Diablo Completes $2M Capital Raise to Accelerate U.S. Critical Minerals Growth with Acquisition of High-Grade Star Range Silver-Antimony Project in Utah
Jane Morgan Management
Perth, Australia – 1 October 2025 – Diablo Resources Limited (ASX:DBO) (“Diablo” or the “Company”) is pleased to announce the successful completion of a $2.0 million capital raising to fund the acquisition of the high-grade Star Range Silver-Antimony Project in Utah, USA. The transaction marks a transformational milestone in Diablo’s U.S. critical minerals growth strategy, positioning the Company to capitalise on increasing demand for onshore supply of strategic metals under the U.S. Government’s 2025 Critical Minerals List.
Highlights
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100% acquisition of the Star Range Silver-Antimony Project (~2,100 acres in mining-friendly Utah), encompassing high-grade silver and antimony targets.
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Historical sampling returned bonanza grades including:
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South Star Prospect: up to 8,760 g/t Ag and >1% Sb, alongside samples grading 1,190 g/t Ag, 938 g/t Ag and 1,110 g/t Ag.
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North Star Prospect: results include 3,900 g/t Ag, 3,620 g/t Ag, 2,920 g/t Ag, and significant silver-antimony mineralisation.
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Historical soil surveys outlined large untested anomalies – 1.5km at North Star and 400m at South Star – with no prior drilling completed.
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Immediate field programs will commence, including systematic sampling and mapping by Diablo’s U.S.-based technical team.
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Project complements Diablo’s existing Phoenix Copper Project, providing a dual critical minerals growth platform in the western United States.
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Supported by strong shareholder backing, with the $2M capital raise achieved through the issue of 58.8 million shares at A$0.034 per share.
CEO Comment
CEO Lyle Thorne said:
“We’re incredibly appreciative of the strong support from both new and existing shareholders in completing the capital raise, which underscores confidence in Diablo’s U.S. Critical Minerals Strategy. With the funding now secured, we can rapidly execute the acquisition and commence exploration at the Star Range Silver-Antimony Project in Utah, which is a transformational step for Diablo.
The acquisition materially expands our critical minerals footprint, complementing our existing Phoenix Copper Project in the western U.S. Our experienced U.S technical team, based in Utah, will immediately mobilise to undertake systematic sampling and mapping to advance priority targets at Star Range. At the same time, our ongoing exploration at Phoenix, including the planned drilling at the high-priority Fair Dinkum Prospect, will provide a steady news flow over the coming months.
Antimony is a true strategic metal essential for defence, energy storage and advanced technologies and when combined with the exceptional silver grades of up to 8,760 g/t Ag in a strengthening silver market creates a high value exploration target. With silver now recommended for inclusion on the U.S Critical Minerals List and the U.S. Government signalling up to US$1 billion of new federal investment into domestic supply, our timing couldn’t be better.”
Next Steps
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Immediate field exploration at Star Range, including sampling and structural mapping.
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Awaiting results from the maiden drill program at the Phoenix Copper Project.
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Preparation to commence drilling at the Fair Dinkum copper target in Utah.
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Evaluation of additional U.S. critical minerals project opportunities.
About us:
About Diablo Resources
Diablo Resources Limited (ASX:DBO) is an Australian-listed critical minerals company focused on the discovery and development of high-value projects in Tier-1 jurisdictions. The Company’s portfolio includes the Phoenix Copper Project in the western United States and the newly acquired Star Range Silver-Antimony Project in Utah. Diablo’s strategy is to build a pipeline of projects aligned with global demand for critical and strategic minerals essential for defence, clean energy, and advanced technologies. The Company is supported by an experienced technical team based in the U.S. with proven expertise in exploration and project development.
Contact details:
JANE MORGAN
Director, Jane Morgan Management
+ 61 405 555 618