By: Discovery alert

MetalsGrove Mining Limited (ASX: MGA) has successfully raised $2.7 million through an oversubscribed placement to launch immediate gold exploration at its Central West Gold Project in Côte d'Ivoire, West Africa. The funds will support a systematic exploration campaign across the company's 1,315 km² project area, which is strategically positioned along the proven Abujar-Napié gold trend between two major gold deposits.

The capital raising was structured in two tranches at $0.06 per share, with significant participation from both the board and shareholders. The proceeds will fund a phased exploration program, starting with regional geochemistry and progressing to drilling to test priority targets. The company aims to rapidly advance its portfolio of permits, including Zuénoula and Vavoua, which are located within a prolific greenstone belt known for hosting large gold deposits.

The company highlights its strong financial position—with funding for over 18 months of exploration—and the project's favorable location in a politically stable, mining-friendly jurisdiction. Updated resource estimates for nearby projects and planned drilling in early 2026 are expected to provide near-term catalysts for shareholder value.