Skylark Minerals raises $20M for gold exploration
Key points
- Skylark Minerals secured firm commitments to raise $20 million via a two-tranche share placement.
- PDI Gold committed $5.1 million to secure a 9.9% stake in Skylark Minerals.
- The proceeds will fund systematic exploration drilling at the Zaranou Project in Côte d'Ivoire.
Skylark Minerals (ASX:SKM) has secured firm commitments to raise $20 million through a two-tranche share placement to $0.24 per share to fund exploration in Côte d'Ivoire.
The capital raise includes an approximate $5.1 million commitment from PDI Gold (ASX:PDI), which will hold a 9.9% interest in Skylark upon completion.
"PDI Gold has established a substantial gold production and development business in West Africa, supported by an experienced team with a strong track record of advancing projects across the region," said Skylark Minerals Executive Chair Nikolai Zelenski.
The company stated that the proceeds will strengthen its balance sheet and support the next stage of drilling targeting growth across the 1.2 million ounce gold mineral resource at Zaranou.
Following the announcement, the Skylark Minerals share price was unchanged at $0.27.
Skylark previously expanded its Zaranou project footprint following systematic drilling at the M'Basso prospect, which contributed to tripling its inferred mineral resource.
The exploration company aims to test the broader mineralised corridor in 2027 while evaluating additional assets to expand its West African gold portfolio.
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