Desert Metals secured firm commitments totalling $3.8 million through an oversubscribed share placement at 3.3 cents per share.
The heavily oversubscribed placement, with bids exceeding $6 million, was supported by sophisticated investors.
Funds raised will bolster Desert Metals' financial position, enabling exploration activities in Côte d'Ivoire and ongoing projects in Western Australia.
The placement, subject to shareholder approval, includes approximately 115.4 million fully paid ordinary shares and 57.7 million free-attaching options, exercisable at $0.06 on or before Dec. 31, 2025.