What is the partnership between Metals X (ASX:MLX) and Tanami Gold (ASX:TAM)?

Metals X holds a strategic investment in Tanami Gold, currently representing a 2.93% stake. The two companies are linked through Tanami’s primary asset, the Central Tanami Project in the Northern Territory, which is a 50/50 joint venture between Tanami Gold and MGX Resources.

Why is Tanami Gold (ASX:TAM) raising A$70.5 million?

Tanami Gold is undertaking this capital raising to fund its ongoing mineral exploration and development activities, specifically focusing on the Central Tanami Project. The A$70.5 million will be raised through a 1-for-1 renounceable entitlement offer, allowing existing shareholders to buy new shares at a set price.

How is Metals X (ASX:MLX) responding to the Tanami Gold capital raising?

Metals X has confirmed it will fully participate in the offer by subscribing for its entire entitlement of 34,430,000 new shares. This commitment requires a total cash investment of A$2,065,800 from Metals X to maintain its proportional ownership in the company.

What are the terms of the Tanami Gold (ASX:TAM) entitlement offer?

The capital raising is structured as a 1-for-1 renounceable entitlement offer priced at A$0.06 per share. Being "renounceable" means that shareholders who do not wish to buy the new shares can sell their "rights" to other investors on the ASX, potentially capturing some value even if they don't participate.

What does this news mean for Metals X (ASX:MLX) shareholders?

For Metals X investors, this move signals a continued commitment to the gold sector and confidence in the Central Tanami Project. While it involves a cash outlay of roughly A$2.06 million, it prevents the company’s 2.93% stake in Tanami Gold from being diluted during the share issuance.

Metals X commits to Tanami Gold capital raising

Written by Liezl GambePublished May. 8 2026Last Updated May. 8 2026

Metals X (ASX:MLX) has confirmed its intention to fully participate in a major capital raising launched by Tanami Gold (ASX:TAM).

Tanami is currently seeking to raise approximately $70.5 million through a 1-for-1 renounceable entitlement offer priced at $0.06 per share.

To maintain its current standing in the mineral exploration company, Metals X will subscribe for its full entitlement of 34,430,000 new shares, representing a total investment of A$2,065,800.

The move ensures Metals X retains its 2.93% stake in the expanded capital of Tanami, which continues to focus on the development of the Central Tanami Project in the Northern Territory alongside joint venture partner MGX Resources.

At the time of reporting, the share prices of Metals X and Tanami Gold were $1.54 and $0.081.