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Highlights

  • Godolphin Resources raises $1 million through the issue of 89.8 million shares.
  • Funds will support metallurgical studies and exploration target development at Lewis Ponds.
  • Placement is strongly backed by sophisticated and professional investors.

Godolphin Resources Limited (ASX: GRL) has successfully raised approximately $1 million through a placement of 89.8 million fully paid ordinary shares at an issue price of A$0.011 per share. The placement has received strong backing from sophisticated and professional investors, reflecting confidence in the company's ongoing development strategy for its 100%-owned Lewis Ponds Gold, Silver, and Base Metals Project in the Lachlan Fold Belt, New South Wales (NSW).

The funds raised will be allocated to advancing critical activities at the Lewis Ponds Project, including metallurgical studies and further exploration target development. The recent completion of a successful five-hole exploration drill program has paved the way for these next steps. A key focus of the upcoming work program will be an updated Mineral Resource Estimate (MRE), targeting the upper zones of the existing JORC (2012) Inferred Mineral Resource Estimate. Currently, the project holds an existing JORC 2012 Resource of 6.20 million tonnes, with an average grade of 2.0g/t gold, 80g/t silver, 2.7% zinc, 1.6% lead, and 0.2% copper.

The placement will also fund metallurgical work to assess the viability of producing a precious metal concentrate from the project. Additionally, re-processing of geophysical data will help define new exploration targets. The funds will also be allocated for general working capital purposes.

The placement will take place under a single tranche, issued in accordance with the company’s available placement capacity under ASX Listing Rules 7.1 and 7.1A. The offer price of A$0.011 represents a 15.4% discount to the last traded price and a 21.6% discount to the 5-day volume-weighted average price (VWAP). The placement shares are expected to be allotted on or before April 1, 2025.

Managing Director Ms. Jeneta Owens expressed enthusiasm about the support for the placement and highlighted the importance of the funding in enabling the company to execute its near-term work program. She thanked the investors for their continued confidence in the Lewis Ponds Project, which she believes has the potential to become a significant NSW gold, silver, and base metals asset.