Zenith Minerals Limited (ASX:ZNC) has announced a binding agreement with Ida Metal Investments Pty Ltd for a A$7.65 million strategic placement. The placement will see Ida Metal Investments acquire new shares at A$0.1275 per share, representing a 15.9% premium to Zenith’s closing price on 23 September 2025. Zenith Minerals Limited is an Australian exploration company focused on advancing a diverse portfolio of gold and lithium projects located in Western Australia and Queensland. Ida Metal will become a 10.18% shareholder in Zenith upon completion of the placement.
The strategic investment is expected to accelerate Zenith’s ‘Going for Gold’ strategy, particularly at the Consolidated Dulcie Gold Project and the Red Mountain Project. The funds will be allocated to resource growth drilling at Dulcie and an expedited drilling campaign at Red Mountain, following up on recent promising diamond drilling results. Zenith is also awaiting assay results from its recently completed drilling program at Red Mountain, with results expected to be released shortly. Ida Metal Investments is a Perth-based investment company specialising in strategic investments across Australia’s gold sector.
Andrew Smith, Managing Director of Zenith Minerals, stated that the placement marks a significant milestone for the Company, enabling accelerated exploration efforts at both Dulcie and Red Mountain. The company plans to undertake a 9,000–12,000 metre resource growth drilling campaign at Dulcie and an expanded drilling program at Red Mountain before the end of the year. He also highlighted the anticipation surrounding the final assay results from the recent diamond drilling program at Red Mountain.
The strategic placement is subject to shareholder approval, which will be sought at an Extraordinary General Meeting in mid-November 2025. Leeuwin Wealth acted as corporate advisor for the transaction. The proceeds will be allocated towards accelerating drilling at Red Mountain (A$3.00 million), resource growth at the Consolidated Dulcie Gold Project (A$3.00 million), and general working capital (A$1.75 million).
