Aureka Limited (ASX: AKA) has announced a successful $3 million share placement to new and existing wholesale investors at $0.13 per share. The placement, priced in line with recent trading, underscores strong investor confidence in Aureka’s exploration strategy and its potential to unlock value from its portfolio of advanced-stage gold projects in Victoria. Funds raised will support accelerated drilling programs at the Irvine and St Arnaud projects, with two diamond drill rigs now in operation. A key priority is securing permanent land access around the Irvine Project, seen as critical for long-term derisking and exploration flexibility.
Recent exploration updates highlight promising developments. At Irvine, drilling has revealed a new mineralized zone on the western flank of the Irvine Basalt, complementing the existing 304koz JORC Resource and 280-420koz Exploration Target on the eastern side. This discovery expands targeting opportunities and strengthens Irvine’s position as a major undeveloped gold prospect. At St Arnaud, drilling at the Comstock area is progressing, with initial holes exceeding planned depths. Comstock’s location on public land and proximity to third-party processing mills could offer favorable permitting pathways. Aureka recently increased its global JORC Resources by 19% to over 360koz following the Maiden JORC Resource declaration at St Arnaud.
The company is also progressing with land purchases around the Irvine Project, aimed at securing permanent land access, reducing exploration costs, and enabling flexible infrastructure planning. CEO James Gurry thanked investors for their support, emphasizing the company’s vision to create lasting value from its Victorian gold exploration projects. The placement price represents a 5% premium to the 15-day VWAP, further indicating the market’s positive outlook on Aureka’s prospects.
