- 01Placement funds to support exploration and new opportunities.
- 02Shareholder approval required for performance rights, posing dilution risk.
- 03Continued focus on manganese and lithium exploration despite ongoing funding needs.
Great Dirt Resources (ASX: GR8) has secured firm commitments for a $1.446 million placement, which, alongside recent exploration updates and its annual report, aims to fund ongoing projects and new opportunities
The capital raise will involve the issue of 9,333,333 new shares at $0.155 per share.
The funds are earmarked to bolster working capital, finance existing projects, and facilitate the identification and assessment of new project opportunities.
Noteworthy cornerstone commitments include Steve Parsons and Michael Naylor, who are subscribing for a combined total of 4,480,000 shares.
Performance Rights and Shareholder Approval
Great Dirt Resources also plans to issue up to 21,230,738 performance rights to Steve Parsons and Michael Naylor.
These rights are contingent on shareholder approval at a General Meeting anticipated in early April 2026.
The vesting condition for these rights is a volume weighted average price (VWAP) of $0.35 over 20 consecutive trading days, with a 3-year expiry period.
This issuance, if approved, presents a potential for dilution for existing shareholders.
Annual Report Highlights
The company's 2025 annual report, for the year ended 30 June 2025, showed a narrowed net loss after tax of $428,424, down from $1,203,176 in 2024.
Net assets for the year stood at $4.163 million.
At the end of June 2025, Great Dirt Resources held cash and cash equivalents of $2.67 million.
Exploration activities during this period included maiden drilling at the Junior Prospect in New South Wales, which yielded high-grade manganese intercepts.
In Western Australia, initial lithium soil anomalies were confirmed at the Pilbara Project.
Manganese Exploration Progress
Recent exploration updates have previously highlighted high-grade manganese rock chip results, with assays reaching up to 51.8% manganese at the Basin and Neranghi projects in New South Wales.
The company continues to advance its research and development program, integrating geochemistry, refined geophysics, and 3D structural modelling to test for primary manganese systems at depth.
Drilling at the Doherty Project was expected to commence in early November 2025, aiming to further define targets.
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