Godolphin Resources Secures $3M to Accelerate Lewis Ponds Growth

Capital Injection to Propel Lewis Ponds Exploration

Godolphin Resources Limited (ASX – GRL) has announced a combined capital raising of approximately $3.03 million to accelerate exploration and development activities at its flagship Lewis Ponds Project in New South Wales. The funding comprises a $1.35 million placement and a subsequent non-renounceable entitlement offer aiming to raise an additional $1.68 million, both priced at $0.012 per share.

The placement attracted firm commitments from sophisticated investors, including a $50,000 subscription from Non-Executive Director Chris Gibbs, signaling strong insider confidence. The entitlement offer, open to eligible shareholders on a 1-for-4 basis, is designed to provide existing investors the opportunity to maintain their stakes, although it is non-renounceable, which may dilute those who do not participate.

Backing a Robust Resource Upgrade

This capital raise follows a major Mineral Resource Estimate (MRE) update that revealed a global resource of 9.83 million tonnes grading 1.49 grams per tonne gold, 66.15 grams per tonne silver, and significant base metals including zinc, lead, and copper. The resource is split between an open pit portion of 2.88 million tonnes and a substantial underground resource of 6.95 million tonnes, underpinning the project's potential as a multi-commodity development.

Funds raised will be deployed to advance metallurgical test work aimed at improving gold and silver recoveries, conduct a deep penetrating Induced Polarisation (IP) geophysical survey to refine drill targeting, and undertake step-out drilling to expand the resource base further. These activities are critical steps toward completing a scoping mining study and unlocking near-term value catalysts for shareholders.

Strategic Positioning in the Lachlan Fold Belt

Lewis Ponds sits within the Lachlan Fold Belt, a prolific mineral province in NSW known for its rich deposits of gold, silver, and base metals. Godolphin’s Managing Director, Jeneta Owens, emphasized the strategic importance of the project and the strong market support for the company’s growth strategy. She highlighted the company’s commitment to sustainability and responsible development as it advances exploration and development programs.

The involvement of directors in the entitlement offer and the engagement of Taylor Collison Limited as lead manager for the placement further reinforce market confidence. The company’s timetable anticipates completion of the placement and commencement of the entitlement offer in early September, with the offer closing in early October.

Looking Ahead

Godolphin’s capital raising and ongoing exploration efforts position Lewis Ponds as a promising asset in the Australian mining landscape. The next phases of metallurgical testing and drilling will be closely watched by investors eager to see how these activities translate into resource growth and project advancement.