Lightning Minerals CEO Troy Brice Discusses the $1.85m Capital Raising and Mt Turner

Why It Matters

The raise funds near-term, high-impact drilling that could convert underexplored but prospective geology into a maiden resource, potentially re-rating the company if assays confirm significant gold, copper or tungsten mineralisation. Positive early results would justify a larger program and attract further investment ahead of the wet season, materially affecting Lightning’s valuation and development timeline.

Summary

Lightning Minerals (ASX: L1M) has raised A$1.85 million in a two-tranche placement to fund accelerated exploration at its flagship Mount Turner project and parallel targets. New CEO Troy Brice, eight weeks into the role, said the capital will bankroll an initial targeted drilling program—including about five diamond holes aimed at building a foundation for a mineral resource estimate—plus copper porphyry follow-up work and field programs across other regional assets. The company also flagged unexpected tungsten showings at its Warby project and upcoming assay results, while leveraging modern geophysics, re-logging historical core and a UNSW study to de-risk targets. Management emphasized conservative capital allocation, shareholder support for a gold-led strategy, and plans for a larger drilling campaign later in the year if initial results are encouraging.

Original Description

Lightning Minerals CEO Troy Brice talked with Proactive about the company's recent $1.85 million capital raising and how the funds will be deployed to advance the Mt Turner Gold Project in North Queensland.

Brice explained that the placement attracted strong investor interest, with the company electing to raise a modest amount despite being able to secure additional commitments. He said the focus remains on disciplined capital allocation and delivering results that build shareholder confidence.

The funding will primarily support exploration activities at the Mt Turner Gold Project, where Lightning Minerals is preparing to start a targeted diamond drilling program. The company plans to drill five holes aimed at establishing the foundations for a future mineral resource estimate. Drilling is expected to begin later in June, with the results potentially guiding a larger exploration campaign later in the year.

Beyond gold, Brice outlined the company's broader strategy for the Mt Turner project area, including ongoing assessment of copper porphyry targets. He also discussed recent work at the company's Warby project, where historic tungsten workings were identified during field activities, adding another potential exploration opportunity to the portfolio.

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