Creasy and Lion cornerstone Pilbara gold junior Peregrine’s $3m placement

• Peregrine raises $3m in placement to new and existing investors 
• Proceeds will support exploration work at Newman and Mallina 
• Strong news flow is expected for the rest of the 2025 calendar year 

Special Report: Peregrine has locked $3m in new funding to fast-track exploration at its Newman and Mallina gold and iron ore projects in WA. 

The raise, supported by Mark Creasy-backed Yandal Investments and Hedley Widdup’s Lion Selection Group (ASX:LSX), positions the company for a high-impact drilling program and targeted development through 2025, with a strengthened cash position exceeding $5m. 

Priced at 22c per share, a 20% discount to the last traded price of 27.5c and a 22.8% discount to the 15-day VWAP of 28.5c, the placement sets the stage for growth as Peregrine (ASX:PGD) pursues exploration success. 

Funds will be used for exploration and drilling at the Newman gold and iron ore project, where preliminary 4m splits from aircore drilling at the Tin Can prospect has expanded the gold anomalous trend to 850m strike. 

PGD has been buoyed by high grade iron ore exploration results as well, revealing two significant channel iron deposits close to BHP’s Newman hub, including its legendary Mt Whaleback mine.

One, Coopers, is just a stone’s throw from Western Ridge, the newest replacement project in BHP’s near 300Mtpa WA Iron Ore business.

Funds will also be directed towards fast tracking the Mallina gold asset following a program of works approval from the Department of Mines, Petroleum and Exploration during the previous quarter. 

Peregrine enters ‘exciting phase’ 

PGD technical director George Merhi said this exciting phase of Peregrine’s lifecycle presents shareholders with numerous prospects to investigate in the booming precious metals and bulk commodities spaces.

“On behalf of the Board, we thank all new and existing investors who have participated in the placement particularly our major shareholder Mr Mark Creasy, who has shown repeated support for the Board’s strategy aimed at unlocking our ground’s potential,” he said.

“With these placement proceeds, we can continue to advance our exploration efforts, provide multiple waves of news flow and firm up the true potential of our key projects.”

Key for investors will be the continued support of billionaire WA prospector Mark Creasy, whose name is synonymous with exploration success in the state, given his role in the Andover, Nova, Jundee and Bronzewing discoveries.

In the Pilbara iron ore space he is also the majority owner of CZR Resources (ASX:CZR), which is on track to sell its Robe Mesa project to Rio Tinto’s Robe River Joint Venture – a possible template for Peregrine should it grow its channel iron deposit finds at Newman into economic deposits.

Lion, meanwhile, will emerge with a 2.3% stake after making an initial $500,000 investment.

Its CEO, well known Aussie gold investor Hedley Widdup, likes the diversity of Peregrine’s gold and iron ore opportunities.

“Lion has built a robust and successful gold-oriented portfolio and made a large number of assessments of non-gold projects,” he said.

“Peregrine’s channel iron prospects are exceptionally well located and offer attractive scale if the large surface footprints can be proven through drilling. 

“This offers great diversity for Lion as well as tremendous potential value growth through discovery.”

Settlement of the placement will occur on September 10 with shares to be allotted and start trading on September 11.

Discovery Capital Partners acted as lead manager to the placement. 

This article was developed in collaboration with Peregrine Gold, a Stockhead advertiser at the time of publishing. 

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.