Australian-listed Northstone Resources has secured commitments for a share placement worth about EUR1.45 million to fund exploration at its Tlamino gold-silver and Timok East copper-gold projects in Serbia. The financing provides working capital for geological studies rather than mine construction.
Northstone announced the commitments on 5 November, raising A$2.37 million before costs through 263,444,444 new shares priced at A$0.009 each. The 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, near Bosilegrad in southern Serbia, is the company’s immediate exploration focus. Northstone is working towards its first mineral resource estimate under the Australian JORC reporting framework, targeting the final quarter of 2026. The estimate and a mine development decision have not yet been completed.
Further work at Tlamino is expected to include a preliminary scoping study examining potential development scenarios. Northstone also plans additional drilling and field investigations 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, rather than individual high-grade intersections alone. At Timok East in eastern Serbia, Northstone is seeking copper-gold targets in the broader Timok metallogenic region.
The region’s established mining industry provides geological context and potential contractor expertise. However, proximity to producing copper mines does not establish that Northstone’s licence contains an economic deposit. The company’s next steps include publishing a supported mineral resource at Tlamino and obtaining drilling evidence to justify further expenditure at Timok East.
The placement includes proposed attaching options, and some approvals are still required. While the financing is expected to support near-term exploration commitments, it is small relative to the capital required for a mine, processing plant, environmental infrastructure and commercial production. The financing illustrates continued international interest in early-stage gold and copper projects in Serbia; until the stated milestones are achieved, it remains principally an exploration financing event.
