Aurum Resources Ltd. has raised AU$28.8 million, including a cornerstone investment by Perseus Mining Ltd., to execute its 2026 drilling campaign across its gold projects in Côte d’Ivoire in West Africa.
Aurum is issuing 48 million shares at 60 cents per share. Perseus committed to 39,476,824 shares, resulting in a 9.9 per cent stake in Aurum.
Upon completion of the placement, Aurum will have cash on hand of more than AU$60 million, giving it the funds to execute its dual-project growth strategy in Côte d’Ivoire.
Aurum is planning a 130,000-metre drilling program across its Boundiali and Napié gold projects.
It will drill 100,000 metres in Boundiali for resource definition and exploration and continue to drill 30,000 metres in Napié.
Aurum’s Managing Director Dr Caigen Wang said: “Perseus Mining’s decision to cornerstone this placement is a powerful endorsement of the quality of Aurum’s asset base and our project development trajectory. Perseus is not just Australia’s most successful African gold producer and developer – it is our nearest neighbour.
“We are advancing from explorer to developer, and this placement – backed by one of the region’s foremost operators – gives our broader shareholder base further confidence in Aurum’s path to production.”
Perseus CEO Craig Jones praised Aurum for building a significant resource base at a low cost.
“The location of their discoveries presents potential future synergies and Perseus is pleased to be able to support Aurum in developing the project.”
The Boundali gold project is located to the south and along strike of Perseus’s Sissingué gold mine.
Aurum will also use the funds to purchase another two drilling rigs to grow its owner-operator fleet to 14 in-house diamond drill rigs.
