Dalaroo Metals (ASX:DAL) | OTCQB:DALMF) is raising $1.75 million before costs to help fund exploration across its Greenland and Côte d’Ivoire project portfolio.
“In Côte d’Ivoire, Bondoukou continues to emerge as a high-priority gold opportunity, with encouraging early results and a clear pathway toward drill testing,” CEO John Morgan says.
“In Greenland, Blue Lagoon continues to demonstrate strong geological potential for sediment-hosted rare earth mineralisation, and the next phase of offshore and deeper sediment sampling will be important in advancing our understanding of the system.”
The placement comprises the issue of 23,333,333 fully paid ordinary shares at $0.075 per share, with one free attaching option for every two shares applied for.
The issue price represents an 11.76% discount to the company’s last closing price of $0.085 on 1 May 2026 and a 6.72% discount to the five-day volume-weighted average price.
The placement will take place in two tranches, with tranche one expected to occur on or around 18 May 2026 and tranche two shortly after, following receipt of shareholder approval at the next general meeting.
Tranche one comprises the issue of 19,066,667 placement shares to non-related party investors, while tranche two will comprise 4,266,666 placement shares and 2,133,333 attaching options to participating directors and related parties.
All placement shares will rank equally with the company’s existing fully paid ordinary shares on issue.
Funds to drive maiden drilling
Funds raised will be used to advance the company’s key exploration programs.
In Côte d’Ivoire at Bondoukou, the funds will be applied toward Dalaroo’s maiden reverse circulation drilling program and follow-up auger drilling to test priority targets.
Funding will also be applied to support ongoing field mapping and systematic soil sampling at the Bongouanou Project.
At Blue Lagoon in Greenland, funds will be used for offshore sediment sampling, ground penetrating radar surveys, expanded auger drilling, and follow-up petrological, mineralogical, and metallurgical studies.
Perth-based investment group 62 Capital acted as Lead Manager to the placement and will receive a capital-raising fee of 6% of gross proceeds raised, together with four million options on terms consistent with the attaching options.
Dalaroo Metals is an exploration company focused on the discovery and development of gold and critical minerals projects in Côte d’Ivoire, Greenland, and Australia.
Write to Amy Rotman at Mining.com.au
Images: Dalaroo Metals