Firetail Resources Secures $3M Placement to Fund High-Impact Exploration

2 min read | February 12, 2025 02:22 AM GMT | By Team Kalkine Media

Highlights

  • $3M placement at $0.06 per share, jointly led by Euroz Hartleys & 708 Capital.
  • Company directors participating, subject to shareholder approval.
  • Funds to support exploration at Skyline & Picha Project (Peru).
  • FTL shares surge 13% to 6.8 cents on 12 Feb 2025.

Firetail Resources Limited (ASX:FTL) has secured firm commitments from institutional, professional, and sophisticated investors—including existing shareholders—to raise A$3 million through a placement of 50 million shares at $0.06 per share.

The placement was jointly led by Euroz Hartleys and 708 Capital, with directors Glenn Poole, Simon Lawson, and Rob Jewson participating subject to shareholder approval.

Skyline Exploration Program

The bulk of the funds will be used to advance exploration at Skyline, targeting potential copper-zinc-silver VMS mineralization. Key initiatives include:

  • 3D IP survey across the Governor’s Target (1,200m strike, untested).
  • Ground EM surveys on priority targets, including Veyron (two plates, 500m strike each).
  • High-resolution magnetic survey across 8km x 2.5km ophiolite sequence.
  • Initial drill testing of Governor’s and Veyron targets.

Advancing the Picha Project (Peru)

In addition, funds will support ongoing work at the Picha Project (70% Firetail, 30% Thunderbird Resources - ASX: THB), including:

  • US$500K equity-free funding & technical support from the BHP Xplor Program.
  • Property-wide gravity survey to identify further targets.
  • Geochronology, geochemistry mapping, and alteration/soil sampling.

Market Response

Following the placement announcement, FTL shares jumped over 13% to 6.8 cents during morning trading on 12 February 2025.


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