Ballard Mining (ASX:BM1) has received firm commitments for a placement of 76.2 million fully paid ordinary shares at an issue price of $0.80 per placement share, raising $61 million before costs.
The company was initially seeking $50 million in this placement, under the company’s existing ASX Listing Rules 7.1 and 7.1A, with the placement including an option for Ballard to accept oversubscriptions on the same terms.
New shares will be issued at $0.80 per share, representing a 14% discount to the last closing price, a 6% discount to the 5-day volume weighted average price (VWAP), and a 4.2% premium to the 15-day VWAP.
Managing Director Paul Brennan says that Ballard appreciates the support received in this placement “which will fund our expansive 2026 planned work program for the Mt Ida Gold Project and position the fully permitted asset for a final investment decision”.
“With a planned 220,000m of drilling at Mt Ida this year, we expect to deliver strong news flow and will work to achieve resource growth at this camp-scale project as we rapidly advance development studies.”
Proceeds from this placement will be used to accelerate the company’s planned CY2026 drilling, undertake development studies and associated workstreams at Mt Ida, and invest in early works for the camp, bore fields, and road diversion.
Ballard Mining is focused on advancing the Mt Ida Project in Western Australia towards production.
The company is presenting at the RIU Explorers Conference in Fremantle, Western Australia being held from 17-19 February. Mining.com.au is an official media partner of this year’s event.
Write to Amy Rotman at Mining.com.au
Images: Ballard
