Ore Resources Secures A$7.5M to Boost 2026 Gold Exploration in WA

Capital Raise to Accelerate Exploration

Ore Resources Ltd (ASX, OR3) has successfully secured A$7.5 million through an oversubscribed equity placement priced at A$0.058 per share. This capital injection is set to fast-track the company’s gold exploration activities at its flagship Coolgardie and Randalls projects, both situated in the prolific Eastern Goldfields region of Western Australia.

The placement attracted strong demand from existing shareholders, including heavyweight investor Hancock Prospecting, as well as new institutional and sophisticated investors. Notably, Ore’s board members have committed to subscribing for A$460,000 worth of shares, subject to shareholder approval expected in early 2026, signaling confidence in the company’s strategic direction.

Ambitious Drilling Programmes Planned

The proceeds will fund an ambitious 30,000-metre drilling campaign throughout 2026, employing a mix of reverse circulation, aircore, and diamond drilling techniques. The program will primarily focus on expanding the Forrest prospect within the Miriam area of Coolgardie, alongside testing new regional targets and scout drilling at Burbanks East, pending tenure grants.

Currently, a 3,000-metre phase 3 drilling program at Miriam is nearing completion, with assay results anticipated by late January 2026. These results will guide the scale and focus of the expanded drilling activities planned for the year ahead.

Strategic Positioning and Future Prospects

Ore Resources benefits from its projects’ proximity to established mining infrastructure and hubs such as Kalgoorlie, Esperance, and Perth, providing logistical advantages. The company’s management emphasizes a disciplined approach to capital stewardship and value creation, leveraging their proven exploration expertise to unlock the potential of their gold assets.

Alongside Coolgardie, the Randalls project remains under option and will undergo further due diligence and target assessment, complementing the broader exploration strategy. The company also plans to maintain business development initiatives and support general working capital needs with the raised funds.

Market and Shareholder Implications

The placement was priced at a 13.4% discount to the last closing price and a 15.1% discount to the five-day volume weighted average price, reflecting a balance between raising capital efficiently and rewarding existing shareholders. The issuance of approximately 129.3 million new shares will dilute current holdings but is expected to enhance the company’s exploration capacity and long-term value proposition.

Joint lead managers Canaccord Genuity and Alpine Capital facilitated the placement, underscoring institutional interest in Ore Resources’ growth trajectory. Investors will be watching closely for upcoming assay results and the outcome of the shareholder vote on director participation, both pivotal to the company’s near-term momentum.