en.Wedoany.com Reported - Western Mines Group (ASX: WMG) has completed a placement raising, which will accelerate exploration work at its Mulga Tank nickel-cobalt-copper-platinum group elements project in Western Australia.
On July 29, the company completed a A$2.74 million placement led by Lowell Resources Funds (ASX: LRT). Following the placement, Lowell Resources Funds became the largest shareholder of Western Mines Group with a 10.6% stake.
The placement issued approximately 16.57 million shares, with the remaining 200,000 shares to be issued after the general meeting scheduled for November 2026. The raised funds will be used for upcoming seismic surveys, as well as subsequent reverse circulation and diamond drilling operations, while also covering costs related to geochemical analysis and a scoping study.
The Mulga Tank project currently holds mineral resources of 1.968 billion tonnes at a nickel grade of 0.27%, containing more than 5.3 million tonnes of nickel.
Western Mines Group is a mineral exploration company with interests in multiple gold and nickel sulfide deposit projects across major mineral belts in Western Australia.
