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Highlights
- Catalina Resources has executed a binding agreement to divest its Nelson Bay River Project in Tasmania.
- The company expects to release approximately AUD 827,200 in restricted rehabilitation funds upon completion of the transaction.
- A placement to Newcam at AUD 0.115 per share, representing a 67% premium, will raise approximately AUD 416,666.
- Following the transactions, Catalina’s cash position is projected to reach AUD 4.32 million, boosting exploration funding.
Shares in Catalina Resources Limited (ASX:CTN) rose 11.59% to AUD 0.077 on 24 February 2026, following the announcement of a binding agreement to divest its Nelson Bay River (NBR) Project in Tasmania and secure additional funding from Newcam Metals Pty Ltd. The transactions are set to boost the company’s balance sheet and enhance financial flexibility for ongoing evaluation and exploration programs.
Catalina Divests Nelson Bay River Project
The company has executed a binding agreement with Newcam to divest the NBR project. Upon completion, approximately AUD 827,200 held as a Rehabilitation Security Deposit is expected to be released back to the company, alongside nominal cash consideration.
The NBR project had been part of the company’s broader asset portfolio and was maintained in line with regulatory and rehabilitation requirements. Following an internal review, the company determined that the asset was not central to its active exploration plans and was peripheral to its near-term capital allocation priorities.
Importantly, the transaction simplifies the company’s obligations while converting restricted funds into accessible working capital.
Completion of the transaction remains subject to customary regulatory and administrative approvals.
Placement at 67% Premium Raises AUD 416,666
The company also confirmed that Newcam will subscribe for 3,623,188 shares at an issue price of AUD 0.115 per share, raising approximately AUD 416,666. The placement price represents a 67% premium to the company’s last closing price of AUD 0.069 on 16 February 2026.
In addition to the shares, the placement includes two series of attaching options on a one-for-one basis, subject to shareholder approval:
- 3,623,188 options exercisable at AUD 0.23 per option, expiring three years from issue
- 3,623,188 options exercisable at AUD 0.345 per option, expiring three years from issue
The proceeds will be directed toward working capital and advancing priority exploration and technical evaluation activities across Catalina’s project portfolio.
Cash Position to Reach Approximately AUD 4.32 Million
Following the completion of both the divestment and the placement, Catalina’s indicative cash position is expected to be approximately AUD 4.32 million. The company stated that the transactions will enhance liquidity and provide additional funding flexibility as it progresses with its exploration initiatives.
Catalina Resources’ latest announcement marks a reshaping of its asset portfolio alongside fresh capital inflows. With the anticipated release of rehabilitation funds and proceeds from the premium placement, the company’s cash position is set to strengthen, enabling it to fund future exploration efforts.
