The AIM-listed explorer's placing at 0.015p, at a discount, will fund exploration work in Nevada and Australia as trading resumes following a trading halt.

Trading in the share has paused to run a fundraising through AIM's newly introduced Capital Access Window, with proceeds earmarked for exploration work in Nevada and Australia.

The company says its Nevada royalty portfolio offers exposure to third-party exploration and production without further capital spend, led by a Kinross option over its Jackson Wash claims.

It is seeking a joint venture partner to drill deeper at its Newark gold project after historical holes ended in mineralisation.

It said processed sepiolite from its Pioche project in Nevada has met American Petroleum Institute drilling-fluid specifications for the first time, opening a commercial route Tolsa never tested.

"After years of impasse, our exploration rights are now secure and the Company is free to resume exploration of this exciting project", said Patrick Cheetham

The next phase of exploration, subject to funding, is to include additional ground geophysics followed by drill testing of priority targets.

"Today marks a decisive shift by the company as we refocus our core strategy to unlock the value and organic growth potential within our precious and base metals portfolio," Cheetham said.

AIM-listed miner Sunrise Resources raised £225,000 via a placing of 900m shares at 0.025p and will issue 468,860,760 additional shares to settle long‑term creditors.