Investors pour $14.4m into White Cliff Minerals to fast-track copper drilling

The capital raise will facilitate expanded and expedited exploration at Rae, incorporating RC and diamond drilling along with focused geophysical work

White Cliff Minerals believes strong support for the raise is testament to the quality of the Rae copper project in Canada. Pic: Getty Images

• White Cliff Minerals oversubscribed capital raise lands $14.4m

• Funds will be used for RC and diamond drilling as well as aerial and downhole geophysics

• The company expects assay results for holes 5,6 and 7 at Danvers in the coming weeks

 

Special Report: White Cliff Minerals has raised $14.4 million at a 38.9% premium to its last traded price of 2.9c, enabling an expanded and accelerated drilling campaign at the Rae copper project starting mid-July.

Utilising the ‘flow-through shares’ provisions under Canadian tax law, 307,692,321 shares will be issued at 4.03c per share for a total $12.4m.

The flow-through will provide tax incentives to eligible Canadian investors for expenditure that qualifies as flow-through critical mineral mining expenditure under Canada’s Income Tax Act.

White Cliff (ASX:WCN) has also received commitments to raise an additional $2m through a placement to new and existing sophisticated and professional investors.

More than 76m shares will be issued at 2.6c per share, representing a 10.3% discount to the company’s last closing price before a trading halt.

The capital raise, which was significantly oversubscribed via several new Australian, UK, Hong Kong and Singaporean financial institutions, is cornerstoned by WCN’s strategic advisor John Hancock and his private family office Astrotricha Capital SEZC.

Game changing copper hit

It comes against the backdrop of historically strong copper prices which have surged 14.48% since the beginning of 2025.

Recent drilling results at the Rae project have continued to exceed expectations, with the return of a 63m intersection grading 2.23% copper from 914m, including a high-grade intercept of 15m at 5% copper and 16.9g/t silver from 18.29m.

Another hole returned two significant copper intervals including 38m at 1% copper and 1.89g/t silver from 7.62m as well as 72m at 1.08% copper and 4.22g/t silver from 62m.

This momentum builds on a discovery earlier this month that’s being recognised as one of the world’s most significant copper finds in half a century with the return of a 175m intersection at 2.5% copper from 7.6m.

Listen: Explorers Podcast: White Cliff Minerals opens up Canadian copper frontier

Perfect time to scale operations 

WCN managing director Troy Whittaker said the robust price environment had motivated the company to ramp up exploration efforts as it looked to capitalise on its strong financial position following this raise.

“The ability to access the less dilutive flow through funds at a circa 40% premium is a huge advantage and value accretive for shareholders,” he said.

“Further, John Hancock and his Astrotricha Capital Family Office cornerstone position in the raise, along with the support of other high net worth investors introduced by Astrotricha, reflects their shared vison for the future of WCN and underpins the company’s development plans for the Rae project.

“Following recent high-grade results, this upcoming drilling at Danvers will lay the foundation for a maiden exploration target at the project over the coming period,” he said.

“We are very excited about the potential to delineate a material resource around the immediate drilling area at Danvers and to potentially encompass additional deposits along the regional 7km + strike.”

In parallel, Whittaker said drilling would also begin at the major sedimentary hosted copper target at Hulk.

“The pre-collars that we have completed at Hulk sit only about 50 metres above the target horizon and with diamond rigs planned to arrive in the coming months at which time we plan to drill all project areas and deliver on the potential for an additional major copper discovery at our Rae project,” he said.

Watch: Long Shortz with White Cliff: A globally significant copper intersection

Global investor interest

WCN strategic advisor John Hancock said he had now become the company’s largest shareholder and was pleased to see another well executed and strongly supported capital raise at a premium to the share price.

“The WCN focus has been on minimising existing shareholder dilution whilst attracting strategic investor capital to accelerate exploration and at the same time, securing the company's financial position for the longer term,” he said.

“There is now global investor interest in WCN’s prospects, and I look forward to further upcoming drill results.”

The company expects further assay results for holes 5, 6 and 7 at Danvers in the coming weeks.

This article was developed in collaboration with White Cliff Minerals, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

Originally published as Investors pour $14.4m into White Cliff Minerals to fast-track copper drilling