After an extended break and with a completely new team in place, a recapitalised Navarre Minerals Ltd resumed trading on the ASX today, with plans to immediately begin a 7,000-metre exploration drilling campaign at its flagship Stawell Corridor Gold Project in central western Victoria.
“With one of the largest and most prominent portfolios of advanced stage gold exploration projects across Victoria, we are very excited to have NML recommence trading on the ASX against such a strong gold price environment as we are currently experiencing,” Navarre executive chair and managing director James Gurry said.
Navarre’s asset portfolio boasts five advanced exploration projects in Victoria — all close to existing mines and with around 700,000 ounces of defined resource potential.
Navarre shares were suspended in June 2023 but the company has now reemerged debt-free with a reorganised capital structure.
Successful recapitalisation
A recent capital raise saw the maximum $6 million raised with total bids amounting to $9 million, leading to the early closure of the public offer and scale back of bids from new investors, suggesting solid demand for the company’s securities as trading recommences.
With all shares now issued, the company has around 102 million shares on issue and no outstanding convertible debt, a set of very supportive shareholders, and is 100% focused on growing its long-held and well-understood series of advanced-stage gold exploration projects across Victoria.
Given the capital raise issue price of $0.10 per share, this would equate to a proforma market capitalisation of $10.2 million.
The company notes that at its previous share price peak, it was trading with a market cap of $150 million on these same assets in 2020.
Gurry added, “We look forward, not only to a valuation reset for the company’s shares but also to receiving and reporting our gold prospect drilling results across the coming weeks and months. I’m very confident that 2025 will be a fantastic year for Navarre Minerals and its shareholders.”
The company recognised the support of the convertible debt investors, cornerstone investor Dunkeld Pastoral Company Pty Ltd, and existing and new investors who participated in the capital raises.
Gurry said, “We are pleased and encouraged that investors have recognised the value in our advanced-stage gold exploration portfolio across Victoria including the JORC resource within the Stawell Corridor, and the recently drilled Trandarra Gold Project JV.
“The exploration team can now immediately proceed with confidence implementing the exploration plan with drilling scheduled to commence this month”.
Drilling to kick off in just days
With funds in the bank, the geology team is getting ready to commence drilling in the coming days.
A 7,000-metre continuous diamond drill program has been designed to advance key projects to the next stage over the coming 12-15 months, including continued work at the Tandarra Gold Project JV that delivered “pleasing results” earlier this year.
The initial focus for the company’s owner-operated projects is the flagship Stawell Corridor, the Irvine Project – Resolution lode in particular.
The complementary location of the company’s other projects means that drill rigs can relocate to St Arnaud and/or Jubilee between drilling at Irvine to ensure a continuous drill program.
Navarre also has the potential to bring in additional rigs and exploration tools as results warrant, thanks to the additional funds raised.
In recent months, Navarre has re-engaged with stakeholders including local communities, landowners, Resources Victoria and its Earth Resources Regulator as it prepares for on-ground exploration activity across its tenements.
View to updated resource and exploration target
The company has made initial enquiries to MiningPlus to ensure it is well-positioned to update its JORC resource and exploration target in due course.
An update would consider not only the current economic environment with record high gold prices but also with the addition of results from the planned extension and infill drilling.
Catalysts and newsflow.