Peregrine Gold has secured $2.25 million through a discounted placement backed by major shareholder Mark Creasy, Lion Selection Group and company directors. The funding is earmarked for maiden drilling and broader gold and iron ore exploration in Western Australia, subject to heritage and Programme of Work approvals.
- $2.25 million placement priced at $0.135 a share
- 16.67 million new shares and 8.33 million free-attaching options
- Funding targets maiden drilling at Coopers and Carneys
- Exploration planned across the Newman and Mallina projects
- Director participation and broker options require shareholder approval
$2.25 Million Placement Secured
Peregrine Gold Limited (ASX:PGD) has secured $2.25 million in firm commitments, giving the Pilbara explorer funding for a fresh round of drilling across its gold and iron ore portfolio. The placement will issue 16,666,667 shares at $0.135 each, a discount of 18.2% to Peregrine’s last traded price of $0.165 on 29 September and 17.4% to its 15-day VWAP.
The raise carries meaningful backing from existing shareholders and specialist investors. Yandal Investments, associated with major shareholder Mark Creasy, Lion Selection Group (ASX:LSX), several institutional investors and Peregrine directors Anees Sabet and George Merhi are among the participants. The company said the support strengthens its share register, although the placement will also increase the number of shares on issue.
Drilling Targets Newman and Mallina
Most of the capital is intended to move exploration from planning into field activity. Peregrine has nominated maiden drilling at the Coopers and Carneys channel iron ore prospects, follow-up drilling and bulk sampling at the Newman Gold Project, and target generation followed by first-pass drilling planning at the Mallina Gold Project.
The programme is not entirely unconditional. The planned work remains subject to heritage and Programme of Work approvals, while the company’s broader 2026 activity pipeline includes an expanded bulk sampling programme at the Capricorn Prospect and increased exploration at the Peninsula Prospect under its agreement with Mark Creasy.
Options Add Future Funding and Dilution
Participants will receive 8,333,335 listed options, equivalent to one option for every two new shares. The PGDO options carry a $0.25 exercise price and expire on 13 December 2027, creating potential future funding if exercised but also adding another layer to Peregrine’s capital structure.
Director participation totals 1,691,979 shares, worth approximately $228,417, and 845,990 attaching options. That portion requires shareholder approval at the 27 November 2026 annual meeting. Discovery Capital Partners, which acted as lead manager, will receive a 6% fee on the gross raise and is also proposed to receive 2.5 million options exercisable at $0.2025, subject to the same approval process.
Bottom Line?
The raise removes an immediate funding constraint, but the next test is whether approvals and drilling convert the new capital into results before the additional shares and options reshape the register.
Questions in the middle?
- When will heritage and Programme of Work approvals allow drilling at Coopers and Carneys to begin?
- Can the Newman and Mallina programmes produce exploration results on a timetable that sustains investor interest?
- Will shareholders approve the director participation and the proposed 2.5 million broker options?