Pacgold Ltd. has secured AU$13 million in firm commitments for a two-tranche placement, capitalising on strong investor backing following a high-grade gold and copper discovery at its White Dam gold project.
The placement will issue approximately 86.67 million new fully paid ordinary shares at an issue price of 15 cents per share to investors.
Company directors intend to subscribe for AU$515,000 worth of new shares, subject to shareholder approval at the company’s annual general meeting in late November 2026.
Proceeds from the capital raise will accelerate production ramp-up, heap leach pad expansion, and near-mine exploration programs at White Dam.
Exploration will target both shallow oxide deposits and deeper sulphide potential, backed by an extensive campaign involving up to 35,000 metres of reverse circulation (RC) drilling and 5,000 metres of diamond drilling.
Pacgold Managing Director Matthew Boyes said the successful raise provides a clear runway to expand operations and unlock hidden value across the tenement package.
“We are very pleased by the strong support for this Placement to drive our next phase of growth,” Boyes said.
“This capital injection is a direct endorsement of the recent high-grade discovery at White Dam North which now clearly demonstrates the untouched gold and copper sulphide potential in and around the mine.”
“This combined with our White Dam restart strategy for production from the existing shallow oxide deposits gives us a very solid base to build a significant company.”
The prospectivity of the White Dam project has been significantly enhanced by the recent discovery of the sulphide gold-copper mineralisation at White Dam North.
The White Dam project contains a number of additional prospects within 20 kilometres of the plant which contain known shallow oxide gold-copper mineralisation and have little to no deeper drilling beneath the oxide zone.
Settlement for Tranche 1 of the placement, comprising 83.23 million shares, is scheduled for August 7, with allotment and normal trading expected to commence on August 11.