Highlights

  • GoldArc Resources secured firm commitments to raise A$7.2 million through a Placement.
  • Funds will support expanded drilling campaigns across Leonora North and Leonora South.
  • BML Ventures committed A$1.5 million as part of the Capital raising.
  • The company plans multiple RC, AC and soil exploration programs during the next 12 months.
  • GoldArc controls 100% of the Leonora North Project across a 12km strike corridor
  • Approximately 9km of the Ursus Fault corridor remains largely untested

GoldArc Resources Ltd (ASX:GA8) traded at AUD 0.073, up 1.39%, during the afternoon session on 15 May 2026, with the stock remaining up 143.33% over the past year as investors assessed the company’s latest funding update aimed at accelerating exploration activities across its Leonora gold projects in Western Australia.

The company announced that it had received firm commitments to raise up to A$7.2 million before costs through a placement to sophisticated and professional investors. The funding will support an expanded exploration and drilling campaign targeting resource growth and new gold discoveries across the Leonora North and Leonora South project areas.

According to GoldArc, the placement will involve the issue of up to 102.9 million fully paid ordinary shares priced at A$0.07 each. The company stated that the capital raising received support from both new and existing institutional investors as well as high-net-worth investors across Australia, New Zealand, Hong Kong and the United Kingdom.

GoldArc is a Western Australian gold exploration and development company focused on projects in the Leonora and Kookynie districts within the Eastern Goldfields region. Its project portfolio includes the Leonora North Gold Project and the Leonora South Gold Project, together hosting combined JORC mineral resources exceeding 200,000 ounces of gold.

Capital Raising to Fund Expanded Drilling Programs

The newly raised capital is expected to be directed toward an extensive 12-month exploration plan focused primarily on Leonora North, alongside additional work at Leonora South and broader regional target generation programs.

GoldArc said the upcoming exploration schedule includes reverse circulation (RC) drilling programs at the Mt Stirling S1–S7 corridor, the Yttria prospect and the Chert prospect, in addition to further drilling at the Cosmopolitan gold system within Leonora South.

The company also plans to undertake regional aircore (AC) drilling and soil geochemistry programs across both Leonora North and Leonora South to identify additional targets ahead of future RC campaigns.

Management indicated that exploration activities will focus on extending known mineralisation while also testing new discovery opportunities across underexplored strike zones.

A portion of the placement proceeds also relates to BML Ventures Pty Ltd, which committed A$1.5 million under the raising. Of this amount, A$1 million will be offset against the principal amount previously advanced to GoldArc under the Profit Cash Advance Facility.

The company stated that the remaining funds will support general exploration expenditure and Working Capital requirements.

Leonora North Remains Central to Growth Plans

The Leonora North Gold Project continues to be GoldArc’s primary exploration focus, with management highlighting the project’s scale and untapped exploration potential.

GoldArc controls 100% ownership of the Leonora North Project, which spans approximately 12 kilometres along the Ursus Fault corridor. According to the company, only around 3 kilometres of this strike length has been drill-tested to date.

The currently identified Mt Stirling and Stirling Well resources contain a combined JORC mineral resource of 152,000 ounces grading 1.7 grams per tonne gold across the tested section of the fault corridor.

Management believes the remaining 9 kilometres of largely untested strike presents one of the company’s key near-term exploration opportunities.

The company also noted that systematic soil sampling programs across Leonora North have identified multiple gold anomalies labelled S1 through S5.

Among these targets, the S4 anomaly has drawn particular attention due to its geochemical signature. GoldArc stated that the S4 anomaly, located along an untested portion of the Ursus Fault, returned a stronger soil anomaly than the one associated with the original Mt Stirling discovery.

The S4 target is expected to form part of the upcoming RC drilling campaign planned for Leonora North.

Multiple Exploration Campaigns Scheduled Through 2026

GoldArc outlined a detailed schedule of exploration activities planned across the next 12 months.

The Mt Stirling S1–S7 RC drilling program is scheduled to commence in July 2026 and will focus on testing extensions to the existing resource base while targeting additional mineralised zones along the Ursus Fault structure.

A separate RC drilling campaign at the Yttria prospect is planned for September 2026, targeting a structural zone identified within the company’s wholly owned Leonora North ground position.

The Chert prospect is also scheduled for systematic RC drilling during November 2026.

At Leonora South, GoldArc plans to continue drilling aimed at extending the Cosmopolitan gold system. The company noted that RC and AC drilling has already been completed across multiple Leonora South targets including Cosmopolitan, Whistler, Woodpecker and Cosmopolitan/Altona South, with results expected to continue flowing through 2026.

Regional soil sampling campaigns are also planned, including approximately 200 samples in the Leonora North Chert area and an additional 1,000 samples each across Leonora North and Leonora South.

Management stated that these geochemical programs are intended to support new target generation ahead of future drill campaigns.

Directors Participate in Placement

GoldArc also disclosed that directors have committed to subscribe for A$135,000 under the placement, subject to Shareholder approval at a future general meeting expected around July 2026.

The company said director participation reflects alignment with the company’s long-term exploration and development strategy.

Placement shares, excluding director participation, are expected to settle on 21 May 2026 with allotment scheduled for 22 May 2026.

The issue price of A$0.07 per share represented a 2.78% discount to the company’s last closing price on 12 May 2026, as well as discounts to both the five-day and ten-day Volume weighted average prices.

Bell Potter Securities and GBA Capital acted as Joint Lead Managers to the raising, while Leeuwin Wealth served as Co-Manager.

Existing Resources and Development Pathways

GoldArc’s broader project portfolio currently hosts total JORC mineral resources of approximately 200,014 ounces of gold at an average grade of 1.82 grams per tonne gold.

At Leonora North, the Mt Stirling deposit contains indicated and inferred resources totalling approximately 137,000 ounces, while Stirling Well contributes a further inferred resource of around 15,000 ounces.

The Leonora South Project hosts the Orion and Sapphire deposits, which together account for approximately 48,000 ounces of inferred gold resources.

GoldArc also highlighted progress at the Eclipse prospect, where a high-grade discovery area is advancing toward a maiden Mineral Resource Estimate.

Management further noted that the company is progressing development activities alongside exploration programs through partnerships aimed at limiting upfront capital requirements.

At Mt Stirling, GoldArc is working with BML Ventures on metallurgical and geotechnical studies targeting a potential Mining commencement during the second half of calendar year 2026.

Meanwhile, development activities linked to the Orion–Sapphire deposits are progressing under a Partnership with Mineral Mining Services, with Leonora South production targeted during the first quarter of calendar year 2027.

Strategic Location Supports Project Potential

The company also highlighted the strategic location of Leonora North relative to regional processing infrastructure.

The project sits approximately five kilometres from the King of the Hills processing mill operated by Vault Minerals, which GoldArc believes could provide a potential toll-treatment pathway as resources continue to grow.

Management considers this proximity beneficial in supporting future development optionality should exploration success continue across the broader project area.

Investor Attention Remains on Exploration Momentum

Although GoldArc shares were relatively steady during Friday afternoon trade, the latest funding announcement appears to reinforce the company’s focus on accelerating exploration activity across its Leonora gold portfolio.

With expanded drilling campaigns scheduled throughout 2026, market attention is likely to remain centred on upcoming exploration results, resource growth opportunities and progress across the largely untested Ursus Fault corridor at Leonora North.