Evergold Minerals (ASX:EG1) announced a financial milestone, securing $5.2 million through a strategic share placement.
The capital raise, managed by CPS Capital Group, involved the issuance of over 149 million new shares priced at $0.035 each.
The influx of liquidity is earmarked for high-priority exploration across Western Australia's premier gold districts, signaling a transition into a high-activity phase for the company.
A primary focus of the new funding will be the Mt Monger Gold Project, specifically the Duchess of York and Kiaki Soaks targets.
Drilling is slated to commence this quarter, with the technical team aiming for a maiden JORC-compliant resource definition.
The exploration push is backed by historic data, including intercepts of 40m @ 2.49 g/t Au.
Concurrently, Evergold is advancing its Leonora Goldfields Project, where it looks to expand upon an existing 63,000oz inferred gold resource.
The company is currently navigating heritage approvals with Traditional Owners to ensure responsible development in this world-class jurisdiction.
Non-Executive Chairman Simon Lill noted that the "sophisticated and professional" investor support positions Evergold to capitalise on a robust gold market.
At the time of reporting, Evergold Minerals’ share price was $0.041.