G50 Corp Limited (G50 Corp Limited or the Company) (ASX: G50), a resource exploration company focused on gold, silver, and gallium, has announced the completion of a A$10.0 million placement. The company is dedicated to identifying and developing critical mineral resources. The placement, which involved the issue of new fully paid ordinary shares, was priced at A$0.25 per share, representing a 10.4% discount to the 5-day VWAP.
The placement was well-subscribed, attracting strong support from both existing shareholders and new institutional investors, both domestically and internationally. The funds raised will be used to execute extensive drilling and testwork programs at G50’s Golconda project in Arizona. Recent mineralogy tests have indicated the potential for gallium recovery using traditional methods from the host rock halo surrounding gold-silver-zinc mineralisation, sparking increased interest in Golconda as a potential US source of gallium.
The Golconda project is now fully funded for core drilling, RC drilling, metallurgical test work, and early permitting pathways, including baseline studies. G50 Corp has booked a track-mounted core rig for arrival in September, with an RC rig to follow. Metallurgical test work for gallium is slated to begin this quarter, supporting discussions for potential partnerships and funding opportunities. Base and precious metal metallurgical testing will commence using samples from the upcoming core drilling program, working towards a maiden MRE.
Mark Wallace, Managing Director of G50 Corp, expressed enthusiasm for the funding, stating that it would drive the company’s aggressive growth plans at the Golconda gallium, gold, and silver discovery. Wallace also welcomed new institutional investors, highlighting the immense opportunities ahead in both Arizona and Nevada. Bell Potter Securities Limited and Morgans Corporate Limited acted as Joint Lead Managers and Bookrunners for the Placement.
