Aurum Resources Ltd has completed a $35.6 million strategic placement to fast-track its gold exploration portfolio in West Africa.
The raise saw 100 million shares issued at 35.6 cents each, made up of nearly $24 million in cash and shares in TSX-listed Montage Gold Corp.
The funds will be used to advance Aurum’s flagship gold projects in Côte d'Ivoire: the 1.6-million-ounce Boundiali project and the 870,000-ounce Napié project.
With over $45 million now in cash and liquid assets, Aurum is expanding its drilling capacity, aiming to accelerate exploration and resource growth.
The company is now working toward several key milestones — including updated resource estimates, feasibility studies, and mine permitting — as it positions itself to become a major gold developer in the region.
Aurum's managing director Dr. Caigen Wang said: "We are very encouraged by the strong support from highly regarded strategic investors, which is a true endorsement of the quality of our two gold projects."
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