ASX-listed Predictive Discovery has announced a A$50-million raising to advance the Bankan gold project, in Guinea.
The company will issue about 263.2-million new fully paid ordinary shares at A$0.19 each.
The raising will fund the continued growth and advancement of Bankan, including resource definition and near-resource exploration drilling to upgrade the existing 5.38-million-ounce mineral resource.
Funds will also be used for exploration drilling, permit applications, ongoing environmental and social activities, as well as to complete a definitive feasibility study (DFS).
“The recent completion of the prefeasibility study (PFS) was a key milestone and confirmed that Bankan can become a large-scale, long- life and low-cost gold mine.
"These additional funds will allow Predictive Discovery to undertake the DFS and accelerate the multiple drilling programmes which are aiming to add gold ounces, enhance the PFS production profile and define new regional deposits in the Argo area. Overall, more than half of the proceeds will be allocated to drilling programmes,” said MD Andrew Pardey.
The recently completed PFS outlined a 269 000 oz/y operation over 12 years, with a maiden ore reserve of 3.05-million ounces and strong financials.