New Hope is increasing its investment in Malabar Resources through a $105 million commitment in an equity raise.
The move could elevate New Hope's stake in Malabar from 15% to 23%, pending shareholder approval.
The funds will accelerate the Maxwell Mine Project's development, expanding the long wall from 145m to 300m.
New Hope will use existing cash reserves, allocating $76 million for a firm placement and $29 million for a conditional placement at $1.80 per share.