By: Proactive daily

Skylark Minerals Ltd has secured firm commitments for a A$10 million equity placement to fund a strategic pivot, shifting its focus to become a West Africa–focused gold exploration company. The capital will be primarily used to acquire and advance a portfolio of gold exploration assets in Côte d’Ivoire. This marks a significant strategic redirection for the company, centering its growth narrative on the highly prospective gold terrains of West Africa.

The core of this new strategy is the acquisition of advanced gold projects from Ricca Resources Ltd. Skylark has entered into binding agreements to acquire the Zaranou and Maphai gold projects for a total consideration of approximately A$6 million. The completion of this deal is conditional on Ricca shareholder approval at a meeting scheduled for December 11, 2025, which will grant Skylark immediate exploration scale and a clear project pipeline.

The A$10 million placement is structured in two tranches and is priced at A$0.18 per share. This price represents a 5.3% discount to the company's last traded price prior to the announcement. The first tranche, worth A$3.2 million, is conditional solely on Ricca shareholder approval, while the larger second tranche of A$6.8 million requires approval from both Ricca and Skylark shareholders.

The raised capital is earmarked for an aggressive, drilling-led exploration program scheduled for 2026 across the newly acquired assets. At the more advanced Zaranou project, the funds will be directed towards reverse circulation and diamond drilling aimed at defining and expanding known mineralized zones. At the Maphai project, initial work will focus on soil sampling and geological mapping to refine targets for subsequent drilling campaigns.

The company's leadership has demonstrated strong confidence in this new direction, with three directors—Nikolai Zelenski, Michael Jardine, and Danny Segman—collectively committing to subscribe for A$600,000 of the placement. This substantial insider investment is subject to shareholder approval and signals alignment between management and the company's strategic shift.

Upon successful completion of the placement and the acquisition, Skylark's financial position will be significantly strengthened. The company is projected to have a robust cash balance of approximately A$9.4 million after transaction costs. With an estimated 125.9 million shares on issue, this implies an undiluted market capitalisation of around A$22.7 million and an enterprise value of about A$13.3 million, providing a solid foundation for its expanded exploration ambitions.

In summary, the successful A$10 million capital raising enables Skylark Minerals to execute a transformative acquisition, pivoting its focus to gold exploration in Côte d’Ivoire. With a fully funded, drill-ready work program for 2026 and a strengthened balance sheet, the company is positioned to rapidly advance its new portfolio of projects, including the immediate drilling of targets at the Zaranou project, and pursue further growth opportunities in West Africa.