Nativo Resources has raised £640,000 in gross proceeds through a placing and subscription of 320m new shares at 0.2p each, arranged via Hybridan LLP.
The precious metals company, which holds gold mining and processing interests in Peru, priced the shares at a 4.8% discount to Wednesday's closing price.
A separate retail offer of up to £60,000 will follow via BookBuild at the same issue price, open to existing shareholders, with the company and Hybridan able to increase its size depending on demand.
Every two new shares carry one warrant, exercisable at 0.28p, a 40% premium to the issue price, over two and a half years from grant.
Net proceeds will fund commissioning works at the company's Gold Ore Processing Plant, advance the Tesoro Gold Concession and a feasibility study on the 1.8m tonne Toma La Mano tailings deposit, and support due diligence on further mines identified through the Kuboc Joint Venture.
Chief executive Stephen Birrell and executive chair Christian Yates are also subscribing for shares to settle outstanding sums owed to them, treated as related party transactions, with independent director Andrew Donovan deeming the participation fair to shareholders.
"We remain focused on targeting first gold production during Q4 2026, subject to financing and construction", Birrell said.
The company is targeting project-level plant financing and a gold doré off-take agreement during the second half of the year.
