Infini Resources October Round-Up: A$12m Raise, +10k ha, Uraninite Logged - A Canadian Uranium Story
- Noel Ong
- 5 days ago
- 7 min read
Announcement
Infini Resources Limited (ASX: I88) delivered three key messages in its October sequence: the discovery of visible uranium in the core at Portland Creek (Figure 1), a 68% expansion of tenure around that system, and the raising of fresh capital at a premium to accelerate drilling in Newfoundland and the Athabasca region. This summary pulls the key facts and where they fit in the bigger picture.
Figure 1: Portland Creek Uranium Project, located in the pro-mining province of Newfoundland, Canada (source: I88)
About Infini Resources Limited
Focus: Energy-metals explorer targeting uranium (primary) and lithium in Canada and Western Australia; portfolio spans ~8 projects.
Key ground: Active uranium programs at Portland Creek (Newfoundland) and Reynolds Lake (Canada’s Athabasca region); recent drilling at Portland Creek reported “game-changing” uranium-hosting structures and visible uraninite, with the land package expanded ~68%.
Capital & runway: Completed an ~A$12m flow-through raise at a 34% premium (Oct 23, 2025) to fund expanded uranium work.
Firm commitments of ~A$11m via Canadian Flow-Through Shares at A$0.75, a 34% premium to last trade A$0.56; plus A$1m to sophisticated/professional investors at A$0.50.
Total raise framed as ~A$12m (Flow-Through + concurrent placement). Use of proceeds: expand drilling at Portland Creek and initiate programs at Reynolds Lake and Reitenbach Lake.
Loyalty Options: 1-for-4, $0.02 issue price, $0.27 exercise, expiry 30 Sep 2028; record date 7 Nov 2025; indicative timetable provided.
Infini’s Chief Executive Officer, Rohan Bone, commented:
"This heavily subscribed placement — completed at a 34% premium — is a powerful endorsement of Infini’s active exploration strategy and the outstanding potential of our uranium portfolio. The structure of this placement enables us to raise capital at a premium to market, reflecting the strength of our project portfolio and the tailwinds of a global resurgence in investment into clean energy-focused critical minerals.
With a strengthened balance sheet, we are now positioned to aggressively advance exploration programs aimed at unlocking potential new discovery opportunities at Portland Creek, Reynolds Lake and Reitenbach Lake projects located in the tier-1 mining jurisdictions of Newfoundland and the Athabasca region. The capital raised enables us to move decisively into our next phase of discovery growth, targeting high-impact results that can drive substantial value for shareholders.”
The Company raised ~A$11m via Canadian Flow-Through Shares at A$0.75 (≈34% premium to A$0.56 last trade), alongside A$1m at A$0.50 to sophisticated investors. Funds will expand Portland Creek drilling (up to 12 high-priority targets) and kick off drilling at Reynolds Lake and Reitenbach Lake.
+10,250 ha via 410 newly staked claims (all contiguous), lifting Newfoundland landholding to >25,000 ha — a 68% expansion of the Portland Creek footprint (Figure 2).
Figure 2: Infini’s footprint at the Portland Creek Uranium Project strategically increased by 10,250 hectares, covering potential extensions of known structures and prospective host lithologies. (source: I88)
Expansion secures possible extensions of E–W trending mineralised structures identified in recent drilling; positions the project for district-scale follow-up.
Phase-2 drilling context: visible uraninite in PCDD25-012 at 270.0 m (~1.2% U) and 289.0 m (~1.17% U) (pXRF); molybdenum up to 2.38% (pXRF) in PCDD25-009A; assays expected Q4 CY2025.
Infini’s Chief Executive Officer, Rohan Bone, commented:
" This is a strategic expansion for Infini at a pivotal time. Following the breakthrough of visible uraninite and high-grade molybdenum at Portland Creek, it was essential that we consolidate our position across this highly prospective district. These new tenements strengthen our geological footprint, secure potential extensions of known structures, and provide the foundation for long-term exploration and development. We’re building scale and optionality in one of the most supportive jurisdictions for uranium exploration globally."
Infini lodged 410 new claims (+10,250 ha) contiguous with existing tenure, consolidating the structural corridors now being drilled and lifting the Newfoundland holding to >25,000 ha. The move secures potential extensions of the E-W trending mineralised structures established in Phase 2.
