Magnetic Resources NL (MAU), an ASX-listed company focused on gold exploration and development in Western Australia, has announced the successful completion of a A$35 million placement. The funds will be used to advance the Lady Julie Gold Project (LJGP). The placement received firm commitments from new and existing professional, sophisticated, and institutional investors, with strong participation from both domestic and international entities.
The placement involves the issue of approximately 26.9 million new fully paid ordinary shares at A$1.30 per share. This price represents a 5.1% discount to the last closing price on 15 August 2025 (A$1.37 per share) and a 10.3% discount to the 5-day VWAP (A$1.45 per share). Argonaut Securities Pty Limited and Shaw and Partners Limited acted as Joint Lead Managers and Joint Bookrunners for the placement.
According to Magnetic Resources, the raised funds will be allocated to several key areas. These include infill and extensional drilling, feasibility study optimisation work, early site works, and key contractor hires. The company also aims to maintain flexibility to purchase long lead items and bolster general working capital.
Magnetic’s Managing Director, George Sakalidis, expressed his delight with the strong interest in the capital raising. He stated that the funds would allow the commencement of pre-production works and the continued expansion of gold resources at the Lady Julie North 4 deposit. Settlement of the placement shares is scheduled for 26 August 2025, with allotment and ASX quotation expected on 27 August 2025.
