Aureka’s $6M Recapitalisation Fuels Ambitious 7,000m Drilling Campaign

Corporate Recapitalisation and Rebranding

Aureka Limited (ASX: AKA), formerly Navarre Minerals, marked a pivotal quarter ending December 2024 with a successful recapitalisation that raised $6 million. The capital raise was heavily oversubscribed, closing early after demand exceeded $9 million, and facilitated the resumption of trading on the ASX on 12 November 2024. This financial boost was complemented by a strategic rebranding, adopting the name Aureka Limited, a nod to Victoria's rich gold heritage combining "Eureka" and the chemical symbol for gold, "Au", and a new ticker symbol, AKA.

The recapitalisation also saw the conversion of convertible debt and a capital consolidation, resulting in 102 million shares on issue. Notably, Dunkeld Pastoral Co Pty Ltd, a family-owned company with local and international investments, joined as a cornerstone investor with a $1 million commitment. Director participation was strong, with Managing Director James Gurry and Non-Executive Director Richard Taylor investing alongside shareholders.

Leadership Strengthened with Industry Expertise

Aureka bolstered its board with the appointment of Graeme Hunt as Non-Executive Chair, effective January 2025. Hunt brings extensive mining and corporate governance experience, having previously served as Managing Director of Lihir Gold. His leadership is expected to enhance Aureka’s strategic direction and operational execution as the company advances its exploration agenda. Existing directors Angela Lorrigan and Richard Taylor continue to provide technical and strategic guidance, reinforcing a leadership team well-equipped to deliver shareholder value.

Exploration Advances: Drilling and Geophysics

The quarter saw preparations for a substantial 7,000-meter diamond drilling program across multiple projects, with drilling commencing at the flagship Irvine and Tandarra projects shortly after quarter-end. The Irvine Project, located in Victoria’s prolific Stawell Gold Corridor, hosts a JORC-compliant inferred resource of 304,000 ounces at 2.43 g/t gold, alongside an exploration target of 280,000 to 420,000 ounces at 2-3 g/t. The initial drilling at Irvine focuses on the Resolution Lode, aiming to extend mineralisation down plunge and update the resource estimate in 2025.

At the Tandarra Gold Project, where Aureka holds a 49% contributing interest, drilling targets the Lawry prospect following promising high-grade intercepts from earlier campaigns, including a standout 0.5-meter intercept grading 831 g/t gold. Despite weather-related delays, drilling commenced in January 2025, underscoring the company’s commitment to advancing this high-potential asset.

Complementing drilling, Aureka engaged Nordic Geoscience to conduct a comprehensive geophysical review and reprocessing program within the Stawell zone. This work aims to refine exploration targets by mapping basalt dome boundaries and identifying structural flexures associated with gold mineralisation, potentially unlocking new zones for future drilling.

Financial Position and Outlook

Ending the quarter with $4.9 million in cash, Aureka maintains a clean balance sheet following the recapitalisation and conversion of convertible debt. Quarterly cash outflows included $812,000 in employee and corporate costs and $549,000 in exploration and evaluation expenses, reflecting active investment in growth initiatives. The company renewed several key exploration tenements during and after the quarter, securing its landholding across Victoria’s goldfields.

Looking ahead, Aureka plans to continue its drilling campaign with a focus on expanding JORC-compliant resources and advancing exploration targets. The company also emphasises strengthening stakeholder engagement and community relations as integral to its growth strategy. With a robust financial foundation, enhanced leadership, and a clear exploration roadmap, Aureka is positioned to deliver meaningful progress and value creation in 2025.