Dundas Minerals has raised $2.5 million through a strongly supported share placement to fund gold exploration drilling at its Kalgoorlie and expanded Romano projects in Western Australia.
- Placement raises $2.5 million at $0.038 per share
- Funds to support drilling campaigns at Kalgoorlie Rockland and Romano Gold projects
- Romano project expanded with new exploration licence near Gruyere gold mine
- Placement shares partly subject to shareholder approval
- Broker options to be issued pending shareholder consent
Strong Capital Injection to Fuel Exploration
Dundas Minerals Limited (ASX – DUN) has successfully secured $2.5 million through a share placement priced at 3.8 cents per share, aimed at advancing its gold exploration activities in Western Australia. The placement attracted robust support from both new and existing professional investors, underscoring confidence in Dundas’ strategic projects and growth potential.
The funds raised will bolster Dundas’ treasury to over $3 million, providing a solid financial foundation to undertake multiple drilling campaigns scheduled to commence in March 2026. Initial drilling will focus on the Rockland Project in the Kalgoorlie district, where previous exploration identified a promising 1-kilometre zone of gold mineralisation.
Expanding Footprint in a Proven Gold Province
Significantly, Dundas has expanded its Romano Gold Project with a new exploration licence application covering approximately 142 square kilometres. This area lies adjacent to the renowned Gruyere gold mine, a major operation with an estimated resource exceeding six million ounces. While Dundas cautions that proximity does not guarantee mineralisation continuity, the location within the Yamarna greenstone belt is highly prospective and complements the company’s existing tenure.
The Romano project area remains relatively underexplored compared to other districts, presenting an opportunity for Dundas to uncover new gold deposits. Historical drilling at key prospects such as Bloodwood and Brahman has returned encouraging gold intercepts, supporting the rationale for further systematic exploration.
Placement Structure and Next Steps
The placement comprises shares issued under Dundas’ existing 15% and 10% placement capacities, with a portion of shares allocated to participating directors subject to shareholder approval at an upcoming general meeting. Additionally, the company plans to issue broker options contingent on shareholder consent, which could provide further capital upside if exercised.
Managing Director Jonathan Downes expressed enthusiasm about the company’s strengthened position, highlighting the potential to grow and develop gold resources around Kalgoorlie and the expanded Romano project. Dundas is poised to leverage its enhanced financial position to evaluate new opportunities and maintain an active exploration program throughout the year.
Bottom Line?
With fresh capital and expanded ground near a major gold mine, Dundas is set for a pivotal exploration year.
Questions in the middle?
- Will upcoming drilling at Rockland and Romano confirm significant new gold resources?
- How will shareholder approval impact the timing and scale of the placement and broker options?
- What new project opportunities might Dundas pursue with its strengthened treasury?