PCDD25-012 (Target 2): visible uraninite at 270.0 m (12,000 ppm U) and 289.0 m (11,700 ppm U) by pXRF (~1.2% and 1.17% U), within intensely fractured/altered granites (Figure 3).
Figure 3: Drill core from PCDD25-012 (470459E, 5557965N, UTM Zone 21) (source: I88)
Fracture/joint-hosted mineralisation pervasive from 28–312 m: ~50 pXRF spots, >90% between 1,000–12,000 ppm U.
Example pXRF peaks across the hole include 3,200 ppm U (28 m), 6,600 ppm U (175 m), and numerous 1,000–3,600 ppm U readings at intermediate depths.
Polymetallic signatures nearby: 2.38% Mo (PCDD25-009A); 14.4% Ti (PCDD25-008); additional U hits in PCDD25-010 (all pXRF) (Figure 4).
Figure 4: Drill core samples with significant mineralisation detected using pXRF (source: I88)
Infini’s Chief Executive Officer, Rohan Bone, commented:
"These first drillholes are a game-changer for Portland Creek. We have intersected extensive zones of elevated uranium, confirming widespread hydrothermal alteration and validating our exploration model. With Phase 2 drilling still in the early stages, the scale of the opportunity at Portland Creek is becoming increasingly clear. With every hole, we are uncovering more indications of a potential district-level polymetallic uranium system in Newfoundland, at a time when uranium and critical minerals are central to the global energy transition.”
Phase 2 drilling at Target 2 (PCDD25-012) intersected pervasive fracturing and alteration with uraninite blebs at depth, alongside numerous fracture- and joint-hosted U readings from near-surface to >300 m (pXRF). These features align with near-vertical fracture sets and brecciation consistent with fluid pathways in a hydrothermal system.
Important Facts To Narrate a Uranium Story
The fracture-controlled U with visible uraninite provides a clear structural target to follow in Phase 2. Assays will determine thickness/continuity and economic context.
Mo and Ti responses strengthen the polymetallic narrative typical of robust hydrothermal systems.
Tenure scale now better matches the scale hypothesis emerging from drilling and historic geochem/radiometrics.
A premium raise reduces dilution and funds aggressive testing across Portland Creek and two Athabasca-region projects.
Samso Concluding Comments
The good news for any investor in the mineral exploration sector is that their Company has raised good cash. In this case, Infini has secured ~A$12m, comprising ~A$11m in Canadian flow-through shares at A$0.75 (≈34% premium to A$0.56) and A$1m at A$0.50, with the flow-through tranche to be block-traded at A$0.50; tax benefits remain with the initial Canadian investors.
Funds are allocated to expand drilling at Portland Creek and to commence programs at Reynolds Lake and Reitenbach Lake, including testing up to 12 high-priority targets at Portland Creek.
A loyalty offer is proposed on a 1-for-4 basis at A$0.02 per option, exercisable at A$0.27 and expiring 30 Sep 2028, with a record date of 7 Nov 2025 and an intention to seek quotation.
Figure 5: I88 share price chart as of 5th November 2025. (source: CommSec)
A current market capitalisation of AUD $26.5M is reasonable for retail to take a punt. Investors need to understand that working in Canada is going to cost a lot more so a raise this size is appropriate, and it does give people like Samso confidence that there are sufficient funds to undertake a good exploration program.
Near-term markers include assays from Phase 2 expected in Q4 2025 and the recently announced 10,250-hectare tenure expansion lifting Newfoundland holdings to >25,000 hectares; note the company’s caution that pXRF readings are qualitative spot.
The Samso Investment Memo
Thesis: Consistent positive drilling results across multiple targets will transition the company value from concept to discovery in a uranium market that is driven by supply tightness. Market capitalisation increases will be driven by drill results, scale of anomalies, and advancing to maiden resources.
What they own/sell: Early-stage exploration rights across uranium (flagship Canada) and lithium (Canada & WA).
Market: Uranium thematic (reactor restarts/new builds) supports funding for high-grade Canadian exploration; lithium optionality remains in the portfolio. If the lithium market stabilises with a return of lithium carbonate pricing in the USDS $20,000 + region, the lithium projects may come into play.
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