Ballard Mining has secured commitments for a placement of shares to raise AU$61 million to accelerate its planned work at its Mt Ida gold project in Western Australia.
Ballard will issue 76,250,000 shares at 80 cents per share. The placement was well supported by existing shareholders with strong demand from new resource-focused institutional investors.
Ballard plans to use the proceeds raised from the placement to accelerate its planned drilling of 220,000 metres of extensional and regional drilling at the Mt Ida gold project.
The company will also undertake development studies and associated workstreams, including mining, metallurgy and geotechnical workstreams.
The company will also invest in early works at Mt Ida, such as camp, bore fields and minor road diversion.
Ballard’s Mt Ida gold project is a shovel-ready gold project covering approximately 250 square kilometres of the Mt Ida-Ularring Greenstone Belt, located 100 kilometres west of Leonora in the Eastern Goldfields Province of Western Australia.
Mt Ida hosts a significant high-grade gold resource with total inferred and indicated mineral resources of 10.3 million tonnes at 3.33 grams per tonne of gold for 1.1 million ounces.
Ballard Managing Director Paul Brennan said: “We greatly appreciate the support of new and existing shareholders for the placement, which will fund our expansive 2026 planned work program for the Mt Ida gold project and position the fully permitted asset for a final investment decision.
“With a planned 220,000 metres of drilling at Mt Ida this year, we expect to deliver strong news flow and will work to achieve resource growth at this camp-scale project as we rapidly advance development studies.”
