Aurum Resources raises $52.5 million to speed up Côte d’Ivoire gold project

Aurum Resources completed a $52.5 million share placement, largely backed by strategic investors contributing $32.3 million and institutional buyers providing $20 million, at a price of 55 cents per share. The funding lifts the company’s cash balance to over $95 million, enabling immediate work on the 3.22-million-ounce Boundiali gold project in Côte d’Ivoire. Planned expenditures include long-lead equipment for a processing plant, construction of an access road, land purchase for the plant and tailings storage, and an aggressive drilling campaign.

The firm is running a 120,000-metre diamond drilling program to upgrade resources and reduce risk ahead of a definitive feasibility study expected in the December quarter. Simultaneously, Aurum is preparing a 30,000-metre drill program at the nearby 1.16-million-ounce Napié project and building an exploration camp to cut costs. The placement was managed by Canaccord Genuity, Bell Potter Securities and Stifel Nicolaus.