Discounted Placement Fuels Ordell’s Ambitious Gold Exploration Push
Ordell Minerals has raised $3.85 million through a discounted share placement to accelerate drilling at its Barimaia Gold Project and initiate exploration at Goodia and Fisher South in Western Australia.
- Raised $3.85 million via placement at $0.34 per share
- Funds to accelerate Barimaia drilling and start Goodia, Fisher South exploration
- Placement shares issued at 18.1% discount to last close price
- Settlement expected by 24 July 2025
- Maiden Mineral Resource Estimate anticipated later this year
Ordell’s Strategic Capital Raise
Ordell Minerals Limited (ASX – ORD) has successfully secured $3.85 million through a share placement aimed at fast-tracking its exploration activities in Western Australia. The capital raise, priced at $0.34 per share, represents a notable discount to recent trading prices, reflecting the company’s urgency to fund its drilling programs and exploration initiatives.
The placement involves issuing over 11 million new shares to a mix of existing and new institutional and sophisticated investors, with settlement expected by 24 July 2025. This injection of funds is set to underpin Ordell’s ambitions to expand its footprint in the gold exploration sector, particularly at its flagship Barimaia Gold Project.
Accelerating Exploration at Key Projects
Proceeds from the placement will primarily accelerate and broaden drilling efforts at Barimaia, a project that has garnered significant attention for its potential. Additionally, Ordell plans to initiate first-pass exploration at the Goodia and Fisher South gold projects, signaling a strategic push to diversify and enhance its resource base across multiple sites.
Managing Director Michael Fowler expressed optimism about the company’s prospects, highlighting the strong investor support and the anticipated release of Ordell’s Maiden Mineral Resource Estimate later this year. This milestone is expected to provide a clearer picture of the project’s potential and could serve as a catalyst for future growth.
Market Implications and Next Steps
The placement price at an 18.1% discount to the last closing price and a 9.6% discount to the 15-day volume-weighted average price is a strategic move to ensure swift capital raising while balancing shareholder dilution concerns. Investors will be watching closely how the market reacts post-settlement and the impact of upcoming drilling results on Ordell’s valuation.
With Argonaut Securities Pty Limited acting as lead manager and bookrunner, the company is well-positioned to maintain momentum. The coming months promise a steady flow of updates as drilling progresses and exploration results emerge, potentially reshaping Ordell’s standing in the competitive gold exploration landscape.
Bottom Line?
Ordell’s fresh capital injection sets the stage for a pivotal year of exploration and resource definition.
Questions in the middle?
- What initial results will the accelerated drilling at Barimaia yield?
- How will the Maiden Mineral Resource Estimate influence Ordell’s market valuation?
- What are the timelines and expected outcomes for exploration at Goodia and Fisher South?
