Vertex Minerals (ASX:VTX) has received $3.9 million as part of a previously reported $11 million capital raise to fund underground development work and begin mining at the Hill End Gold Project in New South Wales.
The capital raise, managed by Blue Ocean Equities and CPS Capital Group, also included the earlier issuance of $3.5 million in convertible loans. This brings the total proceeds received to date to $7.4 million.
Vertex’s cornerstone investor and largest shareholder with 17% of the shares on issue, Glenden Nominees, has previously committed to subscribe for $3.6 million of shares.
Vertex, which has a market capitalisation of $42.36 million, says these funds are expected to be received on or before 15 September 2025.
As Mining.com.au reported, Vertex will use the funds to begin mining by July 2025, as it emerges to become Australia’s next high-margin gold producer.
The Hill End Project has an existing resource of 419,000 tonnes at 16.7 grams per tonne gold for 225,200 ounces of gold. The project comprises seven licences, one gold lease, and 10 mining leases in central west New South Wales.
Vertex Minerals is an Australian gold explorer focused on discovering and developing the next generation of multi-million-ounce gold deposits within the New South Wales and Western Australian goldfields regions.
Gold hovered around US$3,300 per ounce today (28 July), following three consecutive sessions of losses, as the newly announced US-EU trade deal sapped demand for safe-haven assets, as reported by Trading Economics.
The precious metals’ spot price sat at $5,090.48 per ounce at 2pm AEST on 28 July, as reported by ABC Bullion.
Write to Aaliyah Rogan at Mining.com.au
Images: Vertex Minerals
