Gateway Mining (ASX:GML) has secured firm commitments for a $45 million placement to accelerate exploration at its flagship Yandal Gold Project in Western Australia.
The placement attracted cornerstone support from Jupiter Asset Management (LSE:JUP), which committed $20 million.
Funds will underpin a drilling campaign across multiple prospects at Yandal.
Executive Chairman Andrew Bray says the quality of investors validates Gateway’s strategy and recent success.
“We are delighted with the exceptionally strong support for the company’s $45 million capital raising,” Bray says.
“We now have an outstanding financial platform to accelerate exploration activities across our flagship Yandal Gold Project.”
The placement comprises 562.5 million shares priced at $0.08 each, representing a 16.7% discount to the last closing price of $0.096 and a 9.1% discount to the 15-day volume weighted average price of $0.088.
Recent drilling at the Cowza prospect returned results including 41m @ 2 grams per tonne gold (Au) from 0m, including 9m @ 7.50g/t Au. The discovery sits within a broader 13km mineralised corridor.
“Gateway has delivered a series of excellent exploration results across Yandal in recent months, with the emerging Cowza discovery providing a particularly compelling example of the potential we are now unlocking,” Bray notes.
The company says it now has a ‘significantly strengthened’ balance sheet and is now fully funded to deploy a multi-prospect drilling campaign targeting rapid resource growth and further discovery.
The funds will support reverse circulation and diamond drilling across the Cowza, Celia South, Ward, Haflinger, Dusk ’til Dawn, and Horse Well prospects. Gateway also plans to conduct resource estimation work and regional exploration at its Glenburgh South and Barrelmaker projects.
“We see an enormous amount of exploration upside remaining across other Yandal prospects, and this funding gives us the ability to pursue that potential with significant momentum,” Bray says.
Gateway held approximately $15.1 million in cash and liquid securities at 30 June 2026.
JP Equity Partners acted as sole lead manager for this placement. Settlement is expected on 15 September with shares to be issued on 16 September 2026.
The new shares will be issued using Gateway’s capacity under ASX listing rules 7.1A and 7.1 and will not require shareholder approval.
Gateway Mining is a mineral explorer focused on discovering and developing large-scale gold deposits in WA.
Write to Paula Fabe at Mining.com.au
Images: Gateway Mining
