By: Mining.com.au

Dalaroo Metals (ASX:DAL) has received firm commitments for a $2.5 million placement to fully fund a planned 10,000m reverse circulation (RC) drilling campaign at its Bondoukou Gold Project in Côte d’Ivoire.

The company will issue about 41.67 million shares at $0.06 each, representing a 14.3% discount to its 29 July closing price and a 16.8% discount to its 15-day volume-weighted average price.

Each share will carry one free-attaching unlisted option exercisable at $0.10 and expiring on 27 May 2031.

The placement will be completed in two tranches. Dalaroo will issue 33.58 million shares to raise about $2.02 million under its existing capacity, while a further 8.08 million shares to directors will raise $485,000, subject to shareholder approval in September.

The company notes that most of the proceeds will fund phase one drilling at Bondoukou, beginning at the Wilfred prospect before expanding to the Mag and Ali target areas.

Dalaroo says the campaign will be the first systematic drill test of gold anomalism and geological targets identified through soil sampling, auger drilling, mapping, and structural interpretation.

Drilling at Wilfred will test interpreted geological contacts, structurally complex areas, gold anomalism, and targets near artisanal workings. The company also says results will help refine later RC and potential diamond drilling across the broader Gold Ridge corridor.

CEO John Morgan says the financing allows Dalaroo to move Bondoukou from target definition into systematic drilling.

“Results from this first phase will provide critical geological and structural information to refine subsequent RC and diamond drilling across the broader Gold Ridge corridor, including the Mag and Ali target areas,” Morgan says.

Directors and senior management are said to have committed $500,000 to the placement, with participation from in-country advisers taking the total to about $1 million. This includes a $400,000 commitment from Director Bilal Ahmad, subject to shareholder approval.

Dalaroo has appointed Ahmad, a non-executive director since June 2024, as non-executive chairman, effective 3 August 2026.

Sixty Two Capital acted as sole lead manager and will receive a 6% fee plus GST, settled in securities, and eight million options on the same terms as the attaching options.

Dalaroo Metals is a Perth-based mineral exploration company focusing on gold and critical minerals in Australia, Côte d’Ivoire, and Greenland.