Aureka Raises $3.6M at $0.14 to Fund Second Drill Rig and Expand Victorian Gold Projects

A Strategic Capital Injection

Aureka Limited (ASX, AKA) has successfully completed a $3.6 million share placement, attracting strong support from both new and existing wholesale investors. Priced at $0.14 per share, the placement reflects an 11% discount to the recent volume-weighted average price, signaling investor appetite for exposure to Aureka’s advancing gold exploration projects in Victoria.

The capital raise is earmarked primarily to fund the addition of a second diamond drill rig in 2026, a move designed to accelerate the company’s exploration momentum. This expansion comes on the back of a series of promising drilling results, including multiple visual gold intersections and some of the highest grades recorded since the discovery of the flagship Irvine Project within the Stawell Corridor.

Exploration Success Fuels Confidence

Late 2025 has been a period of significant progress for Aureka. Notably, the discovery of the Tenacity hanging wall fault and rich mineralisation beyond the current JORC Resource at Irvine has expanded the potential footprint of the project. Additionally, high-grade gold was identified along a newly discovered footwall vein off the Resolution Fault, with drill holes spaced 135 metres apart confirming continuity of mineralisation outside existing resource boundaries.

At the St Arnaud Comstock Project, the company reported bonanza-grade gold intercepts beneath and around a historically mined open pit. These results have prompted strategic engagement with mill owners and Victorian production specialists Core Prospecting Pty Ltd, exploring pathways to advance the project towards small-scale production, potentially utilising the nearby Wedderburn Mill.

Investor Endorsement and Strategic Partnerships

The placement’s strong demand, including participation from institutional funds, family offices, and company directors, underscores broad market confidence in Aureka’s strategy. The board itself subscribed for $50,000 worth of shares, aligning leadership interests with shareholders. Alpine Capital Pty Ltd acted as lead manager, supported by Harbury Advisors and Canary Capital, whose ongoing involvement has been pivotal since Aureka’s relisting.

Funds raised will also support ongoing drilling at the Jubilee project, licensing and mill agreements at St Arnaud, and general working capital, positioning Aureka to maintain its exploration momentum into 2026.

Looking Ahead

With two diamond drill rigs set to operate concurrently, Aureka is poised to accelerate its exploration efforts and potentially expand its resource base significantly. The company’s recent discoveries and strategic partnerships suggest a pathway not only to resource growth but also to advancing projects towards production, a critical step in realising shareholder value.