Peregrine Gold Powers Up Exploration with $2.5M Raise and New Drilling Programs

Strategic Agreement Unlocks Peninsula Prospect Potential

Peregrine Gold Limited (ASX: PGD) has taken a significant step forward in its Newman Gold Project with the execution of an agreement with renowned prospector and major shareholder Mark Creasy. This deal permits the extraction of precious metals within three Special Prospecting Licenses over the Peninsula Prospect, subject to regulatory approval. The agreement, which spans nearly four years, allows Creasy to fund exploration expenditures, with recovered gold value shared 60/40 in Peregrine's favor. While the SPLs restrict mining depth to 50 meters and cannot convert to mining licenses, this arrangement strategically leverages Creasy's expertise and resources to advance early-stage exploration without immediate capital outlay from Peregrine.

Expanding Exploration Footprint with Robust Drilling Programs

Following encouraging geophysical and geochemical survey results, Peregrine is ramping up its exploration efforts with two major aircore drilling campaigns. At the Mallina Gold Project, the company has appointed veteran geologist Matt Rolfe as Exploration Manager, signaling a renewed focus on unlocking the district-scale potential of this largely underexplored region. The planned 10,000-meter aircore program aims to test 40 priority targets identified through advanced geophysical modeling, including Hemi-style intrusive gold systems and Julimar-type base metal analogues.

Simultaneously, an 8,100-meter aircore drilling program is set to commence at the Tin Can and Tin Can West prospects, where recent soil sampling revealed multiple gold and arsenic anomalies extending the known mineralized footprint. These programs are supported by induced polarization surveys designed to refine drill targeting and enhance the understanding of subsurface structures.

Asset Monetization Strengthens Financial Position

In a strategic move to streamline its portfolio and bolster liquidity, Peregrine completed the sale of its Deadman Flat and Perry Creek projects to Capricorn Metals Ltd for up to $3.75 million, including upfront shares, contingent payments, and net smelter royalties. This transaction not only provides immediate capital but also aligns Peregrine with a partner focused on advancing these assets.

Complementing this, the company successfully raised approximately $2.5 million through a non-renounceable entitlement offer and a subsequent shortfall offer, with strong backing from directors and major shareholder Yandal Investments Pty Ltd. These funds have increased Peregrine's cash and liquid investments to $2.7 million, providing a solid financial foundation to support its aggressive exploration agenda.

Corporate Developments and Outlook

Alongside operational progress, Peregrine appointed Curtis Abbott as joint company secretary, enhancing governance capacity. The company remains focused on advancing its large-scale gold projects while maintaining flexibility to monetize non-core assets if necessary. Upcoming milestones include the release of geophysical survey results from Birdsnest and Epithermal prospects and the commencement of drilling programs, with results expected by August.

With a portfolio spanning highly prospective gold and base metal targets in the Pilbara region, Peregrine is positioning itself to capitalize on emerging opportunities. The combination of strategic partnerships, capital raising, and targeted exploration under experienced leadership suggests a company gearing up for a transformative phase.