ECR Minerals (ECR ) has conditionally raised £636,250 by way of a placing with existing shareholders and other investors of just over 360 million shares at 0.175p each.
The Issue price represents a discount of 12.5 per cent. to the closing middle market price of 0.2p on 7 August 2026, being the latest business day prior to the announcement of the fundraising.
Each new share also comes with a warrant.
The proceeds will be used to advance ECR's Maddens gold project in Northern Queensland.
ECR is working on several operational and technical workstreams for the development of Maddens, which is considered to be ECR's highest-priority gold production opportunity.
These activities span underground mine development, geological evaluation, processing plant enhancements and preparations for trial alluvial mining.
A portion of the fundraising will also go towards ECR's general corporate and working capital requirements.
The fundraising follows a series of recent operational milestones at the Maddens gold project, including continued underground mine development, identification of a second mineralised quartz vein containing visible gold, and stockpiling of ore ahead of processing and completion of a LiDAR survey that has highlighted further exploration potential across the project area.
"Since ECR's acquisition of Paleogold in May this year, it has become increasingly apparent that the Maddens gold project represents the most exciting prospect in ECR's portfolio,” said Nick Tulloch, ECR's chairman.
“With visible gold now apparent in the Maddens underground mine, we are expecting production to commence later this year. With the Maddens underground mine having historically produced at grades of up to 25 grams per tonne, there is every reason to be optimistic about how this could be transformational for ECR. The board is always sensitive to shareholder dilution but the potential opportunities at the Maddens gold project are too significant to not advance. The additional capital at our disposal will support both production plans at the Maddens underground mine and trial alluvial mining at the Brothers mining lease area, as well as continuing our exploration of the wider area. To date there has been no systematic exploration across the tenement, and as such, we consider that there is significant upside potential across the Maddens gold project beyond the production opportunities already identified."
View from Vox
Gold production is now imminent, and this new funding should take ECR across that line. Maddens is just the first of several gold producing opportunities the company is pursuing, so the next 12 months should be transformative.