Felix Gold (ASX: FXG) is developing a domestic US antimony supply chain through its wholly owned Treasure Creek project in Alaska and proposed Frontier refinery. The company has demonstrated antimony metal production at pilot scale and been selected for negotiations for up to US$18 million in Department of Energy funding. Felix also holds 831,000 ounces of inferred gold resources, including Grant Mine under option, providing additional exposure to gold upside.

• Offer: Institutional placement to raise approximately A$6.5 million through the issue of approximately 54.2 million new fully paid ordinary shares, with capacity to accept oversubscriptions.
• Offer price: A$0.12 per share, representing a 14.3% discount to the last closing price and 5-day VWAP of A$0.14

Tranches

• Tranche 1: Approximately A$4.2 million from unrelated investors under existing placement capacity pursuant to ASX Listing Rules 7.1 and 7.1A.
• Tranche 2: Approximately A$2.0 million from major shareholder MDF Global and A$0.3 million from directors, subject to shareholder approval at a General Meeting expected around 15 December 2026.

Use of Funds

Treasure Creek mine permitting and feasibility, Frontier refinery development studies and DOE award negotiations, drilling results and updated resource estimates, corporate and offer costs, and a cash buffer.

Felix Gold (ASX: FXG) is a critical minerals company focused on establishing a domestic US antimony supply chain, supported by gold assets in Alaska’s Fairbanks Mining District. Its wholly owned Treasure Creek project is a historic antimony producer with high-grade, near-surface mineralisation, including reported intercepts of 3 metres at 50.26% antimony and 8.97 metres at 12.09% antimony.

The company is pursuing an integrated mine-to-metal strategy through Treasure Creek and its wholly owned US subsidiary, Frontier Antimony Refinery Corp. A bulk sample permit allows extraction of up to 1,600 tons through December 2029, while broader mine permitting is being progressed. Felix has demonstrated production of cast antimony metal at pilot scale, with a continuous pilot run planned for 2027 and refinery operations targeted for the first half of 2028, subject to site selection and funding.

Felix has been selected by the US Department of Energy for negotiations for an award of up to US$18 million in non-dilutive funding. The award remains subject to negotiation, with no certainty of funding or final terms.

Complementing its antimony strategy, Felix holds 831,000 ounces of JORC Inferred gold resources across NW Array and Grant Mine, the latter held under option, approximately 30 kilometres by road from the Fort Knox mill.

• High-grade antimony: Treasure Creek hosts near-surface mineralisation, with reported intercepts including 3m at 50.26% antimony, 8.97m at 12.09% and 15.2m at 5.5%.
• US mine-to-metal strategy: Felix is developing an integrated domestic antimony supply chain through its wholly owned Treasure Creek project in Alaska and Frontier Antimony Refinery Corp., targeting the US defence industrial base.
• Bulk sample permit secured: Authorises extraction of up to 1,600 tons through December 2029, with ore already mined, hand-sorted and bagged. Broader mine approval is targeted around May 2027, supporting mining targeted by the end of H1 2027.
• Ore-to-metal production demonstrated: Pilot-scale testing has produced cast antimony metal, while direct alkaline sulphide leach testing achieved 98% antimony extraction. A continuous pilot run of the full flowsheet is planned for 2027.
• Potential US government funding: Selected by the Department of Energy for negotiations for up to US$18 million in non-dilutive funding. An award is targeted for Q1 2027, although funding and final terms remain uncertain.
• Refinery development progressing: Worley has completed a site-selection study, with engineering design well advanced. Refinery operations are targeted for H1 2028, subject to final site selection and funding.
• Additional gold exposure: 831,000oz of JORC Inferred gold resources across NW Array and Grant Mine, the latter held under option, approximately 30km by road from the Fort Knox mill. Any processing arrangement would require a commercial agreement.
• Major shareholder and board support: MDF Global and directors have committed approximately A$2.3 million, representing around 35% of the proposed placement, subject to shareholder approval.