Mount Ridley shares jump 25.64% after $2 million placement funding rare earth projects
Mount Ridley Mines stock surged following a capital raise from investors, with directors confirming funds will support scoping studies and optimization work at its Grass Patch project.
Shares in Mount Ridley Mines (ASX:MRD) increased by 25.64% on Tuesday, September 8, 2026, following a capital raise of $2 million completed last Friday. The company raised the funds through a placement offering shares at 3.3 cents per share to sophisticated and professional investors. Directors subscribed for an additional $100,000 worth of shares pending shareholder approval. The company received demand exceeding the $2 million target but maintained the planned raise size to align with fiscal discipline and reduce dilution. Proceeds will finance the next phase of activities at the Grass Patch project. This work includes flotation, bulk metallurgical testwork, scoping studies, resource definition activities, and optimization of the Selectro process for extracting rare earths, scandium, and gallium. The company aims to increase geological confidence while advancing the definition of its scandium, gallium, and heavy rare earth element resources.
