Everest Metals will raise $2.2 million through a placement, subject to shareholder approval.

The company will issue 22 million new shares at 10 cents each to further its Revere Gold and Mt Edon Critical Mineral projects.

Funds from the placement will support bulk sampling operations and initial JORC resource delivery at Revere Gold, as well as Phase-2 drilling to establish a maiden JORC resource at the Mt Edon Project.

The funds will also cover general working capital needs and associated costs.