Octava Minerals' successful capital raise for antimony exploration

Octava Minerals Limited (ASX:OCT) has secured firm commitments to raise A$1 million through the issue of approximately 11.8 million fully paid ordinary shares to sophisticated investors at A$0.085 per share. The net proceeds from the Placement will primarily be used to commence drilling at the Discovery Antimony Prospect to infill historic high-grade drill intercepts and test bedrock targets below the oxide zone. Additionally, the funds will facilitate the ramping up of exploration field work over additional identified antimony targets to refine maiden drill locations.

CEO's perspective on the capital raise and exploration plans

We are very pleased with the strong support for the placement which will be used to investigate our exciting antimony project at Yallalong through drilling identified high-grade targets. I wish to thank my fellow directors for their support for the Company through their intended subscription in addition to the Placement which when complete will increase available working capital to over $2 million. Yallalong has some of the highest antimony grades recorded in Australia. The excellent grades and opportunity at Yallalong together with the current Antimony (Sb) price outlook provide an encouraging scenario for the Company's exploration plans and the potential for growth in shareholder value.

Outlook and utilization of raised funds

Octava Minerals' successful capital raise of A$1 million will enable the company to initiate drilling at the Discovery Antimony Prospect and refine maiden drill locations at Yallalong. The funds will also support the ramping up of exploration field work over additional identified antimony targets. With the current high antimony grades at Yallalong and the favorable Antimony (Sb) price outlook, the company's exploration plans hold promise for potential growth in shareholder value. The net proceeds will also contribute to increasing the available working capital to over $2 million, providing a strong foundation for the company's future endeavors.