Gateway Mining secures $45M for Yandal Project

• Gateway Mining secures $45 million via a heavily supported share placement.
• The new capital strengthens the balance sheet to accelerate exploration and resource growth.
• Funds will back a 120,000-metre drilling programme across multiple key gold targets.

Gateway Mining (ASX:GML) has received firm commitments for a $45 million share placement to fund the next stage of exploration at its Yandal Gold Project.

The capital raise received demand well in excess of the target amount from existing shareholders and new institutional investors.

Gateway’s Executive Chairman, Andrew Bray, said, “The quality of the book and the calibre of incoming institutions are a ringing endorsement of Gateway’s exploration strategy and the success we have delivered to date.”

Cornerstone support for the placement included a $20 million commitment from global specialist natural resources investor Jupiter Asset Management.

The proceeds will build on approximately $15.1 million in existing cash and liquid securities held at June 30.

The company plans to deploy the capital into a multi-prospect drilling campaign spanning approximately 120,000m.

Following the announcement, the Gateway Mining share price was unchanged at $0.086.

The project features recent drilling success at the Cowza prospect, which confirmed a high-grade primary gold system.

Exploration work will target several regional prospects, including Celia South, Ward, Haflinger, Dusk 'til Dawn, and Horse Well.