Benz’s A$30M Placement Signals High Stakes in Glenburgh Gold Race

Capital Raising to Accelerate Exploration

Benz Mining Corp. has successfully secured firm commitments to raise A$30 million through a bought deal placement, reflecting robust interest from leading offshore institutional investors alongside support from existing shareholders. This capital injection is set to transform the company's exploration efforts, particularly at the Glenburgh Gold Project in Western Australia.

The placement was priced at A$0.985 per CHESS Depositary Interest (CDI), closely aligned with the recent closing price, underscoring investor confidence in Benz’s strategic direction. With the placement proceeds, Benz’s pro-forma cash position will exceed A$40 million, providing a strong financial foundation to aggressively pursue resource growth.

Drilling Expansion at Glenburgh

The Glenburgh Gold Project, a promising new frontier gold district, will be the primary beneficiary of the capital raise. Benz plans to double its drilling capacity from two to four rigs, enabling simultaneous exploration of the emerging bulk tonnage system at the Icon deposit and the high-grade gold trend at Zone 126. This dual focus aims to unlock both scale and grade potential within the project’s extensive 18-kilometre mineralised trend.

Chairman Evan Cranston highlighted the significance of the funding, noting the strong cornerstone demand from offshore funds that share the company’s vision. The increased drilling intensity is expected to accelerate the delivery of an updated Mineral Resource Estimate, reflecting the full potential of Glenburgh’s complex geology.

Broader Portfolio and Strategic Outlook

Beyond Glenburgh, Benz will allocate funds to advance exploration at the Mt Egerton Gold Project, targeting high-grade near-surface mineralisation through drilling and geochemical surveys. Additionally, a scoping study at the Eastmain Gold Mine in Quebec will assess early-stage development options for its high-grade resource, reinforcing Benz’s diversified approach across two premier gold regions.

The company’s management emphasizes that this capital raising is not just about funding exploration but also about strengthening the shareholder base with long-only institutional investors who support Benz’s aggressive growth strategy. The participation of a company director in the placement, pending shareholder approval, further aligns management interests with those of investors.

As Benz embarks on this next phase, the market will be watching closely for drilling results that could validate the company’s resource expansion ambitions and potentially reshape its valuation profile.