Enegex’s $5M Raise and New Permits Set Stage Amid Uncertain Land Access in WA
Enegex Limited has reported promising gold exploration results in Côte d’Ivoire and Western Australia, supported by a $5 million capital raise and strategic board appointments.
- Shareholders approve acquisition of Famien Resources’ 3,700km² Côte d’Ivoire portfolio
- Large, high-grade gold soil anomalies discovered on Gogo permit’s Bonoubana Trend
- Power auger drilling at Tougbe confirms significant gold mineralisation over 10 hectares
- New exploration permits granted in Côte d’Ivoire and aircore drilling planned in WA
- Company raises $5 million via private placement to fund exploration and growth
Strategic Acquisition and Capital Raise
Enegex Limited (ASX, ENX) has marked a busy quarter ending December 2025 with the shareholder-approved acquisition of Famien Resources Pty Ltd, adding a substantial 3,700 square kilometre gold exploration portfolio in Côte d’Ivoire. This transaction was accompanied by a successful $5 million private placement, providing the company with a robust financial platform to accelerate exploration activities across West Africa and Western Australia.
Encouraging Gold Anomalies in Côte d’Ivoire
Detailed soil sampling on the Gogo permit has revealed extensive and coherent gold anomalies along the 5-kilometre Bonoubana Trend. Notably, soil samples returned high-grade gold values up to 4.14 grams per tonne, with anomalies covering over 26 hectares. The largest anomaly stretches approximately 700 metres by 200 metres and remains open to the south, suggesting potential for further mineralisation.
Follow-up fieldwork included 376 metres of hand-dug trenches and 670 metres of power auger drilling, with results pending. Meanwhile, a 1,129-metre power auger drilling program on the Tougbe permit confirmed a gold mineralised system extending over at least 10 hectares. Several drill holes reported significant intercepts, including 18 metres at 1.59 g/t gold and 10 metres at 1.17 g/t gold, underscoring the prospectivity of the area.
Expansion of Exploration Footprint and Upcoming Drilling
During the quarter, Enegex secured four new exploration permits in Côte d’Ivoire; Tougbe East, Gogo West, Toumodi, and Dimbokro; further consolidating its position in the prolific Birimian Belt. The company is preparing for a 3,000-metre angled aircore drilling program at Tougbe, expected to commence in February 2026, aiming to better define the geometry and extent of the gold mineralisation.
In Western Australia’s West Yilgarn region, Enegex continued soil geochemical surveys and is gearing up for an aircore drilling campaign targeting the Rocky Ridge prospect within the Perenjori project. This area has shown promising historical gold intercepts, and recent magnetic survey analysis has refined drill targets under transported cover. However, exploration progress in some Western Australian projects remains contingent on landowner access negotiations.
Corporate Developments and Financial Position
Alongside operational advances, Enegex strengthened its leadership team with the appointments of Paul Roberts as Managing Director and Eric Kondo as Non-Executive Director, both bringing valuable experience in West African gold exploration. The company ended the quarter with a healthy cash balance of $5.25 million, positioning it well to fund ongoing and future exploration initiatives.
Bottom Line?
With strong early results and fresh capital, Enegex is poised to unlock value from its expanding gold assets, but upcoming drilling and land access will be critical to watch.
Questions in the middle?
- Will the upcoming angled aircore drilling at Tougbe confirm the extent and grade of the gold system?
- How quickly can Enegex secure land access to advance exploration in Western Australia’s Three Springs and Tampia West projects?
- What strategic moves will the new board members pursue to maximise the potential of the Famien acquisition?
