Falcon Metals secures $30M to fund drilling

• Falcon Metals completed a $30 million capital placement to accelerate exploration.
• The company's equity market capitalisation adjusted to reflect the newly issued shares.
• Funds are allocated towards expanding drill rigs across Victorian and Western Australian mineral assets.

Falcon Metals (ASX:FAL) secured $30 million through an institutional share placement to expand multi-rig exploration programmes across its key exploration assets.

The capital injection compares to the company's prior balance sheet position as it scales up activity past its initial baseline budgets.

"Increasing the programme to approximately 6,000m will enable broader testing of the central portion of the 5.8km-long anomaly," said Falcon Metals Managing Director Tim Markwell.

The company stated that proceeds will fund continuous drilling at the Blue Moon project in Victoria and the Errabiddy Project in Western Australia.

Following the announcement, the Falcon Metals share price was down at $0.52.

Falcon Metals operates as a dedicated gold and base metals exploration entity focused on mineral discovery across Australian jurisdictions.

The enterprise previously demerged from Chalice Mining to manage a dedicated portfolio of early-stage exploration licences.