Southern Hemisphere Mining (ASX: $SUH) institutional placement update

Southern Hemisphere Mining Limited (ASX: $SUH) has successfully completed a raise of A$5 million through a share placement to institutional investors. The placement was oversubscribed, with firm commitments received to raise A$5,000,000 before costs, via a placement of ordinary shares at the issue price of $0.035 per share, representing a 23.9% discount to the last closing price on 5th June 2024. The funds raised will be utilized to commence a RC and diamond drilling campaign at the Llahuin Copper-Gold Porphyry Project in Central Chile, with the aim of substantially increasing open pit resources towards the scale to commence mining studies.

Executive commentary on the institutional placement

We are intrigued by the prospects of our Llahuin copper-gold deposit in Central Chile. Recent drilling has amply demonstrated that the current JORC resource of 149 million tonnes of ore @ 0.41% CuEq has scope for significant scale-up, both through in-fill drilling and extending the footprint of the existing deposits. Our exploration results to date indicate that Llahuin could be a copper resource of world-class scale. The money raised today will greatly assist us in achieving that goal. We are gratified by the recent investor support and are pleased to welcome a number of domestic and international institutional investors to our register. The industry interest in our exploration activities is encouraging, and we look forward to reporting our progress in the coming months.

Summary of Southern Hemisphere Mining's institutional placement

Southern Hemisphere Mining Limited (ASX: $SUH) has successfully completed an oversubscribed institutional placement, raising A$5 million. The funds will be directed towards a substantial resource expansion program of RC and diamond drilling campaign at the Llahuin Copper-Gold Porphyry Project in Central Chile, including working capital. The company's Managing Director, Mr Mark Stowell, expressed optimism about the prospects of the Llahuin copper-gold deposit, highlighting the potential for significant scale-up and the aim to achieve a world-class copper resource. The recent investor support and interest from domestic and international institutional investors are seen as encouraging, and the company looks forward to reporting progress in the coming months.