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Great Southern Mining Limited ( (AU:GSN) ) has provided an announcement.
Great Southern Mining has secured firm commitments for a $4.6 million share placement, supported by new institutional and sophisticated investors as well as existing shareholders and management, to fund an aggressive drilling campaign across its Western Australian gold portfolio. Together with existing cash and potential deferred proceeds from a prior tenement sale, the raise is expected to leave the company fully funded for expanded exploration this year.
Proceeds will accelerate reverse circulation and diamond drilling at the Golden Boulder and Amy Clarke discoveries within the Duketon Project, follow up high-grade results at the Mon Ami Gold Project, and support co-funded deep drilling at Diorite Hill under Western Australia’s Exploration Incentive Scheme. Additional diamond drilling at the Edinburgh Park joint venture in Queensland, fully funded by partner Gold Fields, positions the company for a busy 12 months of high-impact gold and gold-copper exploration that could materially advance its resource base and project pipeline.
The placement comprises 165,610,003 new shares at $0.028 each, a 15% discount to the last closing price, issued under the company’s existing placement capacities, with a further $0.4 million in shares to directors and management subject to shareholder approval. This capital injection strengthens Great Southern Mining’s balance sheet and underpins a more aggressive exploration strategy that may enhance its standing in the Australian gold exploration sector if drilling results are successful.
The most recent analyst rating on (AU:GSN) stock is a Hold with a A$0.03 price target. To see the full list of analyst forecasts on Great Southern Mining Limited stock, see the AU:GSN Stock Forecast page.
More about Great Southern Mining Limited
Great Southern Mining Limited is an Australian gold exploration company focused on 100%-owned projects in Western Australia, including the Duketon and Mon Ami gold projects, and on joint venture exploration in Queensland. The company targets shallow and deeper gold and gold-copper mineralisation, aiming to define resources and advance a pipeline of prospects in highly prospective gold belts.
Average Trading Volume: 1,198,880
Technical Sentiment Signal: Sell
Current Market Cap: A$32.89M
See more insights into GSN stock on TipRanks’ Stock Analysis page.