Carbine Resources Limited has disclosed a new equity capital raising plan in a prospectus lodged with ASIC on 21 May 2025. Existing shareholders will be offered a non‐renounceable pro-rata entitlement issue, receiving two new shares for every three held at an issue price of $0.003. The company aims to raise approximately $1.1 million, with key milestones including a record date on 27 May 2025 and anticipated trading commencement on 19 June 2025. In addition, Carbine Resources Limited will offer 10 million broker options to Taylor Collison Limited, the appointed lead manager, exercisable at $0.006 over a three-year period. If not all entitlements are taken, the remaining shares will be allocated through a Shortfall Offer, helping to manage dilution risks. The raised funds are earmarked to support a range of activities, including the Muchea Silica Sand Project, Down South Silica Project, business development, and working capital. Technical indicators suggest that upon full subscription, the total shares will increase from about 551.7 million to roughly 919.6 million, representing a potential dilution approaching 40% for shareholders who choose not to participate. In parallel, a pro forma balance sheet indicates a sizeable enhancement in cash reserves—from around $451,000 to over $1.4 million—bolstering the company’s short-term financial position. Investors are cautioned by several risk factors outlined in the prospectus. The speculative nature of the offering, reliance on ongoing capital requirements, potential difficulties in obtaining necessary permits, and uncertainties in commodity price movements, particularly for silica, underscore the risks inherent in the high‐risk exploration sector. The company’s performance will depend on successful exploration outcomes and favorable market conditions, which remain subject to significant external influences. From a bullish perspective, Carbine Resources Limited’s decisive move to secure additional funds could enable rapid progress in exploration and project development. The allocation of funds toward critical projects and working capital may lay the groundwork for future operational milestones and potential increases in share value over time. Conversely, the bearish view highlights the risk of considerable dilution for non-participating shareholders, the low nominal issue price, and the inherent uncertainties of exploration activities. Market volatility, delays in project approvals, and the overall speculative nature of the offering could temper investor enthusiasm and impact share performance.