Northstone lines up $2.37m to fuel Serbian gold and copper chase

• Northstone has secured commitments for an oversubscribed $2.37m placement
• A maiden JORC resource at Tlamino remains targeted for the December quarter
• Proceeds will also support copper exploration at Timok East

Special Report: Northstone Resources has secured firm commitments for an oversubscribed $2.37m placement to advance its Tlamino gold-silver and Timok East copper projects in Serbia.

The fresh capital will advance its portfolio in the country where a maiden JORC resource estimate for Tlamino remains on track for release in the December quarter.

Northstone Resources (ASX:NRL) will issue 263,444,444 new shares at 0.9c each to institutional, sophisticated and professional investors, including existing shareholders.

Directors and management have committed $240,000 to the raising, including $135,000 from directors Glenn Whiddon, Ian Shackleton and James Pearse, subject to shareholder approval.

Participants will also be entitled to receive one free attaching option for every two shares subscribed for, exercisable at 2c and expiring in January 2030.

The issue of the options remains subject to shareholder approval, which is expected to be sought at the November 30 AGM.

Gold resource milestone in sight

The planned maiden resource estimate follows an extensive drilling campaign at the Barje deposit, where NRL has been working to improve confidence in the existing geological model and investigate extensions to known mineralisation.

NRL reported further confirmation of gold-silver continuity at Barje on October 30, with results from 31 of the initial 33 infill holes received.

Those results followed record high-grade intersections reported in September, including 36m at 5.85g/t gold equivalent.

Drilling results will feed into updated geological modelling ahead of the resource estimate.

“Record drilling outside the 2021 estimate and infill results confirming continuity give us real confidence heading into the resource update,” chief executive officer Max Piirto said.

“With final infill assays, the first results from greenfield exploration, the maiden JORC Mineral Resource Estimate and the updated scoping study all to come, the months ahead represent an exceptionally busy period of news flow for Northstone.

“These funds position us to keep advancing our Serbian portfolio, with a clear focus on building value at Tlamino and Timok East.”

Barje currently has a non-JORC resource completed in 2021 under Canada’s NI 43-101 reporting framework, of about 670,000oz of gold equivalent at 2.9g/t.

Scoping study activities are scheduled to begin after the estimate is delivered.

NRL also plans to continue greenfield drilling across the Barje-Liska corridor and surrounding expansion targets.

The programs are testing whether gold-silver mineralisation extends beyond the existing Barje resource footprint.

Copper opportunity 

NRL’s Timok East copper project provides a second exploration focus in its Serbian portfolio.

The project lies east of the established Bor mining district and hosts several targets, including Western Mag, Bambino and Limestone Contact.

Earlier geophysical work identified two conductive anomalies about 250-550m below surface near Western Mag, providing targets for further investigation.

The International Energy Agency’s Global Critical Minerals Outlook 2026 projects a 25% copper supply shortfall against primary supply requirements by 2035, based on its assessment of the existing project pipeline.

This article was developed in collaboration with Northstone Resources, 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.

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