Eagle Mountain Mining (ASX:EM2) Completes Rights Issue
Financial Performance
Eagle Mountain Mining completed a renounceable entitlement offer, raising approximately A$5.9 million before costs. The company extinguished a $3.5 million debt, improving its financial position, and reported cash on hand of $1.5 million at the end of March 2025.
Project Developments
The Porphyry potential at Silver Mountain Project was strengthened through age-dating of latite dykes, confirming a Laramide age. The company has commenced partnering processes to advance the Silver Mountain Project. Additionally, a tailings study at the Wedgetail Project is ongoing, with potential customers assessing industrial applications.
Board Updates
Eagle Mountain refreshed its board with the appointment of Fabio Vergara as Executive Director and Michael Fennell as Non-Executive Director. Managing Director Charlie Bass has announced his intention to step down from the board in the coming months.
Executive Comments
Executive Director Fabio Vergara stated, “Eagle is in a better financial position following completion of the Rights Issue at the beginning of the Quarter which recapitalised the Company and, together with an important decision taken in relation to the Oracle Ridge Mine, allowed for a significant reset of the Company’s balance sheet. We are now focussing on realising value from our assets in Arizona, along with leveraging the positive sentiment sparked in the US by the Executive Order issued by the Trump administration on 20 March 2025, in addition to continuing to review new opportunities.”
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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