White Cliff Minerals (ASX: WCN) Agrees A$8.77 Million Hancock Placement

White Cliff Minerals has agreed to raise A$8.77 million from Hancock Prospecting, giving the mining investment group an expected 13.5% stake in the copper explorer.

Hancock will subscribe for 515.8 million new White Cliff shares at A$0.017 each, subject to shareholder approval. The issue price matches White Cliff’s closing price on the previous trading day, meaning the placement is being completed without a discount to that reference price.

The investment brings one of Australia’s most prominent private mining groups onto White Cliff’s register as the company prepares to expand drilling at its Rae Copper Project in Nunavut, Canada.

Hancock to Take 13.5% Stake

The placement requires shareholder approval under ASX Listing Rule 10.11, with White Cliff planning to hold an extraordinary general meeting on or about October 19.

Completion is expected three business days after the meeting, provided shareholders approve the transaction and ASX does not indicate that it will refuse quotation of the new shares.

The shares will rank equally with White Cliff’s existing fully paid ordinary shares.

Either party may terminate the subscription agreement following a material breach or if the required conditions are not satisfied or waived by the agreed deadline.

Proceeds will add to White Cliff’s existing cash reserves and primarily fund expanded exploration at Rae.

Drilling Campaign to Expand

White Cliff plans to increase drilling around the Danvers prospects while accelerating exploration of sediment-hosted copper targets across the broader project.

At Danvers 1, drilling will focus on expanding the mineralised envelope around the most densely tested area. The work is intended to support an Exploration Target and ultimately a maiden mineral resource estimate.

Systematic step-out drilling is also planned at Danvers 2 and Danvers 3 to test the continuity and scale of mineralisation beyond existing drilling.

White Cliff will also undertake an ultra-high-resolution airborne geophysical survey across prospective sedimentary structures.

A regional data review has identified comparable geophysical signatures at the Thor, Rocket, Vision and Stark prospects, giving the company additional targets for follow-up work.

Downhole electromagnetic surveys will be used to refine and extend targets around known mineralisation ahead of further drilling.

Rae Results Underpin Expansion

White Cliff has completed two drilling seasons at Rae, although the company says exploration remains at an early stage in defining the scale of the system.

At Danvers 1, previously reported results include 175 metres at 2.5% copper and 8.66 grams per tonne silver, as well as 90 metres at 4% copper and 7.5 grams per tonne silver.

More than five kilometres along strike at Danvers 2, drilling returned 15 metres at 4.8% copper.

Danvers 3 has also delivered high-grade intersections, including 20 metres at 6.64% copper and 23 metres at 6.18% copper.

White Cliff is separately targeting sediment-hosted copper mineralisation at Hulk. Results from 2025 included 3.5 metres at 7.2% copper and 25 metres at 0.6% copper.

The company said visible chalcopyrite was encountered at the target horizon in all three diamond holes completed during the 2026 program.

Those holes extended known mineralisation 3.7 kilometres east of a 2025 drill hole and increased the interpreted mineralised footprint to about 6.3 square kilometres.