Belararox secures significant funding for exploration

Belararox (ASX:BRX) has announced the successful raising of A$8 million through an oversubscribed placement. The funds will be used to advance the exploration program at the Toro-Malambo-Tambo Project in Argentina, with drilling set to begin in November 2024.

Strategic goals and future outlook for Belararox

Belararox has raised A$8 million through an oversubscribed placement to fund exploration at its TMT Project in Argentina. The funds will support a 6,000-meter drill program starting in November 2024, focusing on the Malambo and Tambo South targets. Major shareholder Denala Limited increased its stake to 17.1%, while Ziwan Trading Co Limited became a significant investor with a $1.15 million investment. The company is working on civil preparations and plans to use the funds for exploration and general working capital. Belararox aims to meet the growing demand for minerals crucial to the technology, battery, and renewable energy sectors.

Executive insights on recent funding success

The successful placement reflects the confidence of our investors in the potential of the TMT Project. This funding will enable us to accelerate our exploration activities and capitalize on the increasing demand for critical minerals.