ECR raises £1.5m to see it through exploration, development for the year
Aim-listed ECR Minerals has conditionally raised £1.5-million through a placement with institutional and other investors, for a total of 576-million new ordinary shares at a price of 0.26p apiece.
The fundraising provides the company with enough capital to acceleration its production and exploration strategy across Queensland and Victoria, in Australia.
ECR announced earlier this week that initial gold production is expected from the Raglan project at the end of the month, while development is under way at the Blue Mountain project.
The company will use the proceeds of the fundraise particularly to secure all necessary equipment for production at Blue Mountain and to conduct targeted exploration at the Lolworth project, in North Queensland.
A maiden drilling campaign on Lolworth last year confirmed intercepts of gold and silver, which represents a multi-metal opportunity for ECR.
In Victoria, ECR aims to advance exploration at the Bailieston project, where previous drilling indicated the presence of gold at shallow depths.
The ECR board says the funds from the latest placement should see the company through for all corporate and currently planned activities beyond the end of 2026.
The board expects cash flow from the Raglan project, once it is fully operational, to cover all of the company’s overheads and support bringing the Blue Mountain project into production.
“With this fundraising, our strong project pipeline and A$76-million of tax losses available to offset future production profits, we consider that ECR is now well-capitalised and positioned to develop into a significant mining and exploration company in 2026 and beyond,” confirms chairperson Nick Tulloch.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Comments
Research Reports
Projects
Latest Multimedia
Showroom
AxFlow AQS Liquid Transfer (Pty) Ltd is an Importer and Distributor of Pumps in Southern Africa
VISIT SHOWROOM
North Ridge Pumps is an independent manufacturer of pumps. We have a proven track record for product support and customer service throughout the...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
