Western Star Resources Announces Closing of Oversubscribed Private Placement and Appointment of Director

Western Star Resources closed two private placements on May 12, 2026, for total gross proceeds of ~$3.7M. The non-brokered unit offering (6.39M units at $0.50, with half warrants @ $0.75) raised $3.19M, while a flow‑through placement (833,334 FT shares at $0.60) brought in $0.5M. Proceeds are earmarked for Phase 1 and 2 drilling on the past‑producing Rowland tungsten property in Nevada, expansion into Nevada, working capital, and market awareness. CFO Monty Sutton was appointed to the board. The raise was oversubscribed, and the company says it now has over $6M in cash, fully funding multiple drill programs.

Closing a previously announced and well‑telegraphed private placement is expected and incremental. The market had already absorbed the April 16 and May 4 announcements of an up‑to‑$3M unit placement and a $500K flow‑through offering. The oversubscription and final pricing ($0.50 per unit) are marginally better than the indicative terms ($0.50), but not market‑moving. Corporate governance changes (CFO added as director) are routine. No new exploration results, project‑level milestones, or strategic investor entries are disclosed. The transaction simply delivers previously committed capital and leaves the fundamental investment thesis unchanged.

Western Star Resources is a junior explorer focused on tungsten, a U.S. critical mineral. Its flagship asset is the Rowland Property, a past‑producing tungsten (scheelite) project in the Jarbidge mining district of Elko County, Nevada. Historical production (1943‑1956) yielded over 1,000 tons of ore with grades up to 3.38% WO₃. The company acquired an option on Rowland in January 2026 and later expanded the land position by 170% through staking. A spring 2026 work program of rock sampling, UAV geophysics, and soil surveys is underway to define drill targets, with a maiden drill program planned for 2026.

The company also holds the Western Star Project in British Columbia (4,740 ha), a carbonate replacement deposit with gold, silver, and copper values. However, investor attention and near‑term capital are directed almost entirely at the Nevada tungsten assets, amplified by a U.S. defense policy that will bar Chinese, Russian, and North Korean tungsten from critical military applications starting January 1, 2027.