Unity Metals Launches $3.5M Raise to Drill Confirmed Cambodia Gold Hits

$3.5 million placement launched to accelerate Cambodia gold drill-out

Unity Metals (ASX: UM1) has received firm commitments for an oversubscribed Placement of $3.5 million (before costs) to fund drilling at its Cambodian gold discoveries. The Placement will see 23,333,333 New Shares issued at $0.15 per New Share, and was strongly supported by both new and existing institutional investors.

Each investor in the Placement receives one unlisted New Option for every two New Shares subscribed for, resulting in 11,666,667 New Options exercisable at $0.225 with a two-year expiry from the date of issue. Alongside the Placement, Unity has announced a companion Share Purchase Plan (SPP), seeking to raise $1 million from eligible existing shareholders on the same terms: $0.15 per share and one option for every two shares subscribed.

Craig Mackay, Managing Director

“Our team has been working tirelessly to deliver the accelerated exploration strategy announced at the IPO, on-time and on budget and we have found gold at every prospect we have drilled thus far. This funding now positions us to focus on determining the significance of these discoveries with further, highly targeted drilling. In particular, the discovery of a broad stockwork gold system at our O’Phlay Project and the identification of multiple look-alike targets in the region could be a game changer for the Company. These areas demand immediate follow-up drilling and testing, with a restart scheduled for early October 2026. I thank each of the new and existing investors who have supported Unity with this capital raising and I personally welcome all of our loyal existing shareholders to participate in the share purchase plan. This is a truly exciting chapter for Unity Metals.”

Drilling the discoveries — where the capital is going

This is not speculative capital. The funds are directed at following up confirmed gold discoveries already in hand, with drill programmes scoped and ready to mobilise.

The three key workstreams are:

1. O’Phlay Gold Project (Cambodia) — the primary focus

• Phase 2 extensional and infill drilling at Camp Prospect, starting early October 2026, following up confirmed intercepts of 40m @ 1.9 g/t gold and 70.1m @ 1.1 g/t gold
• Regional target drilling at the Toulsroloav and Small Creek prospects, which feature demagnetised zones, extensive historical mine workings, and anomalous gold results in soils and rock chips
• Depending on drilling results, the company intends to progress Camp Prospect towards a maiden Mineral Resource Estimate (a formal, JORC-compliant estimate of the quantity and grade of gold in the ground)
• Assay results from two additional diamond holes (26DDCM006 and 26DDCM007) are expected in late September 2026, representing an imminent catalyst ahead of the drill restart

2. Ngot Gold Project (Cambodia)

• Geophysical target drilling at Rohav Mountain
• Deep drilling at Ngot Central
• Maiden drilling at Mesam South and regional drilling across the licence
• Ngot shares a licence boundary with the Okvau Mine, a 1.5Moz deposit and the largest gold mine in Cambodia, providing relevant geological context for the project’s prospectivity

3. Loei Copper-Gold Project (Thailand) — earlier stage

• Rock chip and soil geochemistry surveys, plus geophysical surveys

The remainder of the raised capital is allocated to general working capital and further project development. The bulk of spending, however, is directed squarely at Cambodia.

Near-term news flow

Two catalysts are expected within weeks of this announcement:

• Late September 2026: Assay results from diamond holes 26DDCM006 and 26DDCM007 at Camp Prospect, O’Phlay
• Early October 2026: Recommencement of diamond drilling at O’Phlay

For investors watching UM1, the next four to six weeks represent a period of concentrated news flow that could materially inform the market’s view of the O’Phlay discovery.

Understanding the placement structure — what investors need to know

Unity has used a two-part structure common among ASX explorers raising capital quickly: a Placement paired with an SPP.

A placement allows a company to issue shares directly to institutional and sophisticated investors without a prospectus. It is fast (typically settling within days of announcement) and provides immediate access to capital from investors who can move quickly. The trade-off is that retail shareholders are not included in the initial raise, which is why the SPP exists.

A Share Purchase Plan (SPP) gives eligible existing shareholders the opportunity to invest on the same terms as the institutional investors, up to a maximum of $30,000 per shareholder. This ensures the broader shareholder base is not entirely diluted without recourse.

The attached option structure adds upside leverage for participating investors. Every two shares subscribed gives the investor one free option, exercisable at $0.225 with an expiry date of 31 October 2028. If the share price rises above $0.225, those options become valuable in their own right.

The Placement price of $0.15 per share represents an 11.8% discount to the last traded price of $0.17, a 15.2% discount to the 5-day volume-weighted average price (VWAP), and a 24.5% discount to the 15-day VWAP. Discounts of this kind are standard practice for placements — they are the mechanism by which companies attract institutional capital quickly and efficiently.

The two transactions have distinct timelines and structures:

One important distinction: while the Placement shares and New Options are expected to be issued on or around 1 October 2026, the SPP Options are subject to shareholder approval at a General Meeting anticipated to be held on or about mid-November 2026. If shareholder approval is not obtained, the SPP Options will not be issued.

Key dates and what comes next

The indicative timetable below sets out the milestones investors should track. Note that the timetable is indicative only and remains subject to change at Unity’s discretion.

• 1 October 2026 — Issue of New Shares and New Options under the Placement
• 2 October 2026 — Placement shares commence trading on ASX
• 5 October 2026 — SPP Offer Document dispatched to eligible shareholders; SPP opens
• 19 October 2026 — SPP closes at 5:00pm AWST
• 21 October 2026 — SPP results announced
• 17 November 2026 — General Meeting of shareholders (SPP Options and Lead Manager Options subject to shareholder approval)

With assay results from O’Phlay’s Camp Prospect expected in late September and diamond drilling restarting in early October, the coming four to six weeks are shaping up as a catalyst-rich period for UM1 investors to watch closely.

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