Jameson Resources Limited ((ASX: JAL) (Jameson or the Company) proposes to undertake an equity raising to raise up to $5m (before costs). The raising will be undertaken via a 1-for-5.5 non-underwritten accelerated non-renounceable entitlement offer of new shares to eligible shareholders.
HIGHLIGHTS
- Equity raising of up to A$5m, with funds raised to seek to finalise environmental approvals and long-term partnerships with Indigenous Nations for the Crown Mountain Steelmaking Coal Project
- Strong support from key shareholders and strategic investors with more than A$3.6m of expected A$4m institutional component of the offer
- Commitment for participation from key existing shareholder King George Investments, significantly in excess of entitlement, along with commitments from new strategic investors including Matt Latimore-led M Resources and Tribeca Global Natural Resource fund
- The Company’s Directors have all confirmed participation in the entitlement offer
- Steelmaking coal prices currently trading at around 2026 highs1, reinforcing the project economics outlined in Jameson’s 2025 Crown Mountain Feasibility Update2
- 22.2% to last closing price of A$0.045 per share on 1 September 2026
- 19.1% to the 5-day VWAP of A$0.043 per share
- 18.9% to the 15-day VWAP of A$0.043 per share
The Entitlement Offer comprises an accelerated institutional component (Institutional Entitlement Offer) and a retail component (Retail Entitlement Offer).
The:
- accelerated Institutional Entitlement Offer is expected to raise up to approximately A$4 million; and
- the Retail Entitlement Offer is expected to raise up to approximately A$1 million.
Eligible shareholders are invited under the Entitlement Offer to subscribe for 1 New Share for every 5.5 existing Shares (Entitlement) held at 7:00pm on 4 September 2026 (Record Date).
Entitlements will not be tradeable on the ASX or be otherwise transferable. Eligible Shareholders who do not take up their full entitlement, and ineligible shareholders, will not receive any payment for those Entitlements and their interest in the Company will be diluted.
The New Shares will be issued on the same terms as, and will rank equally with, all existing JAL Shares (Shares). The Company will seek quotation of the New Shares on ASX.
The Entitlement Offer is not underwritten.
Use of Funds
Proceeds from the Entitlement Offer will be used primarily to fund:
- Completion of preparation of the Final Environmental Assessment Application for the Crown Mountain Steelmaking Coal Project for submission to regulators. Jameson expects to finalise the Application by the end of 2026;
- Continued engagement with Indigenous Nations in relation to the environmental assessment process and finalisation of long-term partnership agreements with key Nations including the proposed Shared Prosperity Agreement with the Yaq̑it ʔa·knuqⱡi’it First Nation;
- Further engagement with steelmakers in relation to offtake and funding opportunities;
- Crown Mountain Resources (CMR) administration, project management costs and overheads;
- Working capital and Jameson corporate costs; and
- Costs of the Entitlement Offer.
Institutional Entitlement Offer
Eligible Institutional Shareholders on the Record Date will be invited to subscribe for New Shares in the Institutional Entitlement Offer, which is being conducted from 2 September 2026 to 11.00am on 3 September 2026.
Institutional, sophisticated or professional investors with a registered address outside of Australia, New Zealand, Luxembourg, Cayman Islands, Singapore, United States, Canada, Hong Kong, and the United Kingdom, or whom the Company otherwise determines will be an Ineligible Institutional Shareholder for the purposes of the Institutional Entitlement Offer, and who is not an Eligible Retail Shareholder, are Ineligible Institutional Shareholders and are not eligible to participate in the Entitlement Offer.
Eligible Institutional Shareholders can choose to take up all, part, or none of their entitlements.
Entitlements not taken up under the Institutional Entitlement Offer and those that would have otherwise been offered to institutional ineligible shareholders will be offered to eligible institutional, professional and sophisticated investors and shareholders at the Offer Price through a bookbuild process (Institutional Shortfall Bookbuild). Subject to the Corporations Act and the Listings Rule, any shortfall under the Institutional Entitlement Offer will be allocated as agreed between the Company and the Lead Manager, having regards to the best interest of the Company. The Company and the Lead Manager retain the flexibility to scale back applications for additional New Shares at their sole discretion. The Institutional Shortfall Bookbuild will be undertaken and settled concurrently with the Institutional Entitlement Offer. JAL Shares are expected to recommence trading on 4 September 2026 following completion of the Institutional Entitlement Offer.
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