Dalaroo Metals Ltd (ASX:DAL) is raising A$2.5 million, to go towards its planned 10,000-metre reverse circulation drilling campaign at the Bondoukou Gold Project in Côte d’Ivoire.
The placement attracted strong support from new and existing investors, including West African investors experienced in backing Côte d’Ivoire-focused mining companies.
Dalaroo’s board, senior management and in-country advisers have committed about A$1 million in total, demonstrating substantial internal support for the company’s exploration strategy.
“Securing A$2.5 million represents an important step forward for Dalaroo as we prepare to transition the Bondoukou Gold Project from target definition into systematic drilling," Dalaroo CEO John Morgan, said.
“The majority of the funds raised will be directed towards the planned 10,000-metre Phase 1 RC drilling campaign, initially focused on the Wilfred Prospect. Results from this first phase will provide critical geological and structural information to refine subsequent RC and diamond drilling across the broader Gold Ridge corridor, including the Mag and Ali target areas."
Bondoukou drilling fully funded
Most of the funds will be directed toward the Phase 1 RC drilling program at Bondoukou, Dalaroo’s principal near-term exploration focus.
Drilling will begin at the Wilfred prospect before progressively expanding across the Mag and Ali target areas within the broader Gold Ridge corridor.
The program will be the first systematic drill test of targets defined through soil sampling, auger drilling, geological mapping and structural interpretation.
Phase 1 results are expected to provide the geological and structural information needed to refine follow-up RC and diamond drilling across the project.
Strong board and management backing
The placement will issue about 41.7 million shares at A$0.06 each, representing a 14.3% discount to Dalaroo’s closing price on July 29 and a 16.8% discount to its 15-day volume-weighted average price.
Each placement share will include one free-attaching unlisted option exercisable at A$0.10 and expiring in May 2031.
Directors and senior management have committed a combined A$500,000, while participation from the board, management and in-country advisers is expected to total approximately A$1 million.
Bilal Ahmad appointed chairman
Existing non-executive director Bilal Ahmad has been appointed non-executive chairman, effective August 3, 2026.
Ahmad has committed to invest A$400,000 in the placement, subject to shareholder approval.
“The participation of every member of our Board and senior management team demonstrates the strong internal confidence we have in Dalaroo’s strategy and the growth potential of Bondoukou. Bilal’s commitment to invest A$400,000, subject to shareholder approval, further reinforces that confidence and ensures our leadership remains strongly aligned with shareholders," Morgan said.
Ahmad has more than 15 years of experience investing in ASX-listed and private companies across the resources, technology and life sciences sectors.
“I am pleased to accept the role of non-executive chairman and to commit A$400,000 to the Placement at an important stage in Dalaroo’s growth," Ahmad said.
“Every member of the Board and senior management team is participating in the raising, together with strong support from our in-country advisers. This level of internal investment demonstrates our collective confidence in Dalaroo’s strategy and ensures that we remain strongly aligned with shareholders.
“The majority of the funds raised will be directed towards the planned 10,000-metre Phase 1 RC drilling campaign at Bondoukou. The project represents a compelling opportunity within one of West Africa’s most prospective and rapidly developing gold regions.
“The strong demand received from investors, including investors with experience supporting Côte d’Ivoire-focused mining companies, reinforces our confidence in the direction of the Company. I look forward to working closely with John and the wider Dalaroo team as we advance drilling and seek to create long-term value for shareholders.”
Dalaroo said his capital markets experience and knowledge of the company would support the board as it advances Bondoukou and assesses the next exploration phase at the Blue Lagoon Project in Greenland.