Funds shall be applied towards completing the Company’s Definitive Feasibility Study (“DFS”) A full-scale project development plan for Madagascar shall be fast tracked during 2021 Funding will also allow the Company to conclude extensive drilling and exploration programs at its Maniry and other high-grade sites in Madagascar Concentrate from Stage 2 Pilot program shall be provided to Urbix Resources and LuxCarbon for testing and advancement of further offtake arrangement discussions Allocation of funding to be used in advancing downstream processing development plans Following the Placement, the Company’s cash balance has increased to circa $7.4 million BlackEarth Minerals NL (ASX: BEM) (BlackEarth or the Company) is pleased to announce that it has successfully completed a bookbuild and secured commitments from domestic and international institutional and sophisticated investors to subscribe for approximately 36.13m new fully paid ordinary shares (New Shares) in the Company to raise gross proceeds of approximately A$4.9 million (Placement) before costs. Argonaut Securities Pty Ltd was appointed as Lead Manager to the Placement.