Bubalus Resources Secures Funding for Maiden Drilling at Crosbie South

April 01, 2025 11:00 AM AEDT | By Team Kalkine Media

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Bubalus Resources Secures Funding for Maiden Drilling at Crosbie South — Image source: Shutterstock

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Highlights

Bubalus Resources raises funds through a strategic placement to advance exploration.

Discounted issue price set lower than the last traded and VWAP prices.

Drilling set to begin at the Crosbie South gold-antimony prospect.

Bubalus Resources (ASX:BUS) has completed a strategic placement, raising capital to support its upcoming exploration activities. Shares were issued at a discounted price to strengthen the financial position and facilitate drilling at the Crosbie South gold-antimony prospect in Victoria.

Details of the Capital Raising

Shares were issued at a price below the last traded market value and below the calculated VWAP over a recent period. This approach allows for efficient capital allocation toward exploration. A company executive is participating in the placement, subject to shareholder approval, further demonstrating commitment to the ongoing development of the company's projects.

Exploration and Strategic Location

Early exploration activities began in Victoria at the newly optioned gold-antimony project. Initial surface sampling returned significant gold and antimony concentrations. The location of the licenses places them near well-known, high-grade mines, which enhances the geological significance of the exploration.

The broader portfolio includes assets within an area that has historically seen limited exploration activity. Recent discoveries in the region have brought increased interest in further geological assessments.

Drilling Timeline and Additional Surveys

Drilling at Crosbie South is scheduled to commence shortly, focusing on anomalies identified through geophysical studies and supported by surface sampling results. Parallel efforts will include additional surveys at nearby prospects to refine future drill targets.

Regulatory and environmental compliance remain key priorities. Coordination with relevant stakeholders is ongoing to ensure approvals align with exploration schedules.

Role of Inyati Capital in Fundraising

A corporate advisory firm acted as the lead manager for the placement, supporting the capital-raising efforts. This financial backing marks a significant milestone in advancing Bubalus Resources’ exploration agenda.

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