Aurum Resources Ltd (ASX:AUE) has secured strong backing from African gold producer Perseus Mining Ltd (ASX:PRU, TSX:PRU, OTC:PMNXF), which has emerged as a cornerstone investor in a $28.8 million placement, highlighting growing strategic interest in the company’s Côte d’Ivoire gold assets.
Perseus, a $6.5 billion market cap gold miner with established operations in West Africa, will subscribe for $23.7 million of the raising, taking a 9.9% stake in Aurum on completion.
The investment is significant given Perseus operates the nearby Sissingué Gold Mine, about 60 kilometres north of Aurum’s flagship Boundiali Gold Project, with adjacent tenure offering potential future synergies and shared infrastructure.
“Perseus Mining’s decision to cornerstone this placement is a powerful endorsement of the quality of Aurum’s asset base and our project development trajectory. Perseus is not just Australia’s most successful African gold producer and developer — it is our nearest neighbour. Perseus’s Sissingué mining operation sits approximately 60 kilometres to the north of Boundiali BMT1 deposit, in the same greenstone belt, and its Bagoé mining lease adjoins our BM exploration permit. This proximity creates genuine potential for strategic synergies as both companies develop our respective projects in northern Côte d’Ivoire," Aurum managing director Dr. Caigen Wang said.
"With more than A$60 million of cash on hand post-raise, Aurum is funded to execute on our 2026 drilling campaign of 130,000 metres across Boundiali and Napié, deliver the Boundiali Feasibility Study, and continue growing our resource inventory. We are advancing from explorer to developer, and this placement — backed by one of the region’s foremost operators — gives our broader shareholder base further confidence in Aurum’s path to production."
$28.8M placement strengthens balance sheet
The placement comprises 48 million shares issued at $0.60 per share, raising $28.8 million before costs. The offer price sits above the company’s last closing price of $0.595 and broadly in line with recent trading levels.
In addition to Perseus, existing institutional and sophisticated investors participated, while managing director Dr Caigen Wang has committed to invest $840,000 subject to shareholder approval.
Following completion, Aurum expects to hold more than $60 million in cash, positioning the company to accelerate development across its dual-project portfolio in Côte d’Ivoire.
Funds to drive drilling and feasibility work
The money raised, together with existing cash reserves, will be directed toward advancing Aurum’s Boundiali and Napié gold projects.
At Boundiali, funds will support a 100,000-metre drilling program, alongside progression of feasibility studies, with a pre-feasibility study targeted for April 2026 and a definitive feasibility study slated for late 2026. Work will also include environmental approvals, permitting and early-stage development planning.
At the Napié project, Aurum will undertake a further 30,000 metres of diamond drilling and establish a new exploration camp to improve efficiency and reduce operating costs.
Part of the capital will also be used to expand Aurum’s owner-operated drilling fleet, with the purchase of two additional rigs, lifting its total in-house fleet to 14.
The company has flagged this strategy as a key competitive advantage, delivering faster and lower-cost drilling compared to outsourcing.
Remaining funds will be allocated toward corporate costs and general working capital.
Strategic positioning in Côte d’Ivoire
The placement and Perseus investment reinforce Aurum’s positioning within the Birimian greenstone belt, one of West Africa’s most prolific gold regions.
With Perseus’ Bagoé mining lease directly adjoining Aurum’s exploration ground, the investment underscores potential long-term strategic alignment as Aurum advances toward development.