ASX-listed Trigg Minerals has raised A$12.5-million through a placement to institutional and professional investors, including strategic US funds, to accelerate development of its Antimony Canyon project (ACP), in Utah.

The placement, comprising 147.06-million shares at $0.085 apiece, was joint-led by GBA Capital and US-based Roth Capital Partners. It attracted strong demand and required scaling, Trigg said on Wednesday.

“This is a transformational step for Trigg as we expand into the US market,” commented MD Andre Booyzen. “The strong support from US and Australian investors, through the joint efforts of Roth Capital and GBA Capital, reflects growing recognition of Antimony Canyon as a near-term critical minerals project.”

Trigg said it had opted not to accept oversubscriptions in anticipation of potential non-dilutive funding sources, including federal funding schemes and noncore asset divestments.

Funds raised will be used to progress pilot-scale mining at ACP, restate the project’s foreign resource estimate to meet Joint Ore Reserve Committee 2012 and SK-1300 standards, and to support a potential US mainboard exchange listing. The company will also fund exploration at its Wild Cattle Creek project in New South Wales.

ACP is recognised as one of the largest and highest-grade antimony projects in the US, with a foreign resource estimate of 12.7-million tonnes at 0.79% antimony, containing more than 100 000 t of the critical mineral. The US currently has no domestic production of antimony, which has seen prices surge to about $60 000/t.

“The placement strengthens our balance sheet and positions us to accelerate development work at Antimony Canyon, while progressing strategic engagement across the US defence and critical minerals sector,” Booyzen said.

He highlighted the recent appointments of downstream antimony experts Wiehann Kleyhans and David Fourie, along with US defence and armaments adviser Ben Harris, as evidence of the company’s intent to establish a leading position in the market.

“We thank our new and existing shareholders for their support and look forward to updating the market as our plans progress,” Booyzen added.