Ordell Minerals Limited (ASX: ORD) has successfully secured $7.0 million (before costs) through a placement to institutional and sophisticated investors. The capital raise is set to accelerate the company’s exploration and drilling activities, particularly at its Barimaia Gold Project in Western Australia. Ordell Minerals Limited is an Australian mineral exploration company primarily focused on discovering and developing gold deposits within Western Australia. This significant investment will enable an extensive new ~15,000-metre drilling program, planned over the next three months.
The placement involves the issuance of 11,111,112 new fully paid ordinary shares at an issue price of $0.63 per share. This price represents a 7.4% discount to Ordell’s last closing price of $0.68 on 12 May 2026, and a 16.5% discount to the 15-day volume-weighted average price of $0.754 per share. Binding commitments for the placement were received from a mix of existing and new investors, with allotment of the new shares anticipated on Friday, 22 May 2026. Argonaut Securities Pty Limited acted as Lead Manager and Bookrunner for the placement.
The funds raised are earmarked for several key initiatives. A substantial portion will target significant extensions to known mineralisation and new discoveries at the McNabs East Prospect within the Barimaia Gold Project, as well as across the broader Barimaia area. Additionally, the capital will support early-stage exploration at the Goodia and Fisher South Gold Projects, alongside general working capital and placement costs. Ordell’s Managing Director, Michael Fowler, expressed satisfaction with the investor support, noting that the raising will “accelerate and expand our ongoing drilling programs at Barimaia,” and indicated an expectation of “strong news-flow in the months ahead.”
