Diablo Resources (ASX:DBO) secures $2M funding and expands U.S. critical minerals footprint with Star Range Project

Diablo Resources Limited (ASX:DBO) has completed a $2 million capital raising to acquire the high-grade Star Range Silver Antimony Project in Utah, USA.

The acquisition provides a new critical minerals asset in a Tier-1 jurisdiction that has already returned outstanding historical sampling results. With silver and antimony now included on the 2025 U.S. Critical Minerals List, the project aligns directly with federal priorities to strengthen domestic supply chains.

To provide further detail on this development, Chief Executive Officer Lyle Thorne addresses key investor questions regarding the raise, the project, and the company’s broader U.S. strategy.

What will the $2 million capital raise be used for?

The placement was strongly supported by both new and existing institutional and sophisticated investors, which has provided Diablo with the capital to complete the acquisition of Star Range and begin exploration immediately.

The funding also ensures exploration can continue at the Phoenix Copper Project, where assay results are pending from the maiden drilling program and preparations are underway for drilling at the Fair Dinkum copper target.

In addition, the capital base allows the company to review further U.S. critical minerals opportunities that may add to its portfolio.

“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.”

Why is the Star Range Project considered a transformational step for Diablo?

The Star Range Project covers approximately 2,100 acres in Beaver County, Utah, and has delivered historical rock sampling results of up to 8,760 grams per tonne silver and more than 1 percent antimony at surface.

These results demonstrate exceptional grade potential. Soil sampling has outlined a 1.5 kilometre anomaly at the North Star Prospect and a 400 metre anomaly at the South Star Prospect, yet no drilling has been completed in these areas, leaving significant upside potential.

The acquisition expands Diablo’s critical minerals footprint in the United States and complements the Phoenix Copper Project by diversifying the company’s exposure to multiple commodities.

“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.”

What makes antimony and silver strategically important for the company?

Antimony is classified as a strategic metal due to its importance in defence, energy storage and advanced technologies, while silver has now been recognised by the U.S. Department of Interior as a critical mineral.

The presence of both commodities in the same project provides Diablo with a unique opportunity to develop a high-value asset that is directly aligned with U.S. supply chain objectives.

Historical sampling at Star Range has returned extremely high silver grades and measurable antimony content, demonstrating the project’s potential to contribute to future demand for these materials.

“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.”

What exploration work will commence immediately at Star Range?

Diablo’s technical team based in Utah will undertake expanded rock and soil geochemical sampling programs along with detailed structural mapping.

The initial work is designed to validate historical anomalies, extend sampling coverage and assess antimony mineralisation, which was not a primary focus of earlier exploration.

This systematic approach will allow the company to define and prioritise drill targets in preparation for the project’s first drilling campaign.

How does this acquisition fit into Diablo’s broader U.S. critical minerals strategy?

The acquisition strengthens Diablo’s U.S. critical minerals strategy by providing another high-potential project in a supportive jurisdiction and by positioning the company to benefit from U.S. government initiatives that prioritise onshoring of supply chains.

Together with the Phoenix Copper Project, Star Range ensures a pipeline of activity and news flow for the company as exploration advances.

Building momentum in the U.S. critical minerals space

The acquisition of the Star Range Project, supported by the successful $2 million capital raise, marks an important step in Diablo’s growth strategy.

With exceptional historical grades, untested anomalies and immediate exploration programs underway, Star Range adds a new dimension to the company’s portfolio.

Alongside Phoenix, it positions Diablo to contribute to the development of U.S. critical minerals supply at a time of growing demand and government support.

As Lyle Thorne highlights, Diablo Resources is committed to delivering systematic exploration progress and building long-term value for shareholders through quality assets, strong financial backing and alignment with national strategic priorities

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