Ballard Mining (ASX:BM1) has raised $61 million through a single-tranche placement of 76.25 million new shares at $0.80 per share, well supported by both existing and new institutional investors across North America, Europe, and Australia.
The placement, representing a 14% discount to the last closing price, will bolster the company's pro-forma cash position to $86.2 million by the end of December 2025, after costs.
Proceeds will fund an accelerated 220,000-metre drilling program at the highly prospective Mt Ida Gold Project, alongside early works including camp upgrades, bore field installations, minor road diversions, and ongoing development studies.
Managing Director Paul Brennan commented, "The strong support from shareholders positions Mt Ida for a final investment decision and allows us to deliver a high-impact 2026 work program aimed at resource growth at this camp-scale project."