Business · Companies · 1 hr ago
Ballard Mining secures $45m for Mt Ida project work
Ballard Mining has secured commitments for a $45 million share placement to advance its Mt Ida gold project.
The project includes the Baldock, Golden Vale and West Knell areas.
Ballard plans to spend $20 million on resource-growth drilling and $20 million on infill drilling, which can help increase and better define the gold resource.
The company also plans a permanent accommodation village for 250 people and has budgeted for engineering, road and water works, and a feasibility study.
Mt Ida’s gold resource recently rose to 1.84 million ounces, but the company still needs to complete its feasibility study and establish its first ore reserve.
Mining approvals are already in place for open-pit and underground work at Baldock, along with approval for a processing plant and tailings facility.
Ballard is targeting a decision on whether to develop the project by mid-2027, and eligible shareholders will also be offered shares in a purchase plan.
Ballard Mining has secured $45 million in placement commitments to advance work at its Mt Ida gold project.
The funding will support resource-growth and infill drilling, feasibility work and early works ahead of a targeted mid-2027 development decision.
The placement will issue about 68.2 million shares at 66 cents each.
Ballard will also offer eligible shareholders a share purchase plan targeting another $5 million, with discretion to accept up to a further $5 million.
The company has approved design and construction of a permanent accommodation village for 250 people.
- Who
- Ballard Mining, backed by existing shareholders and new Australian and international resource-focused institutions.
- What
- Ballard secured $45 million in placement commitments to advance work at Mt Ida.
- When
- The announcement was published on October 12, 2026. A development decision is targeted for mid-2027.
- Where
- The Mt Ida gold project in Western Australia.
- Why
- To fund drilling, feasibility work and early works as Ballard advances the project towards a development decision.
This story does not have two clearly opposing sides.
We are pleased with the $45M outcome of the raising, attracting strong and supportive long only resource funds, and achieved in a challenging market.
We now have a strong register that is capable of supporting the Project build.
The resource estimate used data up to this date.
Ballard reported a 56% resource increase to 20.4Mt at 2.8g/t gold for 1.84Moz.
Ballard announced $45 million in placement commitments for Mt Ida work.
Ballard is targeting a development decision for the project.
- Placement commitments
- $45 million
- Shares in placement
- About 68.2 million at 66 cents each
- Share purchase plan
- Target of $5 million, with up to a further $5 million in oversubscriptions
- Mt Ida resource
- 20.4Mt at 2.8g/t gold for 1.84Moz
- Accommodation village
- Permanent facility planned for 250 people
- Development decision
- Targeted for mid-2027
Sources
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