Ballymore Resources (ASX:BMR) has announced a placement to raise $4.5 million to fund further development at its Dittmer gold project and exploration across its other projects. Ballymore Resources holds a portfolio of exploration and development projects in Queensland mineral belts that are highly prospective for gold and base metals. The company’s tenements cover a total area of 1,517 square kilometres across four project areas at Dittmer, Ruddygore, Ravenswood and Mount Molloy.
The placement involves the issue of approximately 30 million new fully paid ordinary shares at $0.15 per share, along with one free attaching option for every four shares subscribed. The offer price represents an 11.8% discount to the last closing price and a 12.2% discount to the 20-day volume-weighted average price. The placement was lead managed by Cygnet Capital and received strong support from existing and new investors.
Funds raised will be primarily used to advance the Dittmer gold project, including the development of an exploration drive and ongoing drilling. Additional field work, including mapping, geophysics and geochemical surveys, is also planned. Work is also slated for the Ruddygore, Ravenswood, and Mount Molloy projects, including drilling programs. According to Ballymore, over 85% of funds since listing has been spent in the ground.
Ballymore Managing Director David A-Izzeddin stated that the capital raising will enable the company to accelerate planned exploration programs at several highly prospective targets. Preparations are underway to commence underground development at Dittmer, pending the grant of MLA 100351, with step-out drilling of the Dittmer target expected to resume in Q1 2026.
