New Murchison Gold Secures $16.5 million Capital Raise to Advance Crown Prince Project

Highlights:

• $16.5 million Capital Raise Secured – New Murchison Gold Limited (ASX: NMG) successfully raised funds through a strongly supported share placement at $0.013 per share.
• Westgold Resources Backs Investment – Major shareholder Westgold Resources Ltd contributed $2.8 million, increasing its stake to 16.22% post-placement.
• Funds to Accelerate Project Development – Proceeds will support exploration, near-mine resource growth, and project development at the Crown Prince Gold Project, with production targeted for H2 2025.

Strong Investor Support for Capital Raising

New Murchison Gold Limited (ASX: NMG) has successfully secured $16.5 million through a share placement, attracting firm commitments from institutional and strategic investors. At the time of writing, the placement will issue 1,269,230,769 fully paid ordinary shares at $0.013 per share, reflecting strong market confidence in the company’s Crown Prince Gold Project.

Backing from Major Shareholders

The placement saw significant support from NMG’s largest shareholder, Westgold Resources Ltd, which invested $2.8 million and will hold 16.22% of NMG’s issued capital post-placement. The strong demand underscores investors’ faith in NMG’s exploration success and development strategy for the Crown Prince Gold Project.

Use of Funds and Project Development

Funds raised will accelerate exploration, project development, and near-mine resource growth. NMG aims to deliver production in the second half of 2025, supported by a previously announced ore purchase agreement. CEO Alex Passmore highlighted that the placement aligns with the company’s long-term vision of unlocking Crown Prince’s full potential.

Share Issuance and Market Impact

The placement shares were priced at a 12.5% discount to the five-day volume-weighted average price (VWAP) and a 0.2% premium to the 15-day VWAP. Canaccord Genuity (Australia) Limited and Argonaut Securities Pty Limited acted as joint lead managers, with Taylor Collison Limited and Leeuwin Wealth Pty Ltd as co-managers.

With an expected cash balance of approximately $22.1 million post-placement, NMG is well-positioned to drive exploration and development activities, solidifying its presence in Australia’s gold mining sector.

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