News: Suppliers
26 February 2025
Nimy’s $1.15m share placement to fund follow-up drilling at gallium discovery
Mining firm Nimy Resources Ltd of Perth, Western Australia says that it is on track to establish a maiden JORC (Australasian Joint Ore Reserves Committee) resource at its Western Australia gallium discovery after raising $1.15m from professional and otherwise exempt investors.
Together with the firm’s existing cash reserves, the new funds will be used to undertake a 22-hole follow-up drilling program (starting in March) at the high-grade Block 3 gallium discovery, where Nimy has already outlined extensive mineralization and for general working capital purposes.
Nimy aims to establish a maiden JORC Resource at Block 3 as part of its strategy to advance its collaboration agreement with US minerals specialist M2i Global. M2i specializes in the development and execution of a complete global value supply chain for critical minerals for the US Government and US free-trade partners. Samples from the upcoming drilling will be used for metallurgical test work, including technical studies to test gallium extraction methods.
“We believe we have an outstanding gallium discovery at Block 3 which will be in strong demand as the US seeks to source critical minerals from outside China,” says Nimy managing director Luke Hampson. “The proceeds of this placement will enable us to extend drilling at Block 3, progressing our strategy of establishing a maiden gallium JORC resource. This will in turn play an important role in advancing the collaboration agreement with M2i Global to supply gallium into the US market”.
Nimy collaborating with M2i to secure gallium supply for US government and defense industry
