Waratah Minerals has secured AU$48 million to fund its aggressive drilling program at its Spur gold project in New South Wales.
The company will issue approximately 77.4 million new shares at 62 cents per share. The placement is expected to settle on May 13.
The fresh capital will be used for a drilling program at Spur aimed at both resource growth and new discoveries. With 10 drill rigs currently active on-site, the company is wasting no time.
The funds will specifically target extensional drilling at the Spur and Consols gold zones, alongside exploration at the Gazzards, Alpine, and Ironclad prospects.
Waratah Executive Chair, Andrew Stewart, said the successful raise cements the company’s position as a leading pre-mineral gold explorer.
“A tight 12 per cent discount on a $48 million raise confirms Waratah as one of the leading pre-mineral resource gold explorers on the ASX,” Stewart said.
“The placement provides strong validation of the company’s strategy and underscores the exploration success achieved thus far at the Spur Gold Project.
“With a strengthened balance sheet, Waratah is now well positioned to significantly increase its activities at the Spur gold project.”
The proceeds will also support metallurgical test work and further geophysical and geochemical target definition. The company is working towards a maiden mineral resource estimate (MRE) in the first quarter of 2027.
The fundraising gives Waratah the financial runway needed to test the true scale of the Spur Gold Project over the coming year.
