital raise, which was earmarked to fund drilling programs and working capital across its diverse project portfolio.
Risks and Outlook
The placement provides crucial funding to de-risk the Flemington project to a PFS stage and advance other exploration initiatives.
However, the company faces ongoing exploration and resource definition risks across its portfolio, with outcomes dependent on further technical work, permitting, and potential future capital requirements.
Scoping study results are not sufficient to support Ore Reserves or guarantee an economic development case, and inferred resource uncertainty remains.
PFS outcomes and permitting could extend timelines, while additional capital may be required to reach feasibility.
