Metals X Backs Tanami Gold’s A$70.5m Entitlement Offer to Maintain Stake

The latest update is out from Metals X Limited ( (AU:MLX) ).

Metals X Limited has confirmed it will fully participate in Tanami Gold NL’s latest capital raising, a fully underwritten 1-for-1 renounceable entitlement offer aimed at securing about A$70.5 million through the issue of new shares at A$0.06 each. By subscribing for its full entitlement of 34.43 million new shares for A$2.07 million, Metals X will maintain its 2.93% stake in Tanami, signalling continued support for the Central Tanami Project and reinforcing its strategic exposure to gold development in the Northern Territory.

The move underscores Metals X’s commitment to its existing portfolio investments rather than expanding its ownership position, while Tanami’s substantial equity raise is expected to strengthen funding for the joint venture project with MGX Resources. For stakeholders, the transaction highlights ongoing capital requirements in gold project development and suggests both companies see long-term value in progressing the Central Tanami asset within a competitive gold sector.

The most recent analyst rating on (AU:MLX) stock is a Buy with a A$1.55 price target. To see the full list of analyst forecasts on Metals X Limited stock, see the AU:MLX Stock Forecast page.

More about Metals X Limited

Metals X Limited is an Australian resources company listed on the ASX, with interests in the metals and mining sector. It holds a minority stake in Tanami Gold NL, a mineral exploration and gold mining company focused on developing the Central Tanami Project in the Northern Territory through a 50/50 joint venture with MGX Resources.

Average Trading Volume: 4,651,718

Technical Sentiment Signal: Buy

Current Market Cap: A$1.3B

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