Ordell Minerals secures $7M for gold exploration

Ordell Minerals (ASX:ORD) has secured binding commitments for a $7 million placement, marking a pivotal moment for the Western Australian gold explorer as it expands its Barimaia Gold Project.

The capital raising, supported by a mix of institutional and sophisticated investors, involves the issuance of approximately 11.1 million new shares priced at $0.63 per share.

The price reflects a 7.4% discount to the company’s last closing price on May 12, providing a strategic entry point for investors as the company enters its most intensive exploration phase to date.

The fresh injection of funds is earmarked for a massive 15,000-metre drilling campaign scheduled over the next three months.

The programme specifically targets high-grade extensions at the McNabs East prospect and aims to unlock new discoveries across the broader Barimaia tenure.

Ordell plans to allocate capital towards early-stage exploration at its Goodia and Fisher South projects, ensuring a pipeline of prospects beyond its primary flagship site.

Managing Director Michael Fowler noted that the support from investors allows the company to "accelerate and expand" operations.

With Argonaut Securities acting as lead manager, the placement is set for allotment on 22 May 2026.

At the time of reporting, Ordell Minerals’ share price was $0.67.