Nimy completes $2.75m share placement to fund exploration at WA gallium discovery

Highlights:
  • Nimy Resources has received strong demand for a $2.75 million Placement through existing and new institutional and sophisticated investors.
  • The Placement was strongly supported by strategic shareholders and therefore required scaling.
  • Funds raised will advance the Block 3 gallium discovery by accelerating drilling, progressing resource definition and offtake discussions, and supporting metallurgical test work.
  • Upcoming newsflows will include a drilling update from the Block 3 program, assay results, maiden JORC resource progress, metallurgical test work outcomes and potential offtake discussions.
  • Gallium prices have surged to $1,012/kg, driven by China’s export ban that has squeezed global semiconductor supply chains.

Nimy Resources Limited (Nimy or the Company) (ASX:NIM) is pleased to announce that it has received firm commitments for $2.75 million in a share placement from sophisticated, professional and otherwise exempt investors (Placement).

The proceeds will be used in part to accelerate exploration at its Block 3 gallium discovery, where it is drilling to establish a maiden JORC 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.

Nimy Managing Director Luke Hampson said:

We are very pleased with the positive market response received. Nimy is focused on delivering a JORC compliant gallium resource to underpin the development of our high grade gallium discovery at Block 3. 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 semi-conductor manufacture and defence force applications”.


 

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