Why Dundas Minerals (ASX:DUN) has raised fresh funds to keep drilling its Kalgoorlie gold projects

Sonal Goyal

03 November 2026 09:09 PM AEDT

Why Dundas Minerals (ASX:DUN) has raised fresh funds to keep drilling its Kalgoorlie gold projects

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Key Highlights

Dundas Minerals raised A$2.88 million at 4.5 cents per share in October 2026 after cash fell to A$1.09 million, providing roughly 1.75 quarters of funding before the placement.
Reverse circulation drilling at Rockland returned 12 metres at 1.25g/t gold from 168 metres, including 4 metres at 4.87g/t from 200 metres, in hole 26RKRC011.
The company holds JORC Inferred resources at Capricorn (25,500oz at 1.2g/t) and Baden-Powell (23,000oz at 1.2g/t), with a Kalgoorlie resource estimate update targeted for Q4 2026.
In September 2026 Dundas acquired nine prospecting licences on the Bardoc gold trend, including the Gemini project with historical results of 2 metres at 26.68g/t gold.

Dundas Minerals (ASX:DUN) raised A$2.88 million in October 2026 to keep its Kalgoorlie-area gold drilling going, because its cash had fallen to A$1.09 million at 30 September and the company's own estimate was only 1.75 quarters of funding before the placement. The raising was announced on 14 October 2026 at 4.5 cents a share.

A small explorer in the Albany-Fraser region

Dundas Minerals Limited has been listed on the ASX since 10 November 2021 and is classified in the Materials sector. The ASX describes it as a mineral explorer in the Albany-Fraser Orogen. Its securities are ordinary shares.

Its gold interests now centre on projects north of Kalgoorlie, including Rockland, Capricorn and Baden-Powell, with the Romano project in the Yamarna region further east.

The Placement in detail

An investor, David Geraghty, took A$750,000 of the raising, lifting him to about 5.57 per cent. Taurus Capital Group was lead manager for a 6 per cent fee, plus 10 million unlisted broker Options at 7.5 cents.

What the money funds

The company said proceeds would support follow-up drilling at Rockland (mining Lease M24/974), drilling on the Capricorn Mining Lease (M24/1004) and work along the Rockland-Aquarius-Capricorn corridor. Money also goes to next-phase exploration at the Bloodwood and Brahman prospects at Romano, plus heritage and access work, and to working capital.

A reverse circulation programme began on 2 September 2026. By mid-October, 32 holes totalling 5,180 metres had been drilled, against a plan of more than 5,000 metres across about 38 holes.

What the drilling has shown so far

At Rockland, about 40 kilometres north of Kalgoorlie, hole 26RKRC011 returned 12 metres at 1.25 grams a tonne of gold from 168 metres, including 4 metres at 2.18 grams a tonne, and a further 4 metres at 4.87 grams a tonne from 200 metres. These were 4-metre composite samples, with individual one-metre re-assays still pending.

Nearby hole 26RKRC012 returned 8 metres at 0.93 grams a tonne from 52 metres, and hole 26RKRC013 only thinner intercepts of no more than 0.5 grams a tonne, so the results show promise but not yet continuity. Capricorn carries an Inferred Mineral Resource of 659,300 tonnes at 1.2 grams a tonne, or 25,500 ounces, and Baden-Powell 595,000 tonnes at 1.2 grams a tonne, or 23,000 ounces.

In September the company acquired nine prospecting licences on the Bardoc gold trend, including the Gemini project. Gemini cost A$70,000 in cash, and historical drilling there included 2 metres at 26.68 grams a tonne, a result Dundas has not independently verified.

Financial position, risks and milestones

Quarterly cash outflows were modest but meaningful against the balance: A$422,000 from operations and A$348,000 from investing, including A$198,000 on exploration and A$150,000 on tenements. Related-party payments, mainly directors' fees and salaries, were A$129,000.

The fall in cash during the quarter, from A$1.88 million, shows how quickly drilling absorbs capital. The new shares dilute existing holders, and the 10 million broker options could add further shares if exercised.

Exploration is uncertain. Inferred resources have low geological confidence, and the Romano licence, E38/4002 covering about 270 square kilometres and granted on 18 August 2026, has no drilling yet and needs native title and heritage approvals before work can proceed.

The company expects remaining Rockland assays over the coming weeks, drilling results from Capricorn and Baden-Powell in the December 2026 quarter, and an updated Kalgoorlie Mineral Resource Estimate targeted for the fourth quarter of 2026. No fixed dates were given beyond those periods.

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