Eagle Mountain Mining Entitlement Offer Announcement

Eagle Mountain Mining Limited (ASX: $EM2) has confirmed the allotment and issue of 69,668,242 New Shares and 69,668,242 New Options following the close of the recent Renounceable Entitlement Offer, raising $4.18 million. The Entitlement Offer, announced on 29 January 2024, aimed to raise up to approximately $4,574,000 before costs, with a residual shortfall of approximately $394,389.

Executive Commentary on Future Plans

The funds raised through the Entitlement Offer will enable us to undertake field exploration activities at both the Oracle Ridge and Silver Mountain Projects, focusing on the recent discovery of significant uranium, thorium, and rare earths at Silver Mountain. Additionally, we plan to conduct a scoping study for the technical and financial development of Oracle Ridge, considering a simplified processing flowsheet that avoids smelting and refining beyond the mine gate. We are also evaluating the use of an ambient noise tomography survey at both projects.

Summary and Outlook

Eagle Mountain Mining (ASX: $EM2) has successfully raised $4.18 million through the recent Renounceable Entitlement Offer. The company plans to utilize the funds for field exploration activities, a scoping study for Oracle Ridge, and the evaluation of an ambient noise tomography survey at both the Oracle Ridge and Silver Mountain Projects. These initiatives align with the company's focus on the strategic exploration and development of the Oracle Ridge Copper Project and the Silver Mountain Project in Arizona, USA. The successful completion of the Entitlement Offer and the planned activities demonstrate Eagle Mountain Mining's commitment to advancing its projects and exploring the significant potential of the Arizona mining industry.