Kuniko (ASX:KNI) announced the completion of a $3.8 million placement.
The capital raise, which received firm commitments from a mix of existing shareholders and global institutional investors, was priced at $0.053 per share.
The financial injection is specifically earmarked to accelerate resource expansion at the company's flagship Commonwealth Gold-Silver Project, situated within the prestigious Lachlan Fold Belt in New South Wales.
The funds will primarily drive the commencement of Phase 2 drilling, following up on high-priority targets identified during recent MobileMT geophysical surveys.
The company is already deep into its Phase 1 program, a 1,200-meter diamond drilling campaign targeting extensions at Silica Hill and the Commonwealth Main and South prospects. Investors won't have to wait long for news flow, as initial assay results from this current phase are anticipated in April.
Managing Director Maja McGuire expressed strong confidence in the project's Tier-1 location, noting that the Commonwealth system sits in the same neighborhood as world-class operations like Cadia-Ridgeway and Northparkes.
The project is known for its shallow, high-grade mineralisation, with existing resources concentrated within just 250m of the surface.
At the time of reporting, Kuniko's share price was $0.061.