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Felix plans capital raise to revive Fairbanks antimony mine

25th September 2024

By: Mariaan Webb

Creamer Media Contract Publishing Editor

     

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Gold and antimony explorer Felix Gold has launched a A$4.8-million capital raising to accelerate its antimony production efforts, focusing on the Scrafford mine near Fairbanks, Alaska.

The ASX-listed company has secured firm commitments to issue 64-million shares at A$0.075 each, with strong backing from both existing and new investors. Several institutional investors have either established new positions or increased their stakes, and the placement was anchored by one of North America’s largest asset managers, who will become a significant shareholder post-allotment.

Felix's primary objective is to bring the Scrafford mine into near-term antimony production. “We believe this ambition is possible as our tenements contain two past-producing, infrastructure-adjacent and high-grade antimony mines situated within a larger gold/antimony system,” the company states.

The company is advancing its plans in response to China's recent restrictions on antimony exports, a move that has raised alarms in the US Military and reignited interest in domestic antimony production.

Antimony is a strategic critical mineral that is used in all manner of military applications, including the manufacture of armour piercing bullets, ammunition primers, and tracer ammunition.

Edited by Creamer Media Reporter

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