Golden Horse Gallops Ahead with $15 Million Raise to Turbocharge Drilling

In the game of gold exploration, funding can be as precious as the metal itself. For Golden Horse Minerals (ASX: GHM), the stakes have been raised—literally. The WA-based junior has galloped through a robust $15 million capital raise, squarely aimed at ramping up exploration across its promising Southern Cross Gold Project.

The placement, revealed on 2 June, was priced at $0.40 per CDI—representing a modest 3.4% discount to the 15-day VWAP and a steeper 16.7% off the last traded price of $0.48. Despite the discount, the raise was heavily oversubscribed, with strong demand from both new and existing investors, including a cadre of domestic and international institutions.

Importantly, cornerstone support came from Emerald Resources (ASX: EMR), GHM’s largest shareholder, which tipped in approximately $3.1 million. Golden Horse’s directors also chipped in $105,000, though both contributions hinge on shareholder approval expected at a July general meeting.

At the coalface—more aptly, the drill face—this fresh injection will expand RC drilling by around 50% and add a diamond rig to the fleet. Exploration will be honed on the high-grade Hopes Hill corridor, which stretches over 4km and includes the Hopes Hill Central, North, South and Irene Betty zones.

This isn’t a speculative punt on potential. Recent results from Hopes Hill have been nothing short of eye-catching. In May alone, assays included 24m at 2.8g/t gold, part of a broader 75m at 1.2g/t gold envelope (hole GHHHRC0031), and 15m at 2.7g/t (GHHHRC0032), reinforcing the project's continuity and scale.

To sweeten the geological pie, the company recently flagged a potential southern extension of the Hopes Hill system by more than 1km, with sparse historical drilling and shallow intercepts hinting at broader mineralisation. Nearby, the Irene Betty prospect is also showing promise, returning shallow hits such as 4m at 4.7g/t gold.

The metallurgical credentials stack up too. Test work released on 22 May confirmed gold recoveries averaging 96.7%, bolstering the project’s potential for straightforward processing using standard CIL/CIP techniques.

Managing Director Nicholas Anderson summed up the sentiment, stating, “Both the strength of conviction and quality of the investors that ponied up in this capital raising is a testament to the significance of our Southern Cross Project... We are very well placed to drive value through the drill bit which is our key focus”.

While much of the raised funds will fuel the drill program, a portion is also earmarked for progressing Golden Horse’s bid to acquire full ownership of the Redbank Copper Project from NT Minerals (ASX: NTM). Currently under due diligence, the $3 million deal would shift GHM’s exposure from an earn-in to outright ownership, though the placement is not contingent on the deal proceeding.

For shareholders—both old hands and fresh faces—the path ahead is paved with drill chips and high-grade potential. Golden Horse, it seems, is saddling up for a big run.

This article does not constitute financial advice. Before making an investment decision, readers should do their own research and consult with a suitable advisor if required.