Gateway raises $32M to fund monster WA gold drill-out
What's the deal? Gateway MiningDealroom has a profile for this one. Try Dealroom → has raised A$45 million (about $32 million) in a post-IPO equity placement to fund exploration at its flagship Yandal gold project in Western Australia. JP Equity Partners led the raise, with Jupiter Asset ManagementDealroom has a profile for this one. Try Dealroom → contributing A$20 million as a cornerstone backer.
The terms: The placement will issue 562.5 million new shares at eight cents each — a 16.7% discount to the last closing price and 9.1% below the 15-day volume-weighted average. Gateway is issuing the shares without shareholder approval under its existing placement capacity.
Why now? The cash follows a strong drill result at Gateway's recently discovered Cowza prospect. The first fresh-rock test returned a 41m intercept grading 2g/t gold from 104m, including a 9m core at 7.5g/t.
Combined with the A$15.1 million in cash and liquid securities Gateway held at the end of June, the raise leaves it well-funded to move quickly.
What's the endgame? Gateway plans a 120,000m reverse circulation and diamond drilling campaign across Cowza, Celia South, Ward, Haflinger, Dusk 'til Dawn, and Horse Well, plus resource estimation and regional work. The company says it now has "an outstanding financial platform to accelerate exploration activities across our flagship Yandal Gold Project."
Cowza sits within an emerging gold corridor that includes the Celia South and Ward prospects, forming a near-continuous mineralised strike of more than 13km. Gateway argues historical drilling in the district focused on secondary structures, leaving the main corridor largely untested at depth.
The signal: At roughly $32 million, Gateway's raise lands near the middle of the pack for funding rounds — a meaningful but not outsized bet on a junior explorer in the Yandal greenstone belt, which already hosts the Jundee, Bronzewing, and Darlot mines. The financing shows investor appetite for early-stage gold plays where a single drill result can reset the story.
Read more: thewest.com.au
