Mila raises £1.5m for Queensland drilling, with additional warrant dilution

Mila announced an oversubscribed £1.5m gross placing on 7 September 2026, issuing 125 million shares at 1.2p.

Where the money goes

Proceeds target resource drilling at Yarrol, copper-gold exploration at Monal, additional regional targets and working capital. The company still targets a maiden Yarrol mineral-resource estimate in Q4 2026.

Admission is expected 11 September. Enlarged ordinary share capital would be 862,560,922 shares; placing shares represent approximately 14.49% of that total.

Warrants change the financing picture

Investors receive one warrant per placing share, exercisable at 2p. Exercise cannot start before 1 March 2027. The warrants ordinarily run for 36 months, with an acceleration mechanism if the closing mid-price exceeds 3p for ten consecutive trading days. Another 7.5 million broker warrants have a 1.2p exercise price and two-year term.

Interpretation

The cash extends exploration capacity, but neither the targeted resource nor economic mineability is established by this fundraising. Assess future drill results alongside dilution, warrant overhang and spending.

The release's opening sentence omits “million”; its headline and share-price arithmetic support the £1.5m amount.

Source: Company announcement, 7 September 2026.