ASX-listed Aurum has announced the successful completion of its previously announced A$35.6 million private placement (the "Placement") of 100 million ordinary shares at $A0.356 (35.6c) per share. This follows shareholder approval of all resolutions at a General Meeting held on July 8, 2025.
The Placement comprised $A23.89 million in cash and the issue of approximately 2.9 million fully paid common shares in TSX-listed Montage Gold Corp (TSX: MAU) (Montage Shares).
Key participants in the Placement include:
- Lundin Family and associates: A total cash investment of A$11.71 million, resulting in a 9.9% interest in Aurum
post-Placement.
- Zhaojin Capital Limited (a wholly-owned subsidiary of Zhaojin Mining Industry Company Limited): A total cash
investment of A$8.19 million, increasing its interest in Aurum to 8.5% post-Placement.
- Montage Gold Corp: Through the issuance of approximately 2.9 million Montage Shares, resulting in a 9.9% interest in Aurum post-Placement.
Aurum Managing Director, Dr. Caigen Wang, commented: "We are very encouraged by the strong support from highly regarded strategic investors, which is a true endorsement of the quality of our two gold projects – Boundiali and Napié – in Côte d’Ivoire, and recognition of our practical, cost effective and efficient exploration approach and fast-tracking project development strategy. On completion of this placement and with our existing cash position, Aurum will boast funds of more than A$45 million, inclusive of the Montage Shares. The cash from the Placement, together with existing cash, will enable Aurum to accelerate growth of gold resources at both Boundiali and Napié. These funds will be sufficient to complete Boundiali Pre-Feasibility Study by year end, ESIA study and approval, mining exploitation licence application, as well as completion of a DFS expected in H2 2026."
The proceeds from the Placement will be strategically deployed to accelerate Aurum's growth initiatives, including:
- Accelerating resource definition drilling at the 1.6Moz Boundiali Gold Project2 and exploration drilling at its newly acquired 0.87Moz Napié gold project3, both in north Côte d’Ivoire.
- Expanding the self-owned and operated diamond drilling fleet from eight rigs to ten rigs.
- Completing two JORC resource updates for the 1.6Moz Boundiali gold project in CY2025.
- Completing one resource update for the 0.87Moz Napié gold project in CY2025.
- Conducting Preliminary Feasibility Study (PFS) and Definitive Feasibility Study (DFS) for the Boundiali Gold
Project, with the PFS expected by year-end 2025 and DFS by H2 2026.
- Progressing mining exploitation licence applications and approvals.
- Completing environmental and social impact studies (ESIA) and obtaining ESIA approval.
