Lion Selection Group Limited (ASX:LSX), an investment company that identifies and backs pre-discovery mineral exploration and development opportunities, has announced a strategic investment in Koonenberry Gold Limited (ASX:KNB). Lion is committing $0.6 million as part of Koonenberry’s larger $4 million capital raising effort. This funding infusion aims to significantly advance Koonenberry’s near-term, multi-project, discovery-oriented drilling campaigns across its portfolio of compelling exploration projects in New South Wales.
Koonenberry Gold Limited, which owns a portfolio of exploration projects predominantly in New South Wales, plans to utilise the fresh capital to embark on drill testing a suite of high-quality targets. Building on thick gold intersections previously achieved in 2025, such as 107 metres at 1.14g/t gold from the Sunnyside prospect at Enmore, the new drilling program will target gold anomalism, high-grade gold samples at surface, and historic gold workings at Enmore. Additionally, the funding will support drilling for large-scale and shallow gold and copper mineralisation targets across multiple other projects within New South Wales.
Lion’s investment strategy prioritises companies with a large number of targets, providing “many shots on goal” to mitigate exploration uncertainty, alongside a low cost of investment. Koonenberry’s Enmore project presents a broad inventory of targets with the potential to develop the Sunnyside discovery into a new gold district. Concurrently, Koonenberry is preparing to drill a robust pipeline of targets across NSW, including joint ventures operated and funded by Newmont, which offer substantial potential for copper and gold. At the fundraising price, Koonenberry’s market capitalisation stands at $20.5 million, with Lion’s participation via a $4 million placement priced at 2.0 cents per share, resulting in Lion holding approximately 10.1% of Koonenberry post-completion.
Lion Managing Director Hedley Widdup commented on the investment, noting that Koonenberry’s portfolio, assembled over nearly a decade by Executive Director Darren Glover, is strategically focused on New South Wales. Widdup highlighted the state’s attraction for global major base and precious metals mining companies due to geological potential demonstrated by known, large-scale deposits like Cadia, Cowall, and Parkes, which serve as strong analogies for Koonenberry’s exploration targets. He concluded that Koonenberry is now well-funded to drill test multiple targets with world-class scale potential.
