Kalamazoo Resources (ASX:KZR) has accepted oversubscriptions of $2.1 million, resulting in raising $4.1 million via a share purchase plan (SPP), which will support an upcoming drilling program at the Ashburton Gold Project in Western Australia.
The SPP offered eligible shareholders the opportunity to purchase up to $30,000 worth of shares at $0.17 per share. The SPP was launched on 24 December 2025, in conjunction with a recently completed placement under the same issue price – raising a combined $12.1 million.
Petra Capital acted as the lead manager and bookrunner for this placement.
Funds will also be used for a Prefeasibility Study at the Mt Olympus Project, as well as exploration and general working capital.
Executive Chairman Luke Reinehr says the Ashburton Gold Project is accelerating towards development through extensive resource and exploration drilling.
“We are well advanced in completing the current 2,600m diamond drill program, which is designed to test and infill down plunge extensions of indicated and inferred resource beneath the current Mt Olympus open-pit shell design,” Reinehr says.
“The results will provide critical inputs for ongoing mine development and optimisation work as part of the Mt Olympus PFS.”
Kalamazoo Resources is an Australian gold and antimony explorer and developer focused on advancing its portfolio of assets located in Western Australia and Victoria.
Write to Aaliyah Rogan at Mining.com.au
Images: Kalamazoo Resources
