Capital Raising Delay Could Stall Santa Fe’s Cote d’Ivoire Gold Expansion

Acquisition Update

Santa Fe Minerals Ltd (ASX – SFM) has provided a timely update on its ongoing acquisition of gold projects from WIA Gold Limited in Cote d’Ivoire. The company confirmed that it has satisfied all conditions precedent under the sale agreement, with the sole remaining hurdle being the completion of a capital raising.

The capital raising is expected to conclude imminently, with funds anticipated by the end of this week. Upon receipt of these funds, Santa Fe plans to finalise the transaction, which includes issuing consideration securities and shares related to the capital raising, by the end of January 2026.

Strategic Significance

This acquisition represents a strategic expansion for Santa Fe Minerals, enhancing its footprint in the gold-rich region of West Africa. Cote d’Ivoire has become an increasingly attractive destination for gold exploration and development, and securing these projects positions Santa Fe to capitalise on the region’s potential.

While the announcement is straightforward, it underscores the importance of successful capital raising in mining acquisitions. The ability to swiftly complete funding and share issuance will be critical to maintaining momentum and investor confidence.

Looking Ahead

With the transaction expected to close shortly, market participants will be watching closely for updates on the operational progress of the newly acquired assets. The integration of these projects into Santa Fe’s portfolio could provide a catalyst for future growth and value creation.

Managing Director Doug Rose authorised the release, signalling the company’s commitment to transparency and timely communication with shareholders as it navigates this pivotal phase.