BMG Resources Ltd has lined up $2.5 million in new equity funding at $0.021 a share, with Tribeca Investment Partners to take a cornerstone position as the company looks to ramp up drilling across its Western Australian gold portfolio.
Under the placement, BMG will issue 119,047,619 new shares in 2 tranches. Tranche 1 totals 73,500,000 shares and is expected to settle on February 10, 2026 with quotation from February 11, 2026, while the remaining 45,547,619 shares in Tranche 2 will be subject to shareholder approval at a general meeting expected in mid-March 2026.
The placement, which follows what BMG described as unsolicited demand, will fund an upsized 10,000 metre drill program at the company’s Abercromby gold project aimed at expanding its maiden mineral resource estimate of 11.12 Mt at 1.45 g/t gold for 518,000 oz.
The Abercromby mineralisation remains open in all directions and less than 20% of the 6-kilometre prospective stratigraphy has been tested, underpinning its rationale for stepping up drilling. The company also flagged a scoping study for a potential low-capex, fast-payback mining proposal at Abercromby, due for completion in Q1 2026, alongside ongoing discussions around toll treatment.
“At BMG, we have remained sharply focused on Western Australian gold – an investment class that is now one of the best performing in global resources," John Prineas, BMG’s non-executive Chairman, said.
“We thank investors for recognising the enormous value upside at our projects and supporting our plans for upsized drilling and exploration programs which have potential to deliver enormous value for shareholders."
Bullabulling plans and placement timetable
The placement proceeds will also support drilling at BMG's 100%-owned Bullabulling project, which sits adjacent to the Bullabulling gold mine controlled by Mi6. BMG pointed to Mi6’s recent resource growth at the neighbouring operation—from 2.3 million oz to 4.5 million oz within 12 months of drilling—as evidence of broader prospectivity in the Coolgardie mineral field, and said it interprets Bullabulling gold lodes as extending into its tenure.
Map showing the three areas of BMG’s Bullabulling Project and the adjacent Bullabulling Gold Mine of Mi6.
Alongside the capital raise, BMG has appointed Ben Pollard as chief executive officer, effective February 1, 2026. Pollard has more than 25 years’ experience across WA gold exploration and mining and has previously worked with groups including Barrick, Placer Dome, Harmony Gold and New Hampton Goldfields.
“The Board is delighted to appoint Ben Pollard as CEO to drive the next phase of BMG’s growth. Ben has deep experience in the WA gold sector with a rare blend of exploration, development and operational capability proven across multiple gold projects for more than 25 years," Prineas said.
“Ben’s extensive field experience in WA and hands‑on leadership style positions him exceptionally well to lead BMG’s expansion plans as we ramp up work programs across our WA gold portfolio.”
Pollard has been providing consulting services to the company as exploration manager since 2020.
“I am excited to be taking the lead at BMG at this pivotal time for the company," Pollard said.
“With new funding secured, we are ready to hit the ground running in 2026. Expansion and resource definition at Abercromby will commence shortly, while at Bullabulling we will do work to refine targets ahead of a major drill campaign in Q2.
“I look forward to working with the team to unlock significant value for our shareholders.“
About BMG
BMG is advancing its 100%-owned project portfolio across established and emerging gold and lithium districts in Western Australia, including Abercromby, Invincible, Bullabulling and South Boddington.
Abercromby: core asset
The company’s flagship Abercromby project sits within the Agnew-Wiluna Greenstone Belt. BMG is pursuing a dual-track approach, progressing resource growth at the Capital prospect—where the mineral resource stands at 11.1 Mt at 1.45 g/t gold for 518,000 oz—and running regional exploration programs south of Capital targeting additional Capital-style mineralisation.
Key points:
- High-grade gold project with open-pit potential
- Mineral resource at Capital of 11.1 Mt at 1.45 g/t gold for 518,000 oz
- Metallurgy work has indicated ore is free-milling
- Regional target pipeline suggests potential repetitions of Capital-style mineralisation
Invincible: gold targets with lithium optionality
BMG’s Invincible project covers more than 12.5 kilometres of the eastern extension of the Warrawoona Shear Zone, which hosts Calidus Resources’ growing 1.5 million oz gold resource. BMG has identified multiple high-priority gold targets and is also assessing lithium potential.
Key points:
- 12.5km extension of the Warrawoona Shear Zone
- Proximal to Calidus Resources’ 1.5 million oz gold resource
- Multiple priority gold targets identified
- Lithium potential under review
Bullabulling: lithium and gold focus
At Bullabulling, BMG has confirmed LCT pegmatites and outlined high-priority lithium and gold targets. The company flagged nearby lithium endowment, including the Mt Marion mine (71.3 Mt at 1.37% Li2O) and the Pioneer Dome deposit (11.2 Mt at 1.21% Li2O).
Key points:
- Confirmed LCT pegmatites
- Priority lithium and gold targets defined
- Located in a region hosting Mt Marion and Pioneer Dome lithium resources
South Boddington: underexplored ground near a major deposit
BMG’s South Boddington project covers underexplored tenure along strike from the Boddington deposit, described as a more than 40 million oz gold system. Exploration licences have been granted, with additional applications in progress.
Key points:
- Underexplored tenure along strike from Boddington
- Exploration licences granted and under application