Catalina Resources (ASX: CTN) Accelerates WA Gold Exploration with AUD2.7M Funding and Key Appointment

Image source: Company website

Highlights

• Catalina Resources has secured commitments from new investors to raise AUD500k through a placement, along with a rights issue to raise an additional AUD2.27mn.
• The new funding will support exploration activities at Catalina's recently acquired Yerilgee and Evanston projects
• Exploration activities are progressing as planned, with field exploration set to begin in Q2 2025.
• Catalina has appointed Ross Cotton to the board as Executive Director.

Catalina Resources Limited (ASX:CTN) has secured financial commitments from new investors to raise AUD500,000 (before costs) through a placement at AUD0.0025 per share. Additionally, the company plans to raise AUD2.27 million via a non-renounceable rights issue for eligible shareholders. Catalina also plans to complete an option placement, aiming to raise AUD11,500 before costs.

Following Catalina’s recent acquisition of the Yerilgee and Evanston projects in Western Australia, this new funding, along with existing cash reserves, is expected to support drilling on current projects and continue exploring further acquisition opportunities. The company’s exploration efforts are on track, with field exploration scheduled for the second quarter of 2025.

Ross Cotton Joins as Executive Director

Another significant development for Catalina Resources is the appointment of Ross Cotton as Executive Director. Mr Cotton has more than two decades of experience in financing and managing mining and resource companies worldwide. He would work closely with Executive Chairman Sanjay Loyalka and the team to advance the company’s exploration initiatives and explore new growth opportunities.

Reflecting on the developments, Mr. Sanjay Loyalka said, “This is a transformational time for Catalina as we complete a funding package ahead of commencing exploration on our recently acquired WA gold assets. The appointment of Ross comes at a time where we have a lot of news to share as our activity ramps up on the ground. On behalf of the board, we also thank Michael for his efforts on the board and look forward to his ongoing contributions as our technical efforts build into this exploration program.”

The stock price of CTN was AUD 0.0030 at the time of writing on 11 March 2025.