Legacy Minerals (ASX:LGM) is making waves in the mining sector with its recent $3 million capital raise, aimed at bolstering exploration efforts across its Thomson and Drake projects in New South Wales. This move is not just a financial maneuver; it’s a strategic play that reflects the company’s ambition and the growing interest in the region’s mineral wealth.
The placement saw the issuance of 11.16 million shares at $0.15 each, raking in $1.67 million. Cumulus Wealth and Bell Potter Securities stepped up as joint lead managers, showcasing their faith in Legacy’s potential. Adding to the excitement, Fleet Space Technologies’ investment arm, Fleet Investment Fund, is also jumping on board with a $325,000 investment. CEO Christopher Byrne articulates the significance of this partnership, calling it a “strong validation of the company’s targeting strategy and the prospectivity of the Thomson Project and wider exploration portfolio.” When a company like Fleet, known for its innovative technology, invests in you, it sends a clear signal: Legacy Minerals is on the right track.
Federico Tata Nardini, the CEO of Fleet Space Technologies, emphasizes that unlocking the potential of these regions hinges on collaboration with partners who bring the right expertise and technology to the table. He expresses enthusiasm about deploying Fleet Space’s multiphysics offerings at the Thomson Project, which could significantly enhance the understanding of the subsurface landscape. This infusion of advanced technology powered by space and AI could be a game-changer for mineral exploration, pushing the boundaries of what’s possible in the sector.
The capital raised will fund crucial activities, including ground gravity and seismic geophysics surveys, as well as drill testing high-priority targets at the Thomson Project. Meanwhile, at the Drake Project, the focus will shift to updating the mineral resource estimate and conducting airborne geophysics. The drilling mobilization is set to kick off imminently at Thomson, with preparations for large-scale geophysical surveys already in motion.
Byrne is setting the stage for an ambitious exploration agenda, asserting that the market can anticipate a relentless pursuit of discovery through 2025. “The highly prospective Thomson and Drake projects are the company’s focus while exploration continues at a fast pace under our joint venture funded projects including drilling at Bauloora and Fontenoy,” he notes. This broad portfolio—encompassing Black Range, Drake, Rockley, Cobar, Bauloora, Harden, Glenlogan, and Fontenoy—positions Legacy Minerals as a key player in New South Wales’ mining landscape.
As the company gears up for the results of the light detection and ranging survey at Drake in Q4 2024, and with drilling activity underway at both Bauloora and Fontenoy, anticipation builds. Assays from these projects are expected in early 2025, adding to the excitement surrounding Legacy’s exploration initiatives.
With the mining sector increasingly leaning towards innovative technologies and strategic partnerships, Legacy Minerals is poised to leverage these trends effectively. This capital raise isn’t just about funding; it’s about setting the stage for future discoveries and solidifying Legacy’s role as a frontrunner in the exploration of gold, copper, and base metals in New South Wales. The momentum is palpable, and industry watchers will be keenly observing how this unfolds.
