Patriot Resources Limited (ASX: PAT) has announced the successful completion of its previously detailed strategic placement and an investor relations and marketing agreement with Next Investors (S3 Consortium Pty Ltd). Patriot Resources, an Australian exploration company committed to discovering and developing high-value battery and critical mineral assets, confirmed the issue of 10,000,000 fully paid ordinary shares at an issue price of A$0.05 per share, raising A$500,000 before costs. This placement was executed at a 28% premium to the Company’s bid price at the time of agreement, reflecting the strategic nature of Next Investors’ commitment and aligning with Patriot’s capital markets strategy.
Alongside the placement, Patriot has formalised a 24-month investor relations and marketing agreement with Next Investors. Under this agreement, Next Investors will provide support for the Company’s investor engagement and market awareness initiatives through the distribution of investor communications, including digital campaigns across various channels. In consideration for these services, the Company issued 8,680,000 fully paid ordinary shares at a deemed issue price of A$0.0475 per share, which are subject to escrow terms. Patriot Resources Managing Director and CEO Dominic Duggan stated that the partnership comes at an important time for the company and the Tassa Silver Project, noting Next Investors’ track record in supporting ASX resources companies and broadening investor engagement.
The completion of these strategic agreements coincides with a pivotal period for Patriot, following recent significant announcements regarding its 100%-owned Tassa Silver Project in Peru. These include a Maiden Inferred Mineral Resource of 31.4Moz AgEq from 18.53Mt at 52.68 g/t AgEq, and an Exploration Target ranging from 774Moz–559Moz AgEq from 422–359Mt at 57–48g/t. The Company reiterated that the Exploration Target is conceptual in nature, with insufficient exploration at present to estimate a Mineral Resource, and confirmed it is not aware of any new information materially affecting previously released data, with all material assumptions continuing to apply, as per JORC code guidelines.
