Australian-listed Northstone Resources secured commitments for a share placement worth about 1.45 million euros to fund exploration at its Tlamino and Timok East projects in Serbia, the company said on 5 November. The financing is for geological studies and working capital, not mine construction.
The placement comprises 263,444,444 new shares priced at A$0.009 each, bringing in A$2.37 million before costs. Proceeds are intended for further drilling, technical studies and exploration. The new securities are expected to be issued in November, subject to applicable corporate arrangements.
Tlamino, a gold-silver project near Bosilegrad in southern Serbia, is Northstone’s immediate exploration focus. The company is working towards its first mineral resource estimate under the Australian JORC reporting framework, targeting the final quarter of 2026. The estimate has not yet been completed.
Northstone expects subsequent work at Tlamino to include a preliminary scoping study examining potential development scenarios, although no mine development decision has been made. Further drilling and field investigations are planned across the licence area, including around the Barje prospect, where gold and silver mineralisation is a central exploration target. Resource definition will depend on drilling density, geological continuity and assay quality, not individual high-grade intersections alone.
At Timok East in eastern Serbia, Northstone is seeking copper-gold targets across the broader Timok metallogenic region. The region’s established mining industry offers geological context and potential contractor expertise, but the presence of producing copper mines does not establish that Northstone’s licence contains an economic deposit. The company’s next steps include obtaining drilling evidence to justify further expenditure there.
The placement structure includes proposed attaching options, and some approvals are still required. While it is expected to support near-term exploration, the financing is small relative to the capital required for a mine, processing plant, environmental infrastructure and commercial production. Northstone’s other key next step is to publish a supported mineral resource at Tlamino; until those milestones are achieved, the placement remains principally an exploration financing event.
