Antares Metals Targets $2.57M to Fund Maiden Drill at Quinns Gold Project
Key Takeaways
- Antares Metals has secured firm commitments for a $2,570,129 placement at $0.005 per share, representing a 16.7% discount to the last closing price of $0.006.
- The Quinns Gold and Copper-Zinc VMS project in WA is the primary capital destination, with proceeds funding the maiden drill programme following target definition work completed during FY26.
- 514,025,723 new shares will be issued across two tranches, with Tranche 2 ($1.5M) subject to shareholder approval at a general meeting expected on 19 October 2026.
- Participating investors receive one free attaching option for every two shares subscribed, exercisable at $0.012 and expiring three years from issue — a 140% premium to the placement price.
- Directors Topping, Seneque, and Maddocks have co-invested $37,500 in Tranche 2 on identical terms to external investors, signalling management conviction in the Quinns drill programme.
- The Mt Isa North copper-uranium project in Queensland — a 2,003km² tenement package surrounding Paladin Energy's Valhalla uranium deposit — also receives field exploration funding from this raise.
Capital secured to drill Antares Metals’ most advanced gold target yet
Antares Metals (ASX: AM5) has received firm commitments for a $2,570,129 placement to fund exploration across its Western Australian and Queensland project portfolio. The raise follows the completion of target definition work that confirmed priority drill targets at its Quinns Gold and Copper-Zinc VMS project in WA, with funds also directed toward the Mt Isa North copper-uranium project in Queensland and existing commitments at Ravensthorpe and Katanning in WA.
When big ASX news breaks, our subscribers know first
Placement structure and key terms
The placement is structured in two tranches, together issuing 514,025,723 new fully paid ordinary shares at $0.005 per share. The issue price represents a 16.7% discount to the last closing price of $0.006 on 7 September 2026, a 16.7% discount to the 15-day volume weighted average price (VWAP) of $0.006, and a 23.1% discount to the 30-day VWAP of $0.0065.
| Detail | Tranche 1 | Tranche 2 |
|---|---|---|
| Shares issued | 214,025,723 | 300,000,000 |
| Raise (before costs) | $1,070,129 | $1,500,000 |
| Issue price | $0.005 | $0.005 |
| Shareholder approval required | No (existing ASX LR 7.1 and 7.1A capacity) | Yes (general meeting expected ~19 October 2026) |
Participants across both tranches will receive one free attaching option for every two new shares subscribed for, totalling 257,012,862 attaching options. Each option is exercisable at $0.012 and expires three years from the date of issue. Importantly, all attaching options are subject to shareholder approval regardless of tranche, and none will be issued until that approval is obtained.
Directors Terence Topping, Bruno Seneque, and Richard Maddocks have collectively committed $37,500 to Tranche 2, receiving 7,500,000 new shares and 3,750,000 attaching options in aggregate. Their participation is on the same terms as all other investors and is subject to shareholder approval under ASX Listing Rule 10.11. Templar Wealth Pty Ltd acted as lead manager to the placement.
What the funds will do — and why Quinns matters
The company intends to apply proceeds, alongside existing cash reserves, toward:
- Exploration and drilling at the Quinns Gold and Copper-Zinc VMS project in WA, including the planned maiden drill programme
- Field exploration at Mt Isa North, including field mapping, geochemical surveys, and geophysical surveys
- Existing project commitments at Ravensthorpe and Katanning in WA
- Costs associated with the placement
- General working capital
Quinns is the clearest near-term catalyst in the portfolio. Target definition work completed during FY26 confirmed a series of priority drill targets, and this placement is intended to fund the maiden drill programme the company has been building toward. This raise funds the first drill programme, not a follow-up.
The Conglomerate Creek copper-gold target within the Quinns project area illustrates how the target definition work preceding this raise was structured, with geochemistry and geophysics used to prioritise drill-ready zones before capital was committed.
The high-grade gold discovery at Quinns, confirmed through earlier drilling, is what elevated this project to the front of the portfolio and shaped the target definition work completed during FY26.
Mt Isa North adds meaningful scale to the picture. The 2,003km² copper-uranium project in Queensland surrounds Paladin Energy’s Valhalla uranium deposit, giving investors a sense of the project’s strategic footprint even before field programmes advance.
Terry Topping, Managing Director, Antares Metals
“This placement gives us the capital to drill at the Quinns Project, at a time when we’re generating our best exploration results to date. Attracting new professional and sophisticated investors is fantastic validation, and having Bruno, Richard and I back Tranche 2 alongside them says something too. This funds the maiden drilling we’ve been building towards at Quinns, and keeps us moving at Mt Isa North.”
What is a two-tranche placement — and why does it matter to investors?
ASX companies regularly split placements into two tranches for a practical reason. Tranche 1 draws on the company’s existing placement capacity under ASX Listing Rules 7.1 and 7.1A, meaning shares can be issued quickly without a shareholder vote. Tranche 2 exceeds that existing capacity, so it requires approval from shareholders at a general meeting before shares can be issued. This structure lets companies move part of the capital to work faster while still completing the full raise.
The attaching options serve a different purpose. Exercisable at $0.012 against a placement price of $0.005, they give participating investors additional upside if the share price rises above the exercise price during the three-year window. They act as a performance incentive, rewarding investors who commit capital now and hold through the exploration programme.
Director co-investment is worth noting as a signal. When management commits personal funds on identical terms to external investors, it reflects genuine conviction in the project pipeline. Topping, Seneque, and Maddocks are not receiving preferential pricing or terms — their $37,500 sits alongside the same conditions as every other Tranche 2 participant.
The next major ASX story will hit our subscribers first
Key dates investors should track
The indicative timetable for the placement is as follows. All dates are subject to change and remain subject to confirmation by ASX:
- 10 September 2026 — Placement announced, trading halt lifted, Appendix 3B lodged
- 16 September 2026 — Tranche 1 settlement
- 17 September 2026 — Tranche 1 shares issued, Appendix 2A and cleansing notice lodged
- 18 September 2026 — Notice of meeting despatched to shareholders
- 19 October 2026 — General meeting (Tranche 2 shares and all attaching options subject to approval)
- 22 October 2026 — Tranche 2 settlement
- 23 October 2026 — Tranche 2 shares issued, Appendix 2A lodged
- 28 October 2026 — Attaching options and lead manager options issued, Appendix 3G lodged
The general meeting on 19 October 2026 is the pivotal date for investors to monitor. Approval at that meeting determines whether Tranche 2 proceeds and whether any attaching options are issued across the full placement.
Don’t Miss the Next ASX Gold Exploration Breakout
Get FREE breaking ASX gold and mining news delivered to your inbox within minutes of release, complete with in-depth analysis. Join 30,000+ investors already ahead of the market with Big News Blast. Click the “Free Alerts” button to receive real-time alerts the moment market-moving news breaks.