Benz Mining raises $150M placement

• Benz Mining received firm commitments to raise $150 million via an institutional placement.
• The placement of 40.4 million new depositary interests was priced at $3.71 per share, representing a 0% discount to its previous close.
• Capital will fund an expanded 450,000-metre drilling campaign using 14 rigs to accelerate its maiden mineral resource estimate by the first half of 2027.

Benz Mining (ASX:BNZ) secured $150 million in institutional commitments to fund the expansion of its Glenburgh Gold Project.

The new funding expands its current drilling fleet by six rigs to 14 total, operating across 20 shifts to speed up exploration.

"With the expanded fleet, our immediate objective is to rapidly infill and build the geological confidence required to deliver Benz’s maiden mineral resource estimate in the first half of 2027," said Benz Mining Chair Evan Cranston.

Proceeds will also fund baseline technical studies, heritage clearances, environmental approvals, and general working capital.

Benz stated that the 450,000-metre programme is expected to rank among Australia’s largest gold exploration drilling campaigns.

Following the announcement, the Benz Mining share price was up at $4.24.

The company recently reported strong drilling results from its Icon deposit, including 41m at 14.5 grammes per tonne of gold.

Its broader Glenburgh site holds an estimated exploration target domain of 6.1 million to 7.3 million ounces of gold.