Ordell Minerals Ltd (ASX:ORD) has received binding commitments from existing and new institutional and sophisticated investors to raise about $7 million before costs through a share placement. Ordell is a gold explorer focused on advancing exploration projects in Western Australia. Its key near-term focus is the Barimaia Gold Project, where drilling is targeting additional high-grade gold at McNabs East and testing the wider project area for new discoveries.
The placement will comprise 11,111,112 new fully paid ordinary shares priced at $0.63 per share, with allotment expected on Friday, May 22, 2026.
The issue price represents a 7.4% discount to Ordell’s last closing price of $0.68 on May 12, 2026 and a 16.5% discount to the 15-day VWAP of $0.754.
Argonaut Securities Pty Ltd acted as lead manager and bookrunner to the placement.
Funds directed to Barimaia drilling
The raising strengthens Ordell’s balance sheet and allows the company to accelerate and expand its current drilling programs at Barimaia.
With about 15,000 metres of drilling planned over the next three months, the program is designed to build on high-grade mineralisation already intersected at McNabs East while testing for further discoveries across the project.
Ordell will use the money to continue targeting extensions to known mineralisation and new discoveries at the McNabs East prospect within the broader Barimaia Gold Project in Western Australia.
Funds will also support early-stage exploration at the Goodia and Fisher South gold projects, as well as general working capital and placement costs.
What’s next
Managing director Michael Fowler said investors could expect strong news flow in coming months as drilling continues at Barimaia and exploration advances at Goodia and Fisher South.
“We have ~15,000m of drilling planned over the next three months, aimed at significantly expanding the high-grade mineralisation intersected to date at McNabs East and making new discoveries,” Fowler said.