Great Southern Mining Limited (GSN), an Australian exploration company with projects in Western Australia and Queensland, has announced a $4.6 million placement to fund aggressive drilling and exploration programs. The placement, which saw strong support from new institutional investors, sophisticated investors, and existing shareholders, will enable the company to accelerate activities across its 100%-owned West Australian gold projects. Directors and management have committed $0.4 million to the placement, subject to shareholder approval.
The funds raised, combined with existing cash reserves, will be used to advance drilling programs commencing in the June 2026 quarter. Key areas of focus include reverse circulation (RC) and diamond drilling at the Golden Boulder discovery within the Duketon Project, where previous drilling defined shallow gold mineralisation over a 3.5km strike extent. Additionally, RC drilling will target the Amy Clarke discovery, also within the Duketon Project, where shallow gold mineralisation has been identified over a 4.7km strike extent. Further RC drilling is planned at the Mon Ami Gold Project, which sits on a granted mining license, to follow up high-grade intersections.
Diamond drilling is currently underway at the Diorite Hill PGE-base metal target within the East Laverton Project, co-funded by the Western Australian Government Exploration Incentive Scheme (EIS). Deep diamond drilling is also planned for the Golden Boulder discovery, also supported by EIS funding. Diamond drilling at the Edinburgh Park Joint Venture in Queensland, fully funded by JV partner Gold Fields, is scheduled to recommence in May 2026 at the Mt Dillon target.
Matthew Keane, Managing Director, stated that the strengthened balance sheet will allow the company to aggressively accelerate discovery and resource definition within its Western Australian gold project portfolio, with a key focus on the Duketon Gold Project. The placement involved the issue of 165,610,003 new shares at $0.028 per share, representing a 15% discount to the last closing price. Morgans Corporate Limited and Salient Corporate acted as Joint Lead Managers for the placement.
