On the back of yesterday’s (17 July) news, several ASX-listed companies topped up their coffers via capital raisings, securing funding packages, or receiving research and development (R&D) refunds.
DGR Global (ASX:DGR), which holds a 6.6% stake in gold explorer SolGold (LSE:SOLG), entered into a gold only streaming agreement, which sees the company securing a US$750 million ($1.113 billion) financing package for the Cascabel copper gold project in northern Ecuador.
The two-pronged funding package includes US$100 million in short-term funding to progress Cascabel to final feasibility, permitting, and a final investment decision, as well as a US$650 million contribution to develop the project.
DGR, which has a market capitalisation of $31.31 million, says the package endorses the US$3.2 billion net present value and after-tax rate of return of 24% in SolGold’s Prefeasibility Study (PFS).
The company adds that the PFS adopts conservative metal prices of copper at US$3.85 per pound and gold at US$1,750 per ounce, as well as a staged development program beginning at 12.5 million tonnes per year for a capex of US$1.55 billion and ramping up to 24 million tonnes per year.
Following this announcement, the company’s share price spiked 233.33% yesterday, from $0.009 to $0.030 per share. DGR’s share price is currently sitting at $0.028 per share.
DGR Global is focused on creating resource exploration, development, and mining companies. The business uses the skills of its geoscientists to identify resource projects capable of yielding world-class discoveries of commodities.
Gold producer Kingsgate Consolidated (ASX:KCN) has satisfied conditions to draw down the US$35 million ($51.92 million) term facility with Nebari Gold Fund 1, LP and Nebari Natural Resources Credit Fund.
The company has now received the funds, which will be used to prioritise repayment of the preference shareholder loans, deliver the remaining mining equipment, and expand the aggressive near mine and regional exploration programs.
Kingsgate, which has a market capitalisation of $426.57 million, adds that it will also prioritise ongoing work on upgrading the existing resource base at the Chatree Gold Mine, and conduct capital restructuring provided the facility is kept in good order.
Precious and base metals explorer Native Mineral Resources (ASX:NMR) has raised $2.2 million via a share placement to fund new project opportunities and continue exploration work in Palmerville, Queensland, as well as due diligence work at the Far Fanning and Black Jack projects.
Under the placement, 110 million shares were issued at $0.02 per share, with ABL Capital Partners as lead manager.
Native Mineral Resources plans to build its portfolio with one or more new projects that allow its board and management team to leverage extensive experience in project development through to mining and production.
Meanwhile, Lefroy Exploration (ASX:LEX) has received a $755,000 R&D refund from the financial year 2023 for activities conducted at the Burns Gold-Copper Project in Western Australia.
The refund was granted through the ATO’s R&D tax incentive program, recognising technical progress achieved by the company.
Lefroy, which has a market capitalisation of $16 million, is focused on advancing its portfolio of early-stage through to more advanced gold targets across its broad Kalgoorlie – Kambalda centric land tenure.
The porphyry hosted gold-copper Burns-style of mineralisation has been uncovered to occur at several other locations, extending north from Burns into the larger Eastern Lefroy tenement package, with gold potential uncovered at prospects, including Lovejoy and Neon.
Write to Aaliyah Rogan at Mining.com.au
Images: DGR Global
