Ballymore Raises $4.5M at $0.15 to Boost North Queensland Exploration
Ballymore Resources has raised $4.5 million through a well-supported placement to accelerate exploration and development across its North Queensland projects, including the promising Dittmer gold deposit.
- Placement raises $4.5 million via ~30 million shares at $0.15 each
- One free attaching option for every four shares subscribed
- Funds to accelerate development at Dittmer and exploration at Ruddygore, Ravenswood, and Mount Molloy
- Strong support from existing and new institutional investors
- Cygnet Capital acted as sole lead manager for the placement
Capital Raising to Fuel Exploration Ambitions
Ballymore Resources (ASX – BMR) has successfully secured approximately $4.5 million through a placement of around 30 million new shares priced at $0.15 each. The placement, which includes one free attaching option for every four shares subscribed, was strongly supported by both existing shareholders and new institutional investors, reflecting confidence in Ballymore's strategic direction and project pipeline.
The funds raised will be primarily directed towards advancing the development of the Dittmer gold project, where Ballymore plans to commence underground exploration drive extensions and an extensive drilling program. This follows the recent discovery of a faulted extension to the high-grade Dittmer Lode, which has delivered bonanza gold grades, underscoring the project's potential.
Expanding Exploration Across Multiple Projects
Beyond Dittmer, Ballymore intends to accelerate exploration activities at its other North Queensland assets, including the Ruddygore, Ravenswood, and Mount Molloy projects. Planned work includes reverse circulation drilling to test copper prospects at Ruddygore, prospecting elevated stream sediment anomalies, and geophysical surveys targeting porphyry copper systems. The company is also preparing to test geochemical and geophysical targets near historic mines, aiming to unlock new mineralisation zones.
Managing Director David A-Izzeddin highlighted that the capital raise enables Ballymore to pursue a robust exploration agenda, including a major step-out and resource drill-out at Dittmer scheduled for early 2026. The company is also set to follow up on promising shallow drill results at Ravenswood and initiate testing of high-grade copper targets at Mount Molloy.
Strategic Use of Funds and Market Positioning
Chairman Andrew Greville emphasised the disciplined approach Ballymore has taken since listing, with over 85% of funds spent directly on-ground. The new capital injection is expected to maintain this focus, supporting both exploration and working capital needs. The placement shares and options are anticipated to be issued by mid-August 2025, with Cygnet Capital acting as sole lead manager.
While the placement price represents a modest discount to recent trading levels, the inclusion of attaching options exercisable at $0.22 by the end of 2027 offers investors additional upside potential. The company awaits shareholder approval for director participation in the placement, which forms part of the broader capital raising structure.
Overall, Ballymore's capital raising and planned exploration programs position it to potentially expand its resource base significantly, leveraging its portfolio of projects in a region known for prolific gold and base metal deposits.
Bottom Line?
Ballymore’s fresh capital sets the stage for a pivotal exploration phase that could reshape its resource profile and market standing.
Questions in the middle?
- Will the underground development at Dittmer confirm the extent of the high-grade gold lode?
- How will drilling results from Ruddygore and Mount Molloy influence Ballymore’s copper prospects?
- What impact will shareholder approval for director participation have on the placement’s final structure?
