Miramar Resources Raises A$1M to Drill Deeper at Gidji Gold Targets

Capital Raising Fuels Next Phase of Exploration

Miramar Resources Limited has successfully completed a A$1 million share placement to fund a significant reverse circulation (RC) drilling campaign at its Gidji Joint Venture gold project in Western Australia. The placement was priced at A$0.0025 per share, matching the last traded price, and attracted commitments from both new and existing sophisticated investors. This capital injection is set to underpin a focused exploration effort targeting deeper gold mineralisation beneath previously identified shallow anomalies.

Targeting Deeper Gold Sources at Gidji

The upcoming drilling campaign, scheduled for the first quarter of 2026, will comprise 10 to 12 holes totalling approximately 2,500 to 3,000 metres. It aims to test two high-priority targets, Blackfriars and Highway, which have shown promising aircore drilling results with multiple gold intercepts exceeding 1 gram per tonne. These targets lie beneath the Gidji Paleochannel and have never before been explored with deeper RC drilling.

Blackfriars sits at a geological contact zone similar to that hosting the nearby ~4 million ounce Paddington gold deposit, suggesting strong potential for significant mineralisation. Previous attempts to drill deeper at Blackfriars were hampered by ground conditions, but the new campaign will leverage improved techniques and data to better target the primary gold sources. Meanwhile, the Highway target is associated with a large felsic intrusion and coincides with geophysical anomalies, adding to its exploration appeal.

Board Strengthening and Aligned Leadership

In a move to bolster its governance and market engagement, Miramar has appointed Jonathan Fisher as a Non-Executive Director. Fisher brings two decades of experience in resources and corporate sectors, with strong capital markets and mining industry connections. His addition is expected to energise the company’s strategic direction as it advances its exploration agenda.

Further demonstrating confidence in the drilling programme, Executive Directors Allan Kelly and Marion Bush have volunteered to receive part of their Q1 2026 remuneration in shares. This approach aims to conserve cash for exploration activities while aligning management’s interests with those of shareholders.

Strategic Positioning in Western Australia

Miramar’s Gidji project benefits from a prime location with existing infrastructure, including proximity to major highways and several gold processing plants. This logistical advantage could facilitate rapid development and monetisation should the drilling campaign yield a significant discovery. Beyond Gidji, the company continues to progress other promising projects in the Gascoyne region, targeting copper, nickel, and precious metals, underscoring its diversified exploration portfolio.

With the share placement settled and shareholder approvals pending for the second tranche and attaching options, Miramar is poised to enter 2026 with renewed momentum. The market will be watching closely as assay results from the drilling campaign begin to emerge, potentially reshaping the company’s valuation and prospects.