White Cliff Minerals Shares Rise 17.7% Following A$8.7M Hancock Prospecting Deal

White Cliff Minerals shares rose 17.7% after a A$8.7 million investment from Gina Rinehart's Hancock Prospecting. The firm has secured a 13.5% stake in the copper explorer, providing capital to advance its exploration assets.

Under the private placement terms, Hancock Prospecting agreed to subscribe to approximately 500 million shares at a price of A$0.017 per share. The transaction requires shareholder approval, and a meeting is scheduled for mid-October 2026.

"This investment by Hancock Prospecting is a strong validation of our work at the Rae project, which has shown exceptional grades across a mineralised system with genuine district-scale potential," said Troy Whittaker, Managing Director of White Cliff Minerals, in a statement.

Strategic Use of Capital

The company plans to use the proceeds to accelerate drilling activities at the Danvers one deposit. The funding will also support testing the scale and continuity of the Danvers two and three deposits, which are part of the Rae copper project.

The Rae Project Outlook

For investors, the participation of Hancock Prospecting indicates institutional interest in the Rae project's geological prospects. By securing a 13.5% stake, the mining conglomerate gains an interest in the project as the explorer begins its next phase of drilling.

If shareholders approve the placement in October, the A$8.7 million will allow White Cliff Minerals to fund operations and define the mineralized system at its primary exploration sites.