Great Southern Mining Ltd (ASX:GSN) has secured firm commitments to raise about $4.6 million through a share placement, with strong demand from institutional and sophisticated investors as well as existing shareholders, including directors and management.
Bids exceeded the targeted raise, with directors and management committing $0.4 million subject to shareholder approval. The placement was completed at $0.028 per share, representing a discount to the last closing price.
With the new funds and existing cash reserves, Great Southern expects to be fully funded to execute an expanded drilling and exploration program across its Western Australian gold projects this year.
“With a strengthened balance sheet, the Company can now aggressively accelerate discovery and resource definition with its 100% owned, highly prospective Western Australian gold project portfolio. A key focus will be the Duketon Gold Project where two significant discoveries are taking shape at the Golden Boulder and Amy Clarke prospects," Keane said.
“In addition, the company with our Joint Venture partner Gold Fields, is looking forward to an exciting 12 months ahead as we drill multiple high impact targets chasing monster gold and gold-copper deposits in north Queensland.
"The Board would like to thank new and existing shareholders for their strong support in this placement.”
Funds to drive multi-target drilling programs
Proceeds from the placement will be directed primarily toward accelerating drilling, with programs set to begin in the June 2026 quarter.
A key focus will be the Duketon Gold Project, where reverse circulation (RC) and diamond drilling will target the Golden Boulder discovery, where previous work has outlined shallow gold mineralisation across a strike of about 3.5 kilometres that remains open.
RC drilling is also planned at the Amy Clarke discovery within Duketon, where late-2025 drilling defined shallow mineralisation over a 4.7-kilometre strike extent, also open along strike and at depth.
At the Mon Ami Gold Project, which sits on a granted mining licence, drilling will follow up previously reported high-grade intersections, while ongoing and planned diamond drilling at Diorite Hill will test PGE and base metal targets with co-funding support from the Western Australian Government’s Exploration Incentive Scheme.
Additional drilling is planned in Queensland at the Edinburgh Park joint venture, where work is set to restart in May 2026 at the Mt Dillon target, funded by partner Gold Fields.
Well-funded to advance discoveries
The company said the capital raise, combined with existing cash and potential future payments of up to $5 million from a prior tenement sale, positions it to accelerate both discovery and resource definition across its portfolio.
Management highlighted Duketon as a near-term priority, with multiple discoveries emerging and further drilling aimed at expanding known mineralisation and testing additional targets across the broader project area.