Nagambie's $174K share placement funds drilling beyond Alkane's reach
What's the deal? Nagambie ResourcesDealroom has a profile for this one. Try Dealroom → (ASX: NAG) has raised US$160.5K (roughly $174,000) by placing 20 million shares at 1.24 cents each with drilling contractor OrcaDrill Pty Ltd. The shares cover diamond drilling at two wholly owned gold-antimony targets in Victoria — the Whroo project and the Wandean prospect. Rather than pay cash, Nagambie is issuing stock in lieu of payment for services.
Why now? The placement lands days after joint venture partner Alkane ResourcesDealroom has a profile for this one. Try Dealroom → (ASX: ALK) reported "very encouraging" drilling results at the flagship Nagambie Mine, including intersections of 17.0 g/t gold and 5.9% antimony over 1.25 metres. But Whroo and Wandean sit outside Alkane's earn-in tenements, so Nagambie must fund their exploration itself.
What's the endgame? The drilling will test whether the gold-antimony mineralisation Alkane is chasing at the Nagambie Mine extends onto Nagambie's own ground. At Whroo, a 2021 hole beneath the historic Balaclava Hill pit returned up to 49.7 g/t gold over 0.6 metres and 16.5% antimony over 0.2 metres. Wandean shows anomalous antimony over roughly 750 metres of strike — wider than the mine's current C-style vein zone.
The placement was priced at a 15% discount to Nagambie's 15-trading-day volume-weighted average price of 1.46 cents.
The signal: This is a quick, modest re-raise rather than a major financing. It follows a US$307.4K shareholder purchase plan in March and Alkane's US$1.62M investment in April, and it underscores the funding gap between Nagambie's own early-stage exploration and the better-capitalised, Alkane-backed program at its flagship mine. Paying a contractor in shares lets the cash-light explorer keep drilling without tapping its balance sheet.
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