- 01Iltani raises $4.6m at $0.39; 11.7m shares+1:2 options.
- 02QIC commits $1.5m; largest holder ~10.1%.
- 03145-hole Orient drilling planned.
- 04Targets: Ridgeline & Link
Iltani Resources (ASX: ILT) has secured commitments for a $4.6 million equity placement to accelerate drilling at its Orient silver-zinc-indium project in northern Queensland, as well as provide additional working capital.
The raising will issue about 11.7 million fully paid ordinary shares at $0.39 each, with investors also receiving one option for every two shares at no additional consideration.
Queensland Investment Corporation (QIC), which has committed $1.5m as a cornerstone investor through its Queensland Critical Minerals Fund (QCMF), is set to become Iltani’s largest shareholder with a 10.1% undiluted holding after completion.
Funding will support the planned 145-hole Orient resource extension drilling program, targeting the Orient West NW Ridgeline and Link Zone as Iltani seeks to expand the project’s Mineral Resource ahead of the Scoping Study expected in early 2027.
Placement Terms and Support
The $0.39 placement price represents a 14.5% discount to the five-day volume weighted average price (VWAP) to 29 September.
The attached options expire on 12 October 2029 and have a $0.57 exercise price, representing a 25% premium to the five-day VWAP.
“The strong support from the QIC, plus both existing and new institutional, professional and sophisticated investors is indicative of the quality of the Orient project, and the potential for Iltani to deliver outstanding shareholder value as we advance it forward,” managing director Donald Garner said.
“Funds will support the next phase of drilling at Orient, with Erik Norum and his team planning a 145-hole program, building on the outstanding results we have received from the current drilling program.”
Drilling Program to Proceed
The next phase is designed to build on recent results from Orient West NW Ridgeline and Link Zone, with Iltani planning to begin drilling shortly.
The company hopes to complete 3,000-4,000 metres of drilling before demobilising for the wet season, with work then scheduled to resume in 2027.
Proceeds after placement costs will be directed predominantly to the drilling campaign and general working capital as Iltani advances the project towards the scoping study, which represents its next major project milestone.
Settlement of first-tranche shares is expected on 9 October, with issue and normal trading anticipated around 12 October, while Blue Ocean Equities acted as sole lead manager and sole bookrunner to the raising.
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