Black Horse Mining’s $8M IPO Fuels Intensive Mt Egerton Drilling Campaign
Black Horse Mining successfully completed an $8 million IPO and has begun active exploration at its Mt Egerton Gold Project, with drilling results expected by February 2026.
- Completed $8 million IPO with cornerstone investor Province Resources
- Commenced near-surface diamond drilling at Mt Egerton immediately post-listing
- Geophysical surveys integrated into 3D project modelling underway
- Cash balance of $6.24 million supports ongoing exploration activities
- No mining production yet; expenditures align with prospectus forecasts
IPO Success and Capital Structure
Black Horse Mining Ltd marked a significant milestone in December 2025 by successfully completing its Initial Public Offering (IPO), raising a total of $8 million. The capital raise included $5 million from Australian institutional and retail investors, complemented by a $3 million cornerstone investment from Province Resources Ltd, which now holds a 46.4% stake in the company. Shares began trading on the ASX on 2 December 2025 at an issue price of $0.20 each, setting a solid foundation for the company’s exploration ambitions.
Exploration Activities at Mt Egerton
Immediately following its ASX listing, Black Horse Mining commenced exploration at its flagship Mt Egerton Gold Project in Victoria. The company has integrated historical data with new geophysical surveys, including ground magnetotelluric and reprocessed ground penetrating radar, to build a comprehensive 3D model of the project area. Near-surface diamond drilling began in December and has continued through the holiday period, only pausing briefly due to fire bans. These efforts underscore the company’s commitment to accelerating exploration and unlocking the project’s potential.
Financial Position and Expenditure
At the end of the December quarter, Black Horse Mining reported a healthy cash balance of $6.24 million, providing ample runway for ongoing activities. The company’s expenditure of approximately $1.64 million to date aligns closely with the budget outlined in its prospectus, with the majority spent on exploration and corporate costs. Notably, no substantive mining production or development activities have occurred yet, reflecting the early-stage nature of the project.
Corporate Governance and Related Party Payments
The company disclosed payments to related parties totaling $112,000 during the quarter, primarily covering director salaries and fees. The tenement schedule remains unchanged, with key holdings managed under Steadfast Mining Services Pty Ltd. Black Horse Mining has also agreed to issue up to 20 million Deferred Consideration Shares to vendors upon achieving certain project and share price milestones, a mechanism that may influence future capital structure depending on exploration success.
Looking Ahead
Market participants will be watching closely for the imminent release of drilling results expected by the end of February 2026. These results will be pivotal in validating the company’s geological model and guiding subsequent exploration phases. With a solid cash position and active fieldwork underway, Black Horse Mining is positioning itself as a promising new entrant in Victoria’s gold exploration landscape.
Bottom Line?
As Black Horse Mining advances its Mt Egerton drilling, upcoming assay results will be critical to shaping investor confidence and the company’s next growth phase.
Questions in the middle?
- What will the initial drilling results reveal about the gold potential at Mt Egerton?
- How might the issuance of Deferred Consideration Shares impact shareholder dilution?
- What are the company’s plans for scaling exploration or development if early results prove promising?
