Alvo Minerals Limited (ASX:ALV)

Alvo Minerals Limited (ASX: ALV) announced it has received binding commitments to raise A$1 million from a group of strategic and existing investors through a single-tranche placement of 50,000,000 new fully paid ordinary shares at A$0.02 per share, with the issue price equal to the company’s last closing price and representing a 1.18% premium to the 15-day VWAP of A$0.0197. Subject to shareholder approval at a general meeting expected in late November 2026, participants will receive one free attaching unquoted option for every two placement shares, exercisable at A$0.04 and expiring 18 months from issue, while GBA Capital will receive 8 million unquoted broker options on the same exercise price and term for introducing the strategic investors, with no cash fee payable on the placement. The placement shares are expected to settle on 12 October 2026 and be issued on 13 October 2026 under the company’s ASX Listing Rule 7.1 and 7.1A capacity. Funds raised will be used to support ongoing exploration and general working capital, including work across Alvo’s critical minerals projects in Brazil, particularly auger drilling, geophysical surveys and geological interpretation at Palma aimed at future diamond drilling, as well as continued exploration at the Bluebush Ionic Clay Heavy Rare Earth Project and the Ipora REE Project.