Kalgoorlie Gold Mining Secures $4 Million to Boost Lighthorse Exploration

Highlights:

• $4 Million Capital Raise – Kalgoorlie Gold Mining (ASX: KAL) secured firm commitments to raise $4 million through an institutional placement at $0.06 per share.
• Accelerated Exploration Plans – Funds will be used to advance drilling programs at the Lighthorse discovery and Pinjin Gold Project, with RC drilling results expected by mid-to-late April 2025.
• Strong Investor Interest – The placement was well-supported by new and existing investors, with Canaccord Genuity acting as Lead Manager and Bookrunner.

Capital Raise to Accelerate Exploration Activities

Kalgoorlie Gold Mining Limited (ASX: KAL) has successfully secured firm commitments to raise $4 million through an institutional placement. At the time of writing, the funds will be used to advance exploration efforts at the Pinjin Gold Project and the company’s Lighthorse discovery. The placement will see the issuance of approximately 66.7 million new fully paid ordinary shares at an issue price of $0.06 per share, representing a 9.1% discount to the 10-day volume-weighted average price (VWAP) as of March 10, 2025.

Strong Investor Demand for Placement

The placement attracted significant interest from both new and existing investors, highlighting confidence in KalGold’s exploration strategy. Canaccord Genuity (Australia) Limited acted as the Lead Manager and Bookrunner for the placement, while Palomar Advisory Pty Ltd and Peak Asset Management Pty Ltd served as Co-Lead Managers. As part of their fees, the Lead Manager or nominees will receive 4.5 million options exercisable at $0.15, with a three-year expiration period.

Exploration Plans and Drilling Updates

Funds raised will primarily support ongoing and upcoming exploration programs at Lighthorse. A 2,500-metre reverse circulation (RC) drilling program is currently underway, following significant high-grade gold intercepts from previous aircore drilling, including:

• KGAC24152: 17m at 4.81 g/t gold from 48m, including 8m at 9.21 g/t gold from 52m.
• KGAC24153: 4m at 4.72 g/t gold from 52m.

Gold assays from RC drilling are expected by mid-to-late April 2025, with additional aircore drilling scheduled to expand the strike extent of the Lighthorse discovery later that month.

Company’s Outlook on the Placement

KalGold’s Managing Director, Matt Painter, expressed enthusiasm over the successful capital raise, stating:

"The strong investor support significantly strengthens our financial position, enabling us to accelerate exploration efforts at both Lighthorse and Pinjin. With drilling programs advancing, we anticipate a steady flow of updates in the coming months."

This placement is expected to enhance KalGold’s ability to unlock further gold potential in Western Australia, reinforcing its position as a key player in the region’s exploration sector.

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