Aurum Resources (ASX:AUE) has received firm commitments for a $52.5 million placement to fund early development works at its Boundiali Gold Project in Côte d’Ivoire.
The company has secured commitments for about 95.45 million new shares at $0.55 each, a 0.9% discount to the last closing price of $0.555 on 18 September 2026. The offer price also represents a 2.4% discount to the 10-day volume-weighted average price.
Existing and new strategic investors committed $32.3 million and will hold about 25% of shares on issue following completion. The placement does not require shareholder approval.
Proceeds will fund early procurement of long-lead items for the Boundiali processing plant and construction of the site access road. Funds will also support acquisition of land for the processing plant and tailings storage facility, exploration drilling, and working capital.
Aurum expects a cash balance of $95 million following completion, with settlement on 29 September and trading of new shares on 30 September.
Managing Director Dr Caigen Wang says the placement allows early development work to begin while the Definitive Feasibility Study (DFS) is completed.
“This placement funds long-lead procurement, the site access road, and land for the processing plant and tailings storage facility, so critical-path items can start now rather than after the study is finished,” Dr Wang adds.
Aurum continues multi-rig drilling across its 3.22-million-ounce Boundiali Project. The company has mobilised 16 diamond rigs to test strike and depth extensions across the BD, BM, and BST tenements.
The company is targeting an updated mineral resource estimate (MRE) early in the December quarter, with drilling to be completed by the end of September.
The update will feed into the DFS expected in late 2026, following the Prefeasibility Study and maiden ore reserve of 1.21 million ounces (Moz) delivered in June 2026.
The company plans a 30,000m diamond drilling program at its 1.16Moz Napié Gold Project in the December quarter. Closer to Boundiali, scout drilling will test targets identified across the BD, BM, and BST tenements along the 75km mineralised corridor.
Aurum Resources is an Australian developer focused on advancing gold projects in Côte d’Ivoire, while maintaining secondary exploration exposure to critical minerals and manganese, as well as gold tenure in Western Australia.
Write to JC Villarba at Mining.com.au
Images: Aurum Resources
