ASX Alert: Litchfield Minerals (LMS) $1m SPP (Share Purchase Plan) Closes Friday, 12 September 2025
Litchfield Minerals: A Tight SPP With Real Upside?
Litchfield Minerals (ASX:LMS) has announced a Share Purchase Plan (SPP) for existing investors only, designed to raise up to $1 million. Eligible shareholders can apply for up to A$30,000 worth of stock at 10 cents a share.
To sweeten the deal, investors receive one free unlisted option for every two shares issued under the SPP. These options carry a 10 cent strike and run through to 31 August 2027.
Proceeds are targeted directly into exploration where the upside lives.
Roughly $640,000 is earmarked for Oonagalabi’s Phase 2 RC drilling program (1,600m to 4,000m),
$150,000 is allocated to exploration,
$60,000 to earthworks and rehabilitation,
and $150,000 for corporate and working capital. With 63 per cent of stock locked away in the hands of the top 20 holders, Litchfield remains tightly held.
Exploration Strategy: Data First, Drill Second
Litchfield is pure exploration with a razor-sharp model: secure copper and base metal projects with scale, de-risk them with targeted exploration, then monetise through farm-outs or sales. The current portfolio spans five Northern Territory projects: Oonagalabi, Mount Doreen, Lucy Creek, Paradise Well, and Silver Valley.
The company’s flagship Oonagalabi Project is shaping up as a cornerstone copper-zinc system.
The most recent RC campaign drilled six holes at 150 metre spacings, every one of them intersecting copper. Backing up the drilling is a battery of geophysics. IP surveys mapped chargeable bodies, drilling hit sulphides where expected, and VTEM is now lighting up strong conductors in the folded horizon that hosts the mineralised corridor. Management believe they could be sitting on a SEDEX-style system, the type that globally delivers monster copper-zinc deposits.
Standout intercepts of 36.5m at 1 per cent Cu and 1.7 per cent Zn confirm scale and system strength. With multiple mineralised zones, the target has IOCG credentials and growing volume potential.
Why Copper, Why Now
Copper is moving into a structural bull cycle.
Inventories are scraping multi-year lows while production setbacks, grade declines, and underinvestment leave the supply side bare.
Demand is climbing off the back of electrification, grid expansion, and the energy transition.
Goldman Sachs calls copper the new oil and pegs future prices north of US$15,000 per tonne. Layer in the copper-hungry build-out of AI data centres and the supply-demand imbalance becomes undeniable.
The Bomb Diggity Wildcard
Oonagalabi is not the only card on the table. Just one kilometre away sits a magnetic anomaly called “Bomb Diggity.” Drilling here hit gold, bismuth, and silver, including one metre at 2.86 g/t Au and 0.84% Bi. If Oonagalabi is the breadwinner, Bomb Diggity could be the surprise second income stream. A second mineralising event this close to the main system raises the stakes.
Expanding the Footprint: Mount Doreen and Beyond
The Mount Doreen project sits in the West Arunta, a hot postcode thanks to WA1’s Luni discovery and the Bigryli uranium deposit. Dumunzi, a major gravity and magnetic target, is slated for drill testing, while earlier work has already returned copper, lead, zinc, and silver hits.
Lucy Creek brings manganese outcrops with Bootu Creek potential. Paradise Well has multiple copper-gold showings, topping out at 6.16% Cu from rock chips. Silver Valley is a historical high-grade lead-silver vein system waiting on modern drilling. Together, the portfolio gives LMS exposure not just to copper but to critical minerals that underpin energy transition demand.
Leadership and Alignment
Managing Director Matthew Pustahya blends technical know-how with commercial drive. He’s led exploration campaigns across some of Australia’s best mineral belts and carries an MBA from Macquarie to back his numbers. The board adds heavyweight experience: Dr Peter Eaglen (ex-Rio Tinto) and Professor Mark Noppe (geoscience and mine development veteran).
Skin in the game matters. Directors and key consultants backed the IPO and topped up in the first placement, personally taking $105,000 of the $500,000 raised. Their capital sits alongside shareholders, signalling confidence and alignment.
About Litchfield Minerals
Litchfield Minerals Limited (ASX:LMS) is an exploration company focused on copper, zinc, and critical minerals in the Northern Territory. With a data-driven exploration style and a capital-efficient mindset, the company is advancing a portfolio of discovery-ready projects. Its flagship Oonagalabi Project is already returning strong results, with geophysics and drilling painting the picture of a mineral system with district-scale potential.
With leadership that has delivered results before, a board stacked with technical and commercial expertise, and a shareholder base heavily aligned with the outcome, Litchfield offers leverage to one of the tightest copper markets in history.
Frequently Asked Questions
1. What is the offer price of the SPP?
Eligible shareholders can apply for new shares at $0.10 each. There are no brokerage fees attached, making this a cost-efficient entry.
2. What is the incentive for participating?
For every two shares issued under the SPP, investors receive one free unlisted option. These options have a $0.10 exercise price and expire on 31 August 2027, providing leveraged upside to exploration success.
3. How will the funds be used?
Most of the capital (~$640,000) is earmarked for Phase 2 RC drilling at the Oonagalabi copper-zinc project. Additional allocations cover exploration, earthworks and rehabilitation, as well as working capital and offer costs.
4. Why should investors consider this offer now?
Copper is forecast to enter a sustained bull market as inventories shrink and demand accelerates through electrification, infrastructure spending, and the rise of AI data centres. Litchfield offers exposure to this thematic with a tightly held register and a flagship project already demonstrating scale.
5. Who is leading Litchfield Minerals?
Managing Director Matthew Pustahya has delivered exploration programs across Australia’s key mineral belts and holds an MBA from Macquarie. He is supported by an experienced board including former Rio Tinto executive Dr Peter Eaglen and Professor Mark Noppe, a geoscience authority. Importantly, management has personally invested in the company, aligning their capital with shareholders.
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Cheers,
Stevo – Armchair Banker MAppFin, AdvDipFP, ADA
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DISCLAIMER: The information in this article does not constitute personal financial advice. Consult your adviser or stockbroker prior to making any investment decision.
