Variscan Mines Secures $2.5M to Accelerate Zinc Growth Strategy in Spain and Ireland
Strong investor backing supports drilling, resource updates and European expansion
Variscan Mines Limited (ASX:VAR) has announced a successful two-tranche placement to raise $2.5 million (before costs), with strong support from existing shareholders and new institutional and sophisticated investors. The funding will accelerate Variscan’s growth strategy focused on advancing its high-grade zinc assets in Spain and establishing a low-risk presence in Ireland.
Proceeds from the placement will fund drilling at the Udias Mine within the flagship Novales-Udias Project in northern Spain, support the completion of a Mine ReStart (Scoping) Study, and enable an updated Mineral Resource Estimate. The funds will also support the first stage of a proposed earn-in to acquire up to 100% of two highly prospective zinc projects in Ireland, positioning Variscan as a leading European zinc-focused developer.
The placement, priced at $0.005 per share, includes attaching options and is subject to shareholder approval for the second tranche and the earn-in transaction.
Variscan’s Managing Director & CEO, Stewart Dickson, said:
“We are very pleased to receive commitments for a $2.5 million placement from high quality sophisticated investors which will enable Variscan to progress. This is further endorsement of our Explorer-Producer Strategy delivering our high-quality zinc development projects in Spain and our growth mindset.
We look forward to using the funds raised to continue to principally advance the Novales-Udias Project towards re-starting production. Key deliverables are drilling results, an updated Mineral Resource Estimate and the Mine Re-Start Study. These are all value accretive development milestones at one of the highest-grade, development stage zinc deposits in Europe, which is continuing to make good progress towards re-starting production.
We are also very pleased to have secured additional highly prospective, zinc projects in Ireland, leveraging our zinc experience, especially carbonate-hosted lead–zinc deposits and our European footprint. These projects provide exploration upside and increase the Company’s portfolio of de-risked zinc assets as we build a zinc and critical minerals focused company.
The Board welcomes the support we have received from our shareholders and welcomes new shareholders to the Company.”
The earn-in gives Variscan staged access to the Midlands and Waterford zinc assets in Ireland, a top-ranked jurisdiction globally according to the Fraser Institute’s 2024 Policy Perception Index. These projects lie within a proven geological setting, home to major carbonate-hosted zinc deposits such as Boliden’s Tara Mine, and offer immediate exploration potential.
With a pipeline of value catalysts across Spain and Ireland—including resource growth, technical studies, and expansion of its European footprint—Variscan is executing on a clear, value-accretive path toward production.
About us:
About Variscan Mines Limited (ASX:VAR)
To learn more, please visit: www.variscan.com.au
Contact details:
For further information, please contact:
Stewart Dickson
Managing Director & CEO
E: [email protected]
T: +44 (0) 7799 694195
Media & Investor Enquiries
Jane Morgan Management
Chloe Hayes / Jane Morgan
E: [email protected] / [email protected]
P: + 61 (0) 458 619 317 / +61 (0) 405 555 618