Equity raising announcement by North Stawell Minerals Ltd

North Stawell Minerals Ltd (ASX:NSM) has announced an equity raising of approximately $1.3 million through a placement of ordinary shares to raise around $0.2 million, followed by a non-renounceable, pro rata entitlement offer to raise approximately $1.1 million. The proceeds from the equity raising will be utilized for exploration and drilling programs at Wildwood and Darlington-Caledonia, as well as for general working capital and offer costs.

Executive commentary on the equity raising

We're particularly encouraged and excited about the deep exploration knowledge the past three years of hard work has produced. We're now moving into Phase 2 of our strategy which is to focus on those assets, amongst the multitude of which we have up and down the corridor, which will hopefully move us to production in the shortest possible time. To have this capital raise fully underwritten gives us confidence in our strategy. In addition, we have a Memorandum of Understanding with Stawell Gold Mines for potential future ore purchase which we believe will cut significant time periods from our path to production. This is unique amongst explorers. We thank them for their great support over the past three years, which has enabled an accelerated understanding of the mineralisation up and down the Stawell Corridor and hastened our development and maturity significantly. We look forward to a new and growing dawn for North Stawell Minerals. With gold pricing at an all-time high it is an exciting time for North Stawell Minerals.

Summary of the equity raising and outlook

North Stawell Minerals Ltd (ASX:NSM) is set to raise approximately $1.3 million through a placement and underwritten entitlement offer to fund exploration and drilling programs at Wildwood and Darlington-Caledonia, as well as for general working capital and offer costs. The equity raising, conducted at an offer price of $0.01 per share, will result in the issue of approximately 132,800,627 new fully paid ordinary shares. The company's CEO, Campbell Olsen, expressed confidence in the strategy, emphasizing the potential for accelerated production and the unique opportunity presented by the Memorandum of Understanding with Stawell Gold Mines. The company anticipates a new phase of growth and development, particularly with the current high gold pricing. North Stawell Minerals also expects further funding requirements in 2025 to meet its working capital needs.