Peregrine Gold Secures $3M to Fast-Track WA Exploration
Peregrine Gold Limited has raised $3 million through a share placement to accelerate exploration at its Newman and Mallina projects in Western Australia, bolstered by strong institutional support.
- Raised $3 million via placement at $0.22 per share
- Cornerstone investors include Yandal Investments and Lion Selection Group
- Funds earmarked for drilling and exploration at Newman and Mallina projects
- Pro-forma cash position exceeds $5 million post-placement
- Multiple exploration milestones planned through end of 2025
Strong Backing for Exploration Ambitions
Peregrine Gold Limited (ASX, PGD) has successfully completed a $3 million placement, signaling robust investor confidence in its aggressive exploration strategy. The placement, priced at $0.22 per share, attracted cornerstone commitments from heavyweight backers including Yandal Investments Pty Ltd, led by veteran mining figure Mark Creasy, and the resource-focused Lion Selection Group.
This fresh capital injection significantly strengthens Peregrine’s balance sheet, boosting its pro-forma cash position to over $5 million. Such financial muscle provides a solid platform for the company to accelerate its exploration activities across its 100% owned Newman Gold & Iron Ore Project and Mallina Gold Project, both situated in the mineral-rich northwest of Western Australia.
Focused Deployment of Funds
The funds raised will be strategically deployed to advance drilling programs and exploration efforts at both key projects. At Newman, Peregrine plans to undertake reverse circulation drilling to test high-priority gold and iron ore targets, while at Mallina, a maiden drilling campaign is set to commence. Additionally, ongoing target generation activities will continue to refine prospects ahead of further drill testing.
Technical Director George Merhi emphasized the significance of the placement, noting the strong endorsement from existing and new investors. He highlighted the company’s commitment to unlocking the potential of its ground holdings and delivering multiple waves of news flow through the remainder of 2025.
Market Position and Outlook
The placement shares were issued at a 20% discount to the last traded price, a common practice to incentivize participation in capital raises. Investors also received free attaching options exercisable at $0.33 within three years, providing potential upside if exploration success translates into share price appreciation.
With a strengthened register and a clear exploration roadmap, Peregrine is well-positioned to advance its projects through critical milestones. The company’s focus on both precious metals and bulk commodities aligns with broader market interest in diversified resource plays amid evolving commodity cycles.
Bottom Line?
Peregrine’s fresh capital sets the stage for a pivotal exploration phase, with upcoming drilling results poised to shape its growth trajectory.
Questions in the middle?
- What initial results will the maiden Mallina drilling program deliver?
- How will market conditions impact Peregrine’s ability to raise further capital if needed?
- What are the timelines and targets for resource definition at Newman’s iron ore prospects?
