Navarre Minerals (ASX:NML) plans to immediately start a 7,000m exploration drilling campaign at its flagship Stawell Corridor Gold Project after today (12 November) resuming trading on the Australian Securities Exchange.
The drilling program is designed to advance its key projects to the next stage over the coming 12 to 15 months, which includes continued work at the Tandarra Gold Project joint venture.
Speaking to Mining.com.au today, Managing Director James Gurry says with the recapitalisation now complete Navarre is looking ahead with a new direction and new name, Aureka, which was approved at the recent AGM.
“Getting the program started well before the end of 2024 should mean the company is well positioned in 2025 to report continued updates as drilling and assay results come in, to deliver an updated JORC resource and if drilling is successful, growth in its resource inventory,” Gurry tells this news service
Since the company’s shares were suspended in June 2023, it has re-emerged debt free with a reorganised capital structure and no outstanding convertible debt, which positions it to advance its gold exploration projects across Victoria.
The recent recapitalisation saw the maximum $6 million raised. Navarre says the support of the convertible debt investors, cornerstone investor Dunkeld Pastoral Company, existing and new investors that participated have enabled it to reach this important milestone.
Navarre has now issued all shares for a total of just over 102.43 million shares on issue which equates to a proforma market capitalisation of $10.2 million at the recent capital raise issue price of $0.10 per share.
Gurry says recapitalising as a pure-play explorer focused on its historical assets in Victoria, which are close to infrastructure and operating gold mines, the market recognises the update from reset valuation.
“Readers may recall that Navarre traded on these assets at $100 million-plus market capitalisation back in 2020 and 2021, and we have deliberately chosen to start at a lower valuation to ensure that as we restart exploration operations investors who buy shares have the best chance of seeing success as we grow,” he tells this news service.
As drilling continues, Navarre has made initial enquiries to MiningPlus with an intention to ensure the company is well-positioned to update in due course its resource and exploration target for the current economic environment with record high gold prices.
Gold’s spot price is currently sitting at $4,008.58 per ounce, as of 2pm AEDT today according to the ABC Bullion.
Gurry adds that with a large and prominent portfolio of advanced stage gold projects across Victoria, the company is “excited” to restart trading against a strong gold price environment.
“We look forward, not only to a valuation reset for the company’s shares but also to receiving and reporting our gold prospect drilling results across the coming weeks and months,” Gurry says.
“I’m very confident that 2025 will be a fantastic year for Navarre Minerals and its shareholders.”
Write to Aaliyah Rogan at Mining.com.au
Images: Navarre Minerals
