Golden Horse Raises A$15 Million at 16.7% Discount for Exploration Expansion

Capital Raise to Accelerate Exploration

Golden Horse Minerals Limited (ASX – GHM) has successfully completed a A$15 million placement aimed at fast-tracking exploration efforts at its Southern Cross Gold Project in Western Australia. The placement attracted strong support from both new and existing shareholders, including Emerald Resources NL, the company’s major shareholder, and several company directors. This capital injection is set to significantly expand drilling activities along the prolific Hopes Hill trend, a key focus area within the project.

Expanding Drilling Programs and Regional Targeting

The funds raised will primarily be deployed to increase reverse circulation (RC) drilling by approximately 50%, alongside the addition of a diamond drill rig to the company’s fleet. Drilling will concentrate on extending high-grade targets across the more than 4-kilometre Hopes Hill trend, including areas such as Hopes Hill Central, North, South, and Irene Betty. Beyond this, Golden Horse plans to enhance regional target definition through geochemical and geological surveys, aiming to uncover new prospects within the Southern Cross tenure.

Strategic Acquisition Prospects

In parallel with its exploration ramp-up, Golden Horse is engaged in advanced discussions to acquire the Redbank Copper Project from NT Minerals Limited. This potential acquisition, valued at around A$3 million in cash and shares, would replace the company’s existing earn-in arrangement and diversify its portfolio into copper. While no binding agreement has been signed, the placement proceeds may support this transaction, subject to shareholder approval expected in July 2025.

Investor Confidence and Government Support

Managing Director Nicholas Anderson highlighted the strong conviction shown by investors as a validation of the company’s strategy and the quality of its Southern Cross assets. He also acknowledged the Western Australian Government’s recent Environmental Impact Statement (EIS) funding for the Hopes Hill Project, describing it as a significant endorsement of the project’s prospectivity. This government backing adds a layer of confidence as Golden Horse advances its exploration and potential acquisition plans.

Looking Ahead

The placement was conducted at a slight discount to recent trading prices, with tranche one settlement expected in early June and tranche two contingent on shareholder approval in July. As drilling results from the ongoing programs at Hopes Hill continue to emerge, market participants will be watching closely for signs of resource expansion and the outcome of the Redbank acquisition talks. Golden Horse’s strengthened balance sheet and expanded drilling capacity position it well to unlock further value in this historically rich gold region.