Ausgold has carried out a $25 million placement to fund drilling at its Katanning gold project.
The miner issued 12 million ordinary shares to raise $16.2 million, with an additional 6 518 519 ordinary shares to be placed subject to approvals.
The shares were priced at $1.35 each.
Ausgold said the funds will be used for exploration and resource delineation of its Katanning project, where the miner is carrying out a 100 000 metre RC drilling program.
To date, drilling has confirmed that mineralisation in the project is consistent with Newmont’s nearby Boddington gold mine, which is located to the north west.