Dalaroo Metals Ltd (ASX:DAL) has completed the second tranche of its placement, lifting total proceeds to approximately A$1.75 million and strengthening its capacity to advance gold and critical minerals exploration in Côte d’Ivoire and Greenland.
The company raised around A$320,000 before costs through participation by Dalaroo board members and their related parties, following shareholder approval for the tranche.
The securities were issued at A$0.075 per share, with one free-attaching option for every two shares subscribed. The new shares rank equally with Dalaroo’s existing ordinary shares.
Board investment signals confidence
The board’s direct investment demonstrates confidence in the company’s strategy, exploration portfolio and potential to generate long-term shareholder value.
Chief executive officer John Morgan said: “The completion of Tranche 2 is an important vote of confidence from the Dalaroo Board. Their investment of approximately A$320,000 demonstrates a strong belief in the Company’s strategy and ensures the Board remains closely aligned with all shareholders as we advance our exploration programs.
“With approximately A$1.75 million raised across the two tranches, Dalaroo is well positioned to maintain momentum across our two principal growth fronts: the Bondoukou Gold Project in Côte d’Ivoire and the Blue Lagoon Rare Earth Project in Greenland.”
Funds to advance priority projects
The money raised will primarily support exploration at the Bondoukou Gold Project, where Dalaroo is advancing drill targeting and follow-up work across an approximately seven-kilometre gold corridor at the Gold Ridge prospect.
At the Blue Lagoon Rare Earth Project, the company will integrate geological mapping, surface and lagoon sampling, ground-penetrating radar and bathymetric data collected during 2026 to refine the next phase of exploration.
Part of the funding will also be allocated to working capital, corporate costs and the evaluation of additional growth opportunities.
Dalaroo confirms deeper sediment potential at Blue Lagoon
It has been a good week for Dalroo. Yesterday, the company announced it had strengthened the scale potential of its 100%-owned Blue Lagoon Rare Earth Project in southern Greenland after geophysical surveys confirmed extensive sediment packages reaching interpreted depths of around 50 metres.
Independent ground penetrating radar and single beam echo sounder surveys have delivered the project’s first detailed three-dimensional view of the sedimentary basin and identified several previously unrecognised sediment-filled valleys extending beyond the current exploration footprint.
The findings support Dalaroo’s geological model that rare earth-bearing heavy minerals were transported from surrounding alkaline granites and concentrated within shoreline sediments and adjoining depositional valleys.