Burley Minerals Limited (ASX: BUR) announced on 10 June 2026 the successful completion and oversubscription of its Share Purchase Plan (SPP). Burley Minerals Limited is an Australian mineral exploration company focused on developing its iron ore assets in Western Australia and lithium projects in Canada. Its portfolio includes the Cane Bore Iron Ore Project and the Chubb Lithium Project. The SPP, which initially targeted A$300,000, ultimately raised A$313,910, reflecting strong shareholder support. This SPP complemented a recently announced placement to institutional, professional, and sophisticated investors, which secured A$700,000 before costs, bringing the total capital raised to A$1.0 million.
The additional funding is earmarked for progressing maiden drilling programmes at the North and Step-out targets within the Cane Bore Iron Ore Project, situated in Western Australia’s world-leading Hamersley Iron Ore Province. Furthermore, a portion of the funds will be allocated to ongoing exploration at the company’s Canadian Chubb Lithium Project. The successful capital raise positions Burley Minerals to advance its key exploration initiatives across its diverse project portfolio.
Managing Director Stewart McCallion commented on the outcome, stating that Burley is pleased with the A$1.0 million capital raise and is thankful for the strong support from existing shareholders. He noted that the additional funding will enable Burley to advance exploration work at its Cane Bore Iron Project in the Pilbara. Mr. McCallion highlighted that a heritage survey is set to commence shortly at Cane Bore, with drilling anticipated to begin in July. He described the Cane Bore Iron Project as a high-lying Channel Iron Deposit, strategically located close to the highway and the Ashburton port, which allows for potentially low capital and operating cost development.
All shares associated with the SPP have been allotted, with the dispatch of holding statements and quotation on the ASX scheduled for 11 June 2026.
