Flynn Gold Raises $5m to Accelerate Exploration Across Tasmanian Projects

Flynn Gold (ASX: FG1) has received strong support for a $5 million capital raising to accelerate exploration at its Tasmanian gold-silver-critical minerals projects.

The company raised $3m via a renounceable rights issue to shareholders and a further $2m in a follow-on share placement to domestic and international institutional investors.

Flynn issued a total of 217.3 million new shares at $0.023 each plus 108.6 million 1-for-2 free attaching options exercisable at $0.04 each and expiring in April 2028.

Golden Ridge Project

The company will use proceeds to mobilise a second rig to test additional targets at the company’s flagship Golden Ridge project in northeast Tasmania, and enable drilling beneath the historical high-grade Silver King mine within the Henty North project near Queenstown.

Recent rock grab sampling at Silver King recorded up to 18.7 ounces per tonne silver, 36.5% lead, 4% zinc, 0.2% copper, and 0.1% antimony.

Flynn will also focus on drilling campaigns beneath the historical Golden Entrance gold mine at Mangana and the Grieves Siding zinc-lead-silver prospect at Henty South, both of which will receive $130,000 exploration co-funding from Tasmania’s state government.

Finally, a major re-sampling and assaying program at the Firetower gold-cobalt-tungsten-copper project near Launceston will test historical drill core for cobalt and tungsten ahead of resource modelling and further drilling.

Record Metals Prices

Flynn managing director Neil Marston said funds raised placed the company in a strong position to unlock the potential of its projects at a time of record metals prices.

“We would like to thank our shareholders for their continued commitment to the company and enthusiasm for our future as we embark on an accelerated exploration program across our key gold, silver and critical metals projects in Tasmania,” he said.

“I also extend a warm welcome to new domestic and international investors at a time when the price of gold, silver, cobalt and tungsten are all soaring—their participation has ensured we are well-funded and fully-permitted to execute multiple exploration programs across several high-priority targets.”