ASX-listed Aurum Resources has completed a A$35.6-million strategic placement to accelerate development of its gold assets in Côte d’Ivoire, attracting backing from investors including the Lundin family, China’s Zhaojin Mining, and TSX-listed Montage Gold.

The placement, approved by shareholders last week, includes the issue of 100-million new ordinary shares at A$0.356 apiece. Of the total, A$23.89-million was raised in cash, while the balance was provided through the transfer of about 2.9-million Montage Gold shares.

Following the transaction, the Lundin family and associates hold a 9.9% stake in Aurum, having invested A$11.71-million in cash. Zhaojin Capital, a unit of Zhaojin Mining Industry Company, increased its interest to 8.5% with an A$8.19-million investment. Montage now also holds a 9.9% stake in Aurum via share consideration.

“We are very encouraged by the strong support from highly regarded strategic investors, which is a true endorsement of the quality of our two gold projects – Boundiali and Napié – in Côte d’Ivoire, and recognition of our practical, cost-effective and efficient exploration approach and fast-tracking project development strategy,” said MD Caigen Wang in a statement. 

Including the placement proceeds and existing cash reserves, Aurum said it now holds more than A$45-million in funding, including the Montage shareholding.

The company intends to use the funds to fast-track development at its 1.6-million-ounce Boundiali gold project and its recently acquired 870 000-oz Napié project, both in northern Côte d’Ivoire. This includes resource definition and expansion drilling, completion of multiple resource updates and feasibility studies.

“The cash from the placement, together with existing cash, will enable Aurum to accelerate growth of gold resources at both Boundiali and Napié,” said Wang. “These funds will be sufficient to complete the Boundiali prefeasibility study (PFS) by year-end, the ESIA study and approval, and the mining exploitation licence application, as well as complete a definitive feasibility study (DFS) expected in the second half of 2026.”

Aurum plans to expand its diamond drilling fleet from eight to ten rigs, complