Funding Crunch Looms as Orange Minerals Expands into Ghana Goldfields
Orange Minerals NL has raised $810,000 to fund exploration and due diligence on its new Tepa Gold Project acquisition in Ghana, while advancing promising Australian projects with notable assay results.
- Completed $810k capital raising plus $188k director participation
- Entered binding agreement to acquire Tepa Gold Project in Ghana
- Strong rock chip gold assays at Calarie Project in NSW
- Nine geophysical targets identified at Calarie, drone survey planned
- Government grant secured for deep drilling at Lennon’s Find, WA
Capital Raising and Strategic Acquisition
Orange Minerals NL (ASX, OMX) closed the June quarter with a cash balance of $658,000, bolstered by a successful $810,000 placement supported by sophisticated and institutional investors. Directors also subscribed for an additional $188,000, underscoring internal confidence. These funds are earmarked for advancing due diligence on the newly agreed acquisition of the Tepa Gold Project in Ghana, ongoing exploration across Australian assets, and general working capital.
The Tepa Project acquisition represents a significant strategic move into the prolific Bibiani Gold Field in Ghana’s Ashanti Region. Comprising three reconnaissance licences covering 166 square kilometres, the project lies along major gold-bearing shear zones that host established mines such as Bibiani and Chirano. While historical exploration has been limited and requires modern verification, early indications of anomalous gold values and active alluvial mining suggest promising potential for Bririmian-style gold deposits.
Exploration Progress in Australia
In New South Wales, Orange Minerals advanced work at the Calarie Project, where rock chip sampling returned encouraging gold assays up to 3.79 grams per tonne at Nibblers Hill and 3.12 grams per tonne at Mary’s Dream. The company identified nine geophysical targets through a detailed review of historical surveys and plans a drone magnetic survey to refine drill targets, aiming to unlock further value in this 70% earn-in joint venture area.
Western Australia projects also saw progress. At Lennon’s Find in the Pilbara, Orange secured a $110,000 government grant to support a deep diamond drill hole targeting a significant induced polarisation anomaly. This follows promising geophysical responses that hint at sulphide mineralisation potentially associated with zinc, copper, lead, gold, and silver mineralisation in the area.
Broader Portfolio and Outlook
Orange Minerals continues to maintain a broad portfolio, including the Wisemans Creek Project in NSW, Eastern Goldfields projects near Kalgoorlie, and the Youanmi Gold Project. Exploration activities ranged from land access agreements to multi-element rock chip sampling, with ongoing efforts to delineate mineralisation and prepare for drilling campaigns. The company’s approach balances aggressive exploration with prudent capital management, supported by government incentives and strategic partnerships.
Notably, no mining production occurred during the quarter, reflecting Orange’s focus on exploration and resource definition. Payments to related parties were disclosed as director and executive fees, and one tenement was surrendered as part of portfolio optimisation.
Bottom Line?
With fresh capital and a foothold in Ghana’s goldfields, Orange Minerals is poised for a pivotal exploration phase that could reshape its growth trajectory.
Questions in the middle?
- What will due diligence reveal about the true potential of the Tepa Gold Project?
- How will upcoming drilling results at Calarie and Lennon’s Find influence resource estimates?
- Can Orange Minerals secure further funding to sustain its ambitious exploration programs beyond the next two quarters?