Mako Gold secures A$2m in funding for Napié gold project expansion

Mako Gold Limited (ASX:MKG), an Australian exploration company, has successfully secured binding commitments to raise A$2 million through a placement at $0.01 per share. This development is a significant step in advancing its flagship Napié Gold Project in Côte d’Ivoire.

The placement has been cornerstoned by Goldridge Resources Pty Ltd, with founders including Caigen Wang and Jeremy Clark committing to subscribe to 50 million new shares, amounting to A$500,000. This support underlines the confidence in Mako Gold’s vision and growth potential.

Furthermore, Mako has received robust backing from its existing major shareholder, Dundee Corporation, maintaining their 9.9% holding in the company. This move reflects the ongoing trust and investment in Mako’s strategic direction.

Adding to this momentum, Mako has plans, subject to Board approval, to launch a Share Purchase Plan for eligible shareholders, aiming to raise an additional A$500,000. This initiative is expected to further strengthen the company’s financial footing for upcoming projects.

Mako Gold and Goldridge Resources join forces for Côte d’Ivoire gold exploration

In a strategic move, Mako Gold has entered into an exclusivity agreement with Goldridge Resources Pty Ltd. This partnership aims to create a district-scale gold play with multi-million ounce potential, targeting growth opportunities in both the gold and battery metals sectors.

Goldridge, supported by Tietto Minerals (ASX:TIE) founders, brings significant expertise to the table. Tietto Minerals, known for transitioning the 3.8Moz Abujar Gold Project into production, is currently subject to a approximately $650 million takeover offer.

Upon completion of the Goldridge transaction, Mako has proposed appointing Jeremy Clark as a Non-Executive Director and Dr. Caigen Wang as a Strategic Advisor. Their extensive experience in the mining and exploration sector, particularly in West Africa, will be invaluable to Mako’s endeavors.

The placement ensures Mako is well-positioned to advance exploration on the Napié Gold Project, currently holding 868koz gold in resources. It also enables the company to progress in its battery metals portfolio, including the Korhogo Manganese Project and a potential new lithium/REE permit application in the Brobo Project.

The combined Napié and Konan projects, covering 374km2, represent a strategic consolidation in the greenstone gold belt. To date, only about 5km of the over 50km prospective strike length has been tested, with significant gold potential already identified.

Mako’s latest funding and strategic partnerships signal a strong trajectory for growth in both the gold and battery metals sectors, marking a significant milestone for the Australian mining company in the international market.