How Will Enegex’s A$10.2M Placement Accelerate Côte d’Ivoire Gold Hunt?
Enegex Limited has raised A$10.2 million through a targeted placement to fund expanded gold exploration across its extensive land holdings in Côte d’Ivoire, aiming for a major greenfields discovery within two years.
- A$10.2 million capital raise supported by institutional and high net worth investors
- Funds to accelerate drilling and exploration across 1,534km² Tougbe-Gogo permit group
- Directors participating in placement, subject to shareholder approval
- Exploration strategy leverages expertise from previous Tier-1 gold discoveries
- Focus on rapid, cost-effective greenfields target generation and drilling
Capital Raise to Boost Exploration Ambitions
Enegex Limited (ASX: ENX) has successfully secured A$10.2 million through a targeted placement, reinforcing its commitment to aggressive gold exploration in Côte d’Ivoire. The capital raise attracted strong support from both existing shareholders and strategically selected new institutional and high net worth investors, increasing the company’s cash reserves to approximately A$14.3 million after costs.
Expanding Footprint in a Highly Prospective Region
The funds will underpin an expanded exploration program across Enegex’s substantial 1,534 square kilometre Tougbe-Gogo permit group in northeast Côte d’Ivoire. This region lies on the southern extension of the prolific Hounde Belt, known for hosting major gold deposits in West Africa. The company is already progressing aircore drilling, with reverse circulation drilling scheduled from April to June, targeting multiple prospects simultaneously.
Experienced Leadership and Strategic Approach
Managing Director Paul Roberts, who previously led Predictive Discovery to the Tier-1 Bankan gold discovery in Guinea, emphasised the value of lessons learned from that journey. The exploration strategy focuses on rapidly generating and testing numerous high-quality greenfields targets using a disciplined, cost-effective approach. The company also benefits from the expertise of Exploration Advisor Dr Barry Murphy, who co-developed the Tier-1 Targeting system guiding new ground acquisitions and exploration priorities.
Director Participation and Governance
Notably, company directors have subscribed for nearly half a million shares under the same terms as the placement, subject to shareholder approval at an upcoming extraordinary general meeting. This participation signals confidence from management in the company’s prospects and aligns interests with shareholders.
Looking Ahead
With a strengthened balance sheet and an enlarged exploration team, Enegex aims to accelerate its drilling programs and expand its land position further. The company’s ambition is clear: to make at least one significant greenfields gold discovery within the next two years, potentially reshaping its profile in the competitive West African gold exploration landscape.
Bottom Line?
Enegex’s fresh capital injection sets the stage for a pivotal exploration phase that could unlock substantial value in Côte d’Ivoire’s gold belt.
Questions in the middle?
- Will upcoming drilling results validate the high expectations set by early exploration?
- How will shareholder approval of director share participation impact governance and capital structure?
- Can Enegex replicate the success of previous Tier-1 discoveries in this new terrain?
