Golden Horse Minerals Limited (ASX: GHM) has successfully raised $15 million through a strongly supported placement, paving the way for a significant ramp-up in exploration at its flagship Southern Cross Gold Project in Western Australia.
The placement attracted firm commitments from both new and existing shareholders, including major institutional investors from Australia and overseas.
The capital raising involved the issue of 37.5 million new CHESS Depositary Interests (CDIs) at $0.40 per CDI, representing a modest 3.4 per cent discount to the 15-day volume weighted average price.
Euroz Hartleys Limited and Canaccord Genuity (Australia) Limited acted as Joint Lead Managers to the placement.
Golden Horse’s largest shareholder, Emerald Resources NL, committed approximately $3.1 million, while company directors subscribed for around $105,000, both subject to shareholder approval at an upcoming general meeting.
The proceeds will primarily fund an expanded drilling campaign, with RC drilling set to increase by 50 per cent and a diamond drill rig to be added to the fleet.
Exploration will target high-grade extensions along the +4km Hopes Hill trend, including Hopes Hill Central, North, South, and Irene Betty prospects.
Golden Horse Minerals Managing Director and CEO Nicholas Anderson said: “Both the strength of conviction and quality of the investors that ponied up in this capital raising is a testament to the significance of our Southern Cross Project, the team and validation of our forward strategy.”
He added: “With a strengthened balance sheet and a busy upcoming program at Southern Cross we are very well placed to drive value through the drill bit which is our key focus.”
In addition to accelerating exploration, funds will support regional target definition, geochemistry and geological surveys, and costs associated with the potential acquisition of the Redbank Copper Project from NT Minerals Limited.
While due diligence and negotiations are ongoing, the placement is not conditional on this acquisition proceeding.
The placement will be completed in two tranches: Tranche 1, raising $6.9 million, is expected to settle on 10 June 2025 under the company’s existing placement capacity.
Tranche 2, raising $8.1 million, will require shareholder approval, anticipated at a general meeting in July 2025.
Golden Horse Minerals’ latest raise positions the company to accelerate its high-impact exploration activities and advance its strategic growth objectives in Western Australia’s gold sector.
