DeSoto’s A$14m Raise Sets Stage for High-Stakes Drilling in Underexplored Gold Regions

• A$14 million capital raise completed with cornerstone investor Tony Poli
• Drilling underway at Dadjan, Tole, Timbakouna (Guinea) and Spectrum (Australia)
• 70/30 joint venture with TSX-listed Fortuna Mining to sole-fund US$12.5m exploration
• Historic high-grade gold intercepts support exploration potential
• Strong cash position of approximately A$15.5 million to fund ongoing programs

Strategic Capital Raise Fuels Exploration Ambitions

DeSoto Resources Limited has successfully raised A$14 million in a strategic placement, highlighted by a A$5 million cornerstone investment from prominent resource investor Tony Poli. This capital injection comes at a critical juncture as the company embarks on multiple drilling campaigns across two continents, aiming to unlock value in underexplored but highly prospective gold regions.

The placement was strongly supported by institutional investors and corporate partners, reflecting confidence in DeSoto’s experienced management team and its dominant land position in Guinea’s Siguiri Basin, one of West Africa’s most prolific gold provinces.

Drilling Programs Underway in Guinea and Australia

Drilling is actively progressing at key projects in Guinea, including Dadjan, Tole, and Timbakouna. These sites have historic high-grade gold intercepts, such as 18 meters at 11.8 grams per tonne at Timbakouna, underscoring the exploration upside. The company is deploying a 10,000-meter drilling program complemented by soil sampling and power auger surveys to refine targets.

Simultaneously, DeSoto is advancing its Spectrum Project in Australia’s Northern Territory, where recent drilling intercepted sulphides over multiple intervals. Assay results are eagerly awaited and expected to provide further clarity on the potential for gold, copper, rare earth elements, and other critical minerals.

Fortuna Mining JV Enhances Regional Capability

DeSoto has entered a binding Heads of Agreement with TSX-listed Fortuna Mining Corp to form a 70/30 joint venture focused on the Siguiri Basin. Fortuna will sole-fund exploration activities up to US$12.5 million over a period of three years or until the funding cap is reached. This alliance pairs DeSoto’s in-country expertise with Fortuna’s West African operational experience, aiming to target multi-million-ounce open-pit gold deposits.

The JV excludes DeSoto’s existing 100%-owned tenements, allowing the company to maintain full control over its core assets while leveraging Fortuna’s resources to accelerate discovery efforts across the broader landholding.

Experienced Leadership and Strong Financial Position

DeSoto’s leadership team brings a wealth of experience in West African gold exploration, with key figures having been instrumental in major discoveries such as the 5.4 million-ounce Bankan Gold Project. The company’s robust cash position of approximately A$15.5 million post-placement provides a solid foundation to fund aggressive exploration and drilling campaigns without immediate capital constraints.

With assay results pending from recent drilling and ongoing regional exploration programs, DeSoto is positioning itself to capitalize on the underexplored potential of the Siguiri Basin and the emerging opportunities in Australia’s mineral-rich Northern Territory.

Bottom Line?

As assay results and JV milestones unfold, DeSoto’s next moves will be critical in validating its exploration promise and shaping its market trajectory.

Questions in the middle?

• What will the upcoming assay results reveal about the scale and grade of mineralisation at key projects?
• How will the Fortuna Mining JV impact DeSoto’s exploration strategy and capital allocation over the next three years?
• What are the potential risks or challenges in advancing drilling programs in Guinea and the Northern Territory?