Dalaroo Metals Secures A$2.5 Million to Kickstart Bondoukou Drilling with New Chairman
Dalaroo Metals has raised A$2.5 million through a heavily supported share placement, backing a 10,000-metre drilling campaign at its Bondoukou Gold Project. Newly appointed Non-Executive Chairman Bilal Ahmad and the entire board are investing alongside sophisticated investors, signalling strong internal confidence.
- A$2.5 million raised via placement at A$0.06 per share
- Bilal Ahmad appointed Non-Executive Chairman and commits A$400,000
- 10,000-metre Phase 1 RC drilling campaign planned at Bondoukou
- Board, management and advisers invest approximately A$1 million
- Placement includes free-attaching options exercisable at A$0.10
Placement Fuels Major Drilling Push at Bondoukou
Dalaroo Metals Ltd (ASX:DAL) has secured A$2.5 million in a share placement to finance a significant drilling campaign at its Bondoukou Gold Project in Côte d’Ivoire. The raise involves issuing approximately 41.7 million new shares at A$0.06 each, accompanied by free-attaching options exercisable at A$0.10, expiring in 2031.
This capital injection will fund the company’s planned 10,000-metre Phase 1 Reverse Circulation (RC) drilling program, initially targeting the Wilfred Prospect before expanding across the Mag and Ali target areas. The campaign marks Dalaroo’s first systematic drill test of extensive gold anomalism identified through recent soil sampling, auger drilling, and geological mapping.
Strong Internal Backing and New Leadership
In a notable show of confidence, every member of Dalaroo’s board and senior management is participating in the placement, collectively committing A$500,000. Including in-country advisers, total internal participation reaches approximately A$1 million. This alignment underscores the team’s belief in the project’s potential and the company’s strategic direction.
Adding further weight, existing Non-Executive Director Bilal Ahmad has been appointed Non-Executive Chairman effective 3 August 2026. Ahmad, an experienced investor with over 15 years in strategic capital markets roles, is committing A$400,000 to the placement subject to shareholder approval. His appointment aims to provide seasoned leadership as Dalaroo embarks on this critical exploration phase.
Placement Structure and Lead Manager Incentives
The placement will be executed in two tranches: the first tranche of 33.6 million shares and options will be issued under existing placement capacity, raising about A$2.015 million. The second tranche, comprising 8.1 million shares and options, will be issued to directors pending shareholder approval at a general meeting expected in September 2026.
62 Capital Pty Ltd is acting as sole lead manager, receiving a 6% fee settled in securities rather than cash, preserving the company's cash reserves. Additionally, 62 Capital will be granted 8 million lead manager options on the same terms as the attaching options, linking their interests to the success of the raise and subsequent share performance.
Exploration Focus and Strategic Implications
The bulk of funds will accelerate exploration at Bondoukou, Dalaroo’s flagship project. The initial drilling at Wilfred aims to clarify geological structures, gold anomalism, and artisanal workings, providing critical data to refine follow-up drilling strategies. Later phases are expected to extend to Mag and Ali, potentially incorporating diamond drilling to enhance structural understanding.
This funding milestone allows Dalaroo to maintain momentum amid a competitive West African gold exploration landscape. The company’s CEO John Morgan highlighted the internal investment as a strong endorsement of the project’s growth potential and the company’s strategic path forward.
Meanwhile, the appointment of Bilal Ahmad as chairman brings capital markets acumen and strategic investment experience at a pivotal moment, supporting Dalaroo’s ambitions to deliver meaningful exploration outcomes and shareholder value.
Bottom Line?
Dalaroo’s substantial internal investment and new leadership appointment set the stage for a pivotal drilling phase at Bondoukou, with market eyes on upcoming assay results and shareholder approval outcomes.
Questions in the middle?
- Will shareholder approval for the second tranche and Bilal Ahmad’s investment proceed smoothly?
- How will initial Phase 1 drilling results influence the scale and focus of subsequent drilling at Bondoukou?
- Can Dalaroo leverage its strengthened balance sheet to accelerate exploration beyond Côte d’Ivoire, such as at Blue Lagoon?
