Bryah Resources has successfully raised nearly $2 million through an oversubscribed placement to fund exploration at its Golden Pike Project in Canada, signaling strong investor confidence in its growth plans.
- Placement raised $1.988 million via 457 million new shares at $0.00435 each
- Funds earmarked for gold and antimony drilling at Golden Pike Project
- Oversubscribed placement backed by new and existing sophisticated investors
- Free-attaching options proposed, pending shareholder approval
- Lead manager CPS Capital Group to receive fees and options
Capital Raise to Fuel Exploration Ambitions
Bryah Resources Limited has announced a significant capital raise of nearly $2 million through a placement of over 457 million new shares priced at $0.00435 each. The funds are intended to accelerate drilling activities at the company’s Golden Pike Project in southern New Brunswick, Canada, a region known for its rich gold and antimony deposits. The placement was oversubscribed, reflecting strong support from both new and existing sophisticated and professional investors.
Targeted Use of Proceeds
The proceeds will primarily finance an infill and twin drilling program at the Vail Road Gold Deposit, as well as initial exploration drilling at the Bond Road Antimony Prospect. Additionally, funds will support core processing, sample analysis, and reporting activities, including a resource update aimed at converting existing data to the JORC standard. General working capital needs will also be met, ensuring operational flexibility as the company advances its exploration agenda.
Strategic Shareholder Engagement and Incentives
To complement the placement, Bryah plans to issue one free-attaching option for each new share, with a strike price of $0.006 and a 36-month expiry, subject to shareholder approval. This move is designed to provide additional upside potential for investors while aligning interests with the company’s long-term growth objectives. CPS Capital Group acted as lead manager for the raise, earning a 6% fee and the opportunity to receive options contingent on shareholder consent.
Context Within Bryah’s Broader Portfolio
The Golden Pike Project, acquired earlier this year, is a cornerstone asset for Bryah, located in a mining-friendly jurisdiction with established infrastructure. The company’s broader portfolio includes significant interests in Western Australia, such as the Bryah Basin licences with copper and gold potential, a manganese joint venture with OM Holdings, and lithium and nickel prospects at Lake Johnston. Bryah’s diversified holdings position it well to capitalize on multiple commodity markets.
Looking Ahead
Settlement of the placement shares is expected around 28 October 2025, with a general meeting to follow for approval of the options issuance. CEO Greg Hill emphasized the company’s commitment to advancing its drilling programs and building value for shareholders. As Bryah moves forward, the market will be watching closely for assay results and resource updates that could validate the potential of the Golden Pike Project and underpin future growth.
Bottom Line?
Bryah’s successful raise sets the stage for critical drilling milestones that could reshape its resource profile and investor sentiment.
Questions in the middle?
- Will the upcoming drilling at Golden Pike confirm significant resource upgrades?
- How will the market respond to the dilution from the large placement and options issuance?
- What are the timelines and expectations for converting exploration results into JORC-compliant resources?