Lachlan Star's $4.5m capital raising for immediate copper exploration

Lachlan Star Limited (ASX:LSA) has secured firm commitments to raise $4.5 million through a share placement to sophisticated and professional investors. The capital raising will underpin immediate, high-impact copper exploration drilling at the Basin Creek Project in New South Wales. The company will issue approximately 45 million shares at an issue price of $0.10 per share.

Executive Commentary on Capital Raising and Exploration Plans

We are very pleased with the positive response to this capital raising which puts us in a strong position to progress our planned drilling and exploration programs across our asset portfolio in the Lachlan Fold Belt. Drilling will kick-off shortly at the Basin Creek Prospect, where a recent review of historical exploration data defined an extensive high-grade copper sulphide system with intercepts such as 21.3m grading 4.51% copper including a high-grade shoot that assayed 4.6m at an exceptional 18.54% copper. This high-grade zone remains open down-plunge and along strike, and we are very much looking forward to getting drilling underway to further define the extents of this mineralized system. I would like to thank all investors who participated in the capital raising.

Summary of Lachlan Star's Capital Raising and Exploration Plans

Lachlan Star Limited (ASX:LSA) has successfully raised $4.5 million through a share placement to fund immediate, high-impact copper exploration drilling at the Basin Creek Project in New South Wales. The company plans to commence drilling in early October at the Basin Creek Prospect, targeting the high-grade copper sulphide system. Additionally, exploration activities are scheduled at the North Cobar Project and other assets. The capital raising will see the company well-funded to undertake activities at its high potential copper and gold projects in the Lachlan Fold Belt, NSW. The issue price of $0.10 per share represents a 31% discount to the last traded share price of $0.145 on 20 September 2024, providing an opportunity for investors to participate in the company's exploration endeavors.