Miramar Resources Raises $1.8M to Revive Gold Drilling at Gidji JV
Miramar Resources has secured $1.8 million through a share placement to accelerate gold and critical minerals exploration, focusing on the promising Gidji JV Gold Project near Kalgoorlie.
- Raised $1.8 million via share placement at $0.003 per share
- Funds allocated to gold and critical minerals exploration across four key projects
- Drilling to recommence at Gidji JV in Q1/Q2 2025 amid record gold prices
- Placement includes free attaching options exercisable at $0.006
- Shareholder approval sought for tranche two placement and options in March 2025
Capital Raising to Fund Exploration Revival
Miramar Resources Limited (ASX: M2R) has announced a successful capital raising of approximately $1.8 million through a share placement to sophisticated investors. The placement, priced at $0.003 per share, a 30% discount to the recent volume weighted average price, includes one free attaching option for every share issued, exercisable at $0.006 over five years. This injection of funds is earmarked to advance exploration programs focused on gold and critical minerals across several Western Australian projects.
Reigniting the Gidji JV Gold Project
The highlight of Miramar’s exploration push is the Gidji Joint Venture (JV) Gold Project, situated just 15 kilometres north of Kalgoorlie, a prolific gold mining region. After multiple gold discoveries under cover in 2021 and 2022, exploration was paused due to subdued investor interest in gold. With gold prices now at record highs, Miramar is poised to recommence drilling in the first half of 2025. The company plans infill and extensional aircore drilling at key targets such as Marylebone, Blackfriars, and Highway, followed by bedrock reverse circulation and diamond drilling pending approvals.
Broader Exploration Strategy Across Multiple Projects
Beyond Gidji, the capital will support exploration at Bangemall, Whaleshark, and Chain Pool projects. Bangemall targets nickel, copper, cobalt, and platinum group elements, with planned geophysical surveys and a diamond drill hole at the high-priority Trouble Bore EM target. Whaleshark focuses on copper, gold, and magnetite iron, with heritage surveys and aircore drilling planned to extend buried targets. Chain Pool’s exploration will concentrate on infill and extensional soil and rock chip sampling at the Joy Helen prospect, targeting SEDEX-style lead, copper, zinc, and silver mineralisation.
Placement Structure and Shareholder Approvals
The placement will be executed in two tranches. Tranche one involves the immediate issue of approximately 59.5 million shares under the company’s placement capacity, with options subject to shareholder approval. Tranche two, comprising up to 540 million shares and matching options, including participation by directors, requires shareholder approval at a general meeting scheduled for late March 2025. The company has engaged PAC Partners Securities as lead manager, who will receive a 6% selling fee and broker options subject to approval.
Outlook and Market Context
Miramar’s Executive Chairman Allan Kelly emphasised the strategic timing of this capital raise, noting the improved investor sentiment towards gold exploration amid a robust gold price environment. The company’s focus on multiple walk-up drill targets with promising high-grade gold results positions it well to unlock value in a highly prospective emerging gold camp. With a history of sustained exploration activity and a board experienced in discovery and development, Miramar aims to leverage this funding to deliver meaningful exploration outcomes in 2025.
Bottom Line?
Miramar’s $1.8 million raise sets the stage for a pivotal year of drilling that could redefine its gold exploration trajectory.
Questions in the middle?
- Will the upcoming drilling at Gidji JV confirm the potential for a new gold camp?
- How will shareholder approval impact the timing and scale of tranche two placement?
- What are the prospects for critical minerals discoveries at Bangemall and Whaleshark?
