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Sierra Nevada Gold Inc. (ASX:SNX)

ALERT: Price-sensitive ASX Announcement for SNX
Current share price for SNX : $0.120 0.005 (4.35%)+
Announcement
Release
26 Aug 2026 9:34AM
Price at Release
$0.115
Full Release
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Summary
Sierra Nevada Gold Inc. announced it has secured commitments to raise $12.3 million through a single tranche placement in order to advance its As Safra Copper-Gold Project in Saudi Arabia. This capital raising will enable the company to execute its Phase 2 drilling program, which is set to include over 25,000 meters of drilling and 10.5 kilometers of trenching. As Safra has been identified as a core strategic focus, with its Phase 1 results establishing a coherent copper mineralized system. Additionally, SNX will use the funds to explore further business opportunities in Saudi Arabia and support its operations in Nevada, USA. The placement was well-supported by institutional investors and will see directors and management participate, pending shareholder approval.
Key Points
  • Sierra Nevada Gold Inc. raises $12.3 million to advance the As Safra project.
  • Phase 2 drilling to include over 25,000 meters of drilling and 10.5 km of trenching.
  • The As Safra project is a key focus in Saudi Arabia.
  • Funds will also support business opportunities in Saudi Arabia and Nevada operations.
  • Placement backed by institutional investors, with management participation pending approval.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.