Corazon Raises $1.8M at $0.15 per Share to Fund Two Pools and Feather Cap Drilling
Corazon Mining has successfully raised $1.8 million through a placement to fast-track exploration at its Two Pools and Feather Cap gold projects in Western Australia. The funding sets the stage for maiden drilling programs in early 2026, aiming to confirm high-grade historical results.
- Raised $1.8 million via placement at $0.15 per share
- Funds to accelerate drilling at Two Pools and Feather Cap projects
- Directors committed to subscribing additional shares subject to approval
- Placement shares issued at a discount to recent trading prices
- Maiden drill program planned for early 2026 pending heritage surveys
Strong Capital Injection to Boost WA Gold Strategy
Corazon Mining Limited (ASX – CZN) has announced a successful capital raise of $1.8 million through a placement of 12 million new shares priced at $0.15 each. The placement attracted strong support from both new and existing sophisticated and institutional investors, underscoring confidence in Corazon’s Western Australian gold exploration strategy.
The funds will primarily accelerate exploration activities at two of Corazon’s key gold projects – the Two Pools and Feather Cap Gold Projects. Both are strategically located in highly prospective regions of Western Australia, with Two Pools situated within the Plutonic-Marymia Greenstone Belt and Feather Cap positioned along strike from major gold deposits in the Bryah-Padbury Basin.
Maiden Drilling Programs on the Horizon
Following the recent granting of critical exploration tenements at Two Pools, Corazon is preparing to commence its maiden diamond drilling program early in 2026. This program aims to validate historical high-grade gold intercepts and provide essential geological data to guide further exploration. The timing of drilling is contingent on the completion of heritage surveys, a standard prerequisite in the region.
Corazon’s Managing Director, Simon Coyle, expressed optimism about the company’s position, highlighting the strong investor backing and the potential for significant discoveries. The company also plans to pursue value-accretive project acquisitions and consolidation opportunities to complement its existing portfolio.
Placement Terms and Shareholder Engagement
The placement shares were issued at a 16.7% discount to the last traded price, reflecting a strategic pricing to ensure strong uptake. Directors have committed to subscribing for an additional 500,000 shares, subject to shareholder approval at an upcoming general meeting. Additionally, Corazon will issue broker options exercisable at a 50% premium to the placement price, also pending shareholder consent.
Euroz Hartleys Ltd acted as sole lead manager and bookrunner for the placement, further lending credibility to the transaction. Settlement of the placement shares is expected on 10 December 2025, with trading to commence the following day.
Balancing Gold Ambitions with Broader Portfolio
While the immediate focus is on gold exploration in Western Australia, Corazon maintains a diversified asset base, including its Lynn Lake Nickel-Copper-Cobalt Sulphide Project in Canada. This dual-asset approach positions the company to capitalize on both gold market opportunities and the growing demand for critical minerals.
Overall, this capital raise marks a pivotal step in Corazon’s strategy to unlock value through targeted exploration and potential acquisitions, with the market keenly awaiting the results of the upcoming drilling campaigns.
Bottom Line?
Corazon’s fresh capital injection sets the stage for a defining exploration phase that could reshape its growth trajectory.
Questions in the middle?
- Will the maiden drilling at Two Pools confirm the promising historical gold grades?
- How will shareholder approval of director subscriptions and broker options influence future capital structure?
- What potential acquisitions might Corazon pursue to expand its WA gold footprint?
