FMR Raises $3.4M in Three Hours, Chile Drilling Imminent
Mark Creasy and institutions rush into FMR's $3.4 million placement with drilling weeks away at their massive Chilean copper target
FMR Resources (ASX: FMR) has raised $3.4 million at 36c a share, locking in fresh funds to drive its maiden 4,000m drill program at the Llahuin Project in Chile.
Support came in fast with the book closing in just three hours. Major shareholder and mining legend Mark Creasy backed the raise alongside institutions and new investors.
The cash takes FMR's bank balance to more than $7 million - giving the company the firepower to push ahead with an accelerated exploration schedule. The highly anticipated drilling is now only weeks away.
At the centre of it all is Southern Porphyry, a large copper target that's never been drilled properly at depth.
The Backers Back FMR Again
FMR already had a heavyweight line-up - managing director Oliver Kiddie, non-exec Justin Werner, and major shareholders Creasy and Inyati Capital. So it’s no surprise the placement filled quick.
With big names on the register and a strong appetite for this Chilean copper play, a three-hour book closure makes sense. Creasy coming back for more is particularly telling - he's not known for throwing good money after bad.
If you’re still not across the Creasy story, MD Oliver Kiddie shared some of the track record of Creasy with us recently:
Inyati Capital and Euroz Hartleys ran the book as joint lead managers, pricing the 9.44 million shares at a 10.2% discount to recent trading.
The modest discount keeps dilution tight. At just over 40 million shares post-raise, any decent drill result gets amplified across a relatively small share count.
“We have seen tremendous support for FMR through the placement … with the clear aim of a company-making discovery.”
- Oliver Kiddie, FMR Resources Managing Director
Drilling the Big Target
Southern Porphyry covers 1.5 square kilometres in central Chile. It lights up on every geophysical survey. It sits next to some of the world's biggest copper mines. And somehow, no one's ever drilled it properly at depth.
Historic shallow holes already pulled up copper, gold, and molybdenum, pointing to a mineralised system near surface. But the main porphyry target, where the real grades typically hide, remains untouched.
That changes in late September when rigs mobilise for one of the ASX’s most highly anticipated drill campaigns of 2025.
After years of surveys and target definition, FMR is about to test whether Southern Porphyry holds something of real scale.
Why the Funding Matters for FMR
The world needs more copper.
Electric cars, data centres, renewable energy infrastructure - it's all copper-intensive. And new discoveries are rare and getting rarer.
Major producers have warned of a looming supply shortfall, with many now investing billions in searching for and developing copper assets. When the big miners are hunting this hard, small discoveries get noticed quickly.
For FMR, the $3.4M placement means it can drill Southern Porphyry without interruption. With more than $7 million in the bank, the company is funded through this campaign and whatever comes next.
And if Southern Porphyry delivers, FMR won't have to look hard for buyers. The raise means FMR can ride the momentum of good results and plan the next phase from a position of strength.
A strong intercept could quickly shift the company from explorer to potential developer, with a re-rate to match.
The Bottom Line
FMR has everything lined up for what could be a defining few months. A strong balance sheet, tight shareholder base, well defined target and plan to test a potentially large-scale copper system.
After a lot of preparation, we're about to find out if Southern Porphyry holds the kind of discovery that can reshape a company.
Management has kept the company tight and focused to this point. Early shareholders have been well rewarded, and new backers are coming in alongside names like Mark Creasy and institutional investors. With rigs mobilising in late September, the countdown to first results is on.
Now with the drill rig mobilising soon and funding secured, all eyes will turn to the first set of results in the coming months.
We could be on the cusp of something very special.
