News: Suppliers
21 May 2025
Nimy completes $2.75m share placement to fund exploration at Western Australia gallium discovery
Mining exploration company Nimy Resources Ltd of Perth, Western Australia says it has received firm commitments for $2.75m in a share placement from professional and otherwise exempt investors.
Proceeds will be used in part to accelerate exploration at its Block 3 gallium discovery, where it is drilling to establish a maiden JORC (Australasian Joint Ore Reserves Committee) Resource. Nimy is also advancing discussions with potential offtake partners. Phase II drilling at Block 3 is well advanced and the first samples have been sent for assay. Samples from the drilling will be used for ongoing metallurgical test work, including technical studies to test gallium extraction methods.
“We are very pleased with the positive market response received,” says managing director Luke Hampson. “Nimy is focused on delivering a JORC-compliant gallium resource to underpin the development of our high-grade gallium discovery at Block 3,” he adds. “Nimy is positioning to be a major player supplying high-grade gallium into high-growth markets as the US and the EU seek security of supply into gallium-reliant industries such as semiconductor manufacture and defence force applications.”
Nimy notes that gallium prices have surged to $1012/kg, driven by China’s export ban that has squeezed global semiconductor supply chains.
The placement shares will result in the issue of 32,352,942 new fully paid ordinary shares at an issue price of 8.5 cents each. They will be issued under the company’s placement capacity under ASX Listing Rule 7.1 and as approved by shareholders at a general meeting held on 28 February. The placement shares are anticipated to be issued on 27 May. They will rank equally with the existing fully paid ordinary shares on issue.
The placement also includes one free attaching unlisted option for every two placement shares subscribed for (for a total of 16,176,471 options), each with an exercise price of 13.5 cents and expiring three years from the date of issue. The issue of the attaching options is subject to shareholder approval at a general meeting to be held in mid-July.
The issue price of 8.5 cents per placement share represents a 19.05% discount to the last traded closing share price of 10.5 cents per share on 16 May and a 15.62% discount to the 15-day volume-weighted average price (VWAP) of the company’s shares prior to the trading halt announced on 19 May.
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