Legacy Minerals raises $7.75m to accelerate NSW drilling and exploration

• Legacy Minerals is raising $7.75m through a placement to accelerate drilling at its NSW projects
• Proceeds will expand drilling targeting a large, intrusion-related gold target across the belt-scale Thomson project
• Funds will also fund drilling to test high-priority, near-mine and regional targets for gold, silver and copper at Drake

Special Report: Legacy Minerals has received strong support from specialist global resources investors for a $7.75m placement to underpin accelerated drilling and exploration across its Drake and Thomson projects in NSW.

The placement of 43.1 million shares priced at 18c each to professional and sophisticated investors will be completed in two tranches with the first tranche of 31.1 million shares to be issued under the company’s existing capacity while issue of the remaining 12 million shares is subject to shareholder approval at a general meeting.

Participants will also receive one free attaching option exercisable at 30c and expiring two years from the date of issue for every two shares subscribed.

Proceeds from the placement will enable Legacy Minerals (ASX:LGM) to support expansive exploration and drilling programs at its Drake gold-silver-base metals project in the highly prospective New England Fold Belt and Thomson gold-copper project in the famed Lachlan Fold Belt.

This work will test recently identified targets and accelerate exploration activities.

“This large, institutional-led raise sets a strong foundation for the aggressive exploration program across the Legacy minerals portfolio,” managing director Christopher Byrne said.

“We are pleased to welcome several new shareholders and thank them and our existing shareholders for supporting the company.

“Securing $7.75 million is a strong validation of the Legacy Minerals strategy and the prospectivity of its flagship projects Thomson and Drake.

“It also supports the wider, discovery focused value from the Company’s project generation and joint-venture projects in the including those with earn-in partners Newmont, Earth AI, and S2 Resources.”

Current and planned activity

The company has completed the Drake airborne magneto-telluric survey with interpretation underway while drilling is currently underway at Thomson targeting a large, intrusion-related gold target across the belt-scale project.

Proceeds from the placement will expand the Thomson drill program.

The company also expects to start drilling at Drake in Q3-Q4 2025 in parallel with further drilling campaigns planned at the Thomson.

Watch: Legacy scoping study shows golden hoard under Drake

Drake brownfield and greenfield drilling will test high-priority, near-mine and regional targets for gold, silver and copper.

Meanwhile, LGM will carry out the Stage 2 scoping study at Drake that will build on the Stage 1 study and leverage planned drilling and exploration upside to the robust financials delivered in the earlier study.

This article was developed in collaboration with Legacy Minerals, 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.