Sky Metals (ASX:SKY) secured binding commitments for a $20.5 million capital raising.
The placement, set at $0.155 per share, was heavily supported by a mix of institutional, professional, and sophisticated investors, alongside a $496,000 commitment from the company’s own directors.
The influx of capital is specifically earmarked to accelerate the development of the company’s flagship Tallebung Tin Project located in central New South Wales.
Key immediate priorities include continued in-fill drilling to expand high-grade tin-silver-tungsten zones and the delivery of an updated mineral resource estimate expected as early as next quarter.
Furthermore, the capital will drive essential technical work, including bulk sampling and metallurgical testing aimed at optimising ore-sorting pathways.
Beyond the technical scope, the company is progressing environmental approvals and preparing for comprehensive mining feasibility studies.
Managing Director Oliver Davies characterised the raise as "pivotal," noting that it places the company in a strong position to transition into its next phase of value creation.
With approximately 132.2 million new shares to be issued, the company is now fully equipped to move Tallebung toward production, addressing the growing demand for critical minerals.
At the time of reporting, Sky Metals’ share price was $0.17.