Key Highlights

  • Firm commitments total $2,879,033 before costs through up to 63,978,511 new shares at 4.5 cents each, an 11.8% discount to the 5.1 cent close on 9 October 2026.
  • David Geraghty is to invest $750,000 and hold about 5.57% after completion, while directors have committed a further $235,000 subject to Shareholder approval.
  • Proceeds are directed to Kalgoorlie drilling, Romano exploration and working capital, with an updated Mineral Resource Estimate targeted for the fourth quarter of 2026.

Dundas Minerals Limited (ASX:DUN), a Western Australian gold exploration company, announced on 14 October 2026 that it has received firm commitments to raise $2,879,033 before costs. The raising is a Placement of up to 63,978,511 new fully paid ordinary shares at an issue price of 4.5 cents per share, offered to professional and sophisticated investors who qualify under section 708 of the Corporations Act 2001 (Cth). Dundas holds the Rockland discovery, Capricorn and Baden-Powell projects in the Kalgoorlie district, along with the Romano Gold Project in the Yamarna region.

Pricing and discount to recent trading

The announcement sets the 4.5 cent issue price against two reference points. It represents an 11.8% discount to the last closing price of 5.1 cents on 9 October 2026, and a 10.2% discount to the 15-day Volume weighted average price of 5.01 cents. Because the shares are being issued below recent trading levels, existing holders who do not participate will see their percentage holding reduced as the new shares are issued.

Two tranches and placement capacity

The placement is split into two tranches. Tranche 1 covers 58,756,295 shares to raise $2,644,033 and will be issued under existing placement capacity: 35,253,777 shares under the 15% capacity in ASX Listing Rule 7.1 and 23,502,518 shares under the 10% capacity in Listing Rule 7.1A. Allotment of Tranche 1 is expected on or around 23 October 2026.

Tranche 2 covers the remaining 5,222,216 shares to raise $235,000. These are intended for participating directors, or their nominees, and depend on shareholder approval at the company's upcoming General Meeting. The placement shares will rank equally with existing fully paid ordinary shares.

A new substantial shareholder

Mr David Geraghty is investing $750,000 in the placement and, once it completes, is expected to hold approximately 5.57% of issued capital, which makes him a substantial shareholder. The release describes him as a qualified metallurgical engineer with 30 years of experience in the resources sector, including 21 years at Mineral Resources Limited (ASX: MIN), and as Executive Chairman of Forrestania Resources Limited (ASX: FRS). Directors' commitments of $235,000 sit within the same placement.

How the funds will be applied

Dundas says the money will go towards exploration and development work, general Working Capital and the costs of the placement. At the Kalgoorlie gold projects, the plan covers follow-up drilling at Rockland (M24/974) to test depth and strike extensions, plus drilling on the Capricorn Mining Lease (M24/1004) and along the largely untested Rockland-Aquarius-Capricorn corridor. At Romano, funds are set aside for the next phase of exploration at the Bloodwood and Brahman prospects, together with heritage and access work.

The release lists several items expected after the raising: remaining assay results from the current reverse circulation program at Rockland, including one-metre re-assays, over the coming weeks; drilling results from Capricorn and Baden-Powell during the December 2026 quarter; and an updated Mineral Resource Estimate for the Kalgoorlie gold projects targeted for the fourth quarter of 2026.

Lead manager fee and broker options

Taurus Capital Group Pty Ltd (CAR 1260921 of RM Capital Pty Ltd, AFSL 221938) is Lead Manager and will receive a fee of 6% of funds raised, plus GST. Subject to shareholder approval, Dundas will also issue 10,000,000 unlisted broker Options with an exercise price of 7.5 cents, expiring three years from issue, at an issue price of $0.0001 per option. The options are conditional on the same General Meeting as the director participation.