What did Anax Metals (ASX:ANX) announce regarding its funding?

Anax Metals has secured firm commitments from institutional, professional, and sophisticated investors to raise approximately $6 million through a single-tranche placement. The capital raising involves the issuance of 176.4 million new fully paid ordinary shares. This placement increases the company's pro-forma cash position to approximately A$12 million.

How will Anax Metals (ASX:ANX) use the $6 million raised from the placement?

The primary allocation of the capital will fund a high-impact exploration drilling programme targeting near-mine and extensional opportunities at the Whim Creek tenure package. Specifically, the funds provide the flexibility to pursue near-term exploration upside while concurrently advancing project financing, offtake, and development initiatives.

What is the timeline and focus for the upcoming drilling campaign at Whim Creek?

Diamond drilling is scheduled to commence in July 2026, focusing initially on untested extensions of the Mons Cupri and Whim Creek deposits. These targets form the absolute centre of Anax Metals’ development plans. The campaign is designed to build upon encouraging historical drill results and explore previously untested areas.

What does this capital raising mean for existing Anax Metals (ASX:ANX) shareholders?

The issuance of 176.4 million new ordinary shares will dilute existing shareholders, as it increases the total share registry. However, it removes immediate funding risk by boosting pro-forma cash to A$12 million and allows the company to fund aggressive exploration without pausing its ongoing project financing and offtake negotiations.

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Anax Metals raises $6M for Whim Creek deposits

Q: Who is Nick Jolly and why was he appointed to the Anax Metals (ASX:ANX) board?

Nick Jolly is a highly regarded geologist and mining executive who has been appointed as a non-executive director to help steer Anax Metals' growth. He brings over 25 years of experience in driving exploration strategy, discovery, and resource growth across Australian mining assets. Jolly previously held senior leadership roles at Spartan Resources and Northern Star Resources.

Written by Heidi Cuthbert Published Jun 3, 2026, 5:04 AMLast Updated Jul 6, 2026, 10:10 AM

Anax Metals (ASX:ANX) has secured commitments from institutional, professional and sophisticated investors to raise approximately $6 million through a single-tranche placement.

The capital raise involves issuing 176.4 million new fully paid ordinary shares at an issue price of 12 million, providing the flexibility to pursue near-term exploration upside while concurrently advancing project financing, offtake and development initiatives.

The primary allocation of these funds will target a high-impact exploration drilling programme focused on near-mine and extensional opportunities across the broader Whim Creek tenure package.

Diamond drilling is scheduled to commence in July, with an initial focus on untested extensions of the Mons Cupri and Whim Creek deposits.

The campaign aims to build upon encouraging historical drill results and explore previously untested targets that form the absolute centre of the company’s development plans.

To help steer this growth, Anax Metals has appointed geologist and mining executive Nick Jolly as a non-executive director.

Bringing more than 25 years of experience in driving exploration strategy, discovery and resource growth across various Australian mining assets, Jolly has previously held senior leadership roles with Spartan Resources and Northern Star Resources.

At the time of reporting, Anax Metals’ share price was $0.036.

Anax Metals raises $6M for Whim Creek deposits

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