Highlights

  • BMG shares jumped 28.17% after announcing AUD 2.5 million placement and expanded drilling plans.
  • Placement funds a 10,000-metre drill program at Abercromby targeting resource expansion.
  • Leadership transition completed as Ben Pollard appointed CEO ahead of 2026 drill campaigns.
  • Board highlighted Western Australian gold focus and investor backing for expanded exploration programs.

BMG Resources Ltd (ASX:BMG) moved into investor focus on 3 February 2026 after its shares climbed 28.17% to AUD 0.031 following a funding and exploration update. The stock has now gained approximately 210% over the past 12 months, reflecting sustained market attention on the company’s Western Australian gold portfolio.

Today’s share price move followed the announcement of firm commitments to raise AUD 2.5 million through a placement of fully paid ordinary shares at AUD 0.021 per share. The placement attracted cornerstone participation from Tribeca Investment Partners, alongside European strategic investors

Under the placement, BMG will issue 119,047,619 new shares to raise AUD 2.5 million. The issue will be completed in two tranches. Tranche 1 comprises 73.5 million shares and is scheduled to settle on 10 February 2026, with trading expected to commence the following day. Tranche 2 involves 45.55 million shares and remains subject to shareholder approval at a general meeting expected in mid-March 2026.

The new shares will rank equally with existing shares on issue. Lead managers for the placement will receive fees and options as outlined in the company announcement.

Abercromby Project Moves into Expanded Drill Phase

Proceeds from the placement will support an expanded 10,000-metre drill program at the Abercromby Gold Project in Western Australia. The program is designed to build on the project’s maiden Mineral Resource Estimate of 11.12 million tonnes at 1.45 grams per tonne gold, representing 518,000 ounces of gold.

The company indicated that less than 20% of the prospective stratigraphy across the project area has been tested to date, with mineralisation remaining open in multiple directions. Higher-grade components already included in the resource are expected to inform ongoing drilling and development studies.

A scoping study examining a potential mining proposal at Abercromby is scheduled for completion in Q1 2026.

Exploration Activity at Bullabulling

Funding will also be allocated to drilling at the Bullabulling Gold Project, which is 100% owned by BMG and located adjacent to the Bullabulling Gold Mine. The project lies within the Coolgardie Mineral Field, where recent exploration activity in nearby tenements has highlighted the potential for resource growth.

BMG plans further work to refine targets at Bullabulling ahead of a larger drill campaign planned for later in 2026.

Leadership Appointment Sets Direction for Next Phase

BMG Resources confirmed the appointment of Ben Pollard as Chief Executive Officer, bringing more than 25 years of experience as a project developer and geologist focused on gold projects across Western Australia.

The company stated that Pollard’s background spans exploration, project development and operational delivery, with a track record built through multiple gold discoveries and advancement of assets within the region. The Board highlighted that the leadership change aligns with the company’s plans to advance drilling and exploration activity across its Western Australian gold portfolio following the recently secured funding.

Chairman John Prineas said the company has remained focused on Western Australian gold and acknowledged investor support for the planned expansion of drilling and exploration programs. He noted that the Board viewed Pollard’s extensive sector experience and hands-on approach as well suited to leading the next stage of activity as work programs ramp up across the portfolio.

Commenting on his appointment, Pollard said he was taking on the role at a pivotal point for the company, with funding now in place to progress planned work in 2026. He outlined that expansion and resource definition drilling at Abercromby is expected to begin shortly, while activity at Bullabulling will focus on refining targets ahead of a major drill campaign scheduled for Q2.

Investor Takeaway

The latest update places BMG Resources firmly in investor focus, combining a sharp share price move with fresh funding, defined exploration programs, and a leadership transition. With capital secured to advance drilling at both Abercromby and Bullabulling, the company has outlined its near-term operational priorities as it moves into an active exploration phase through 2026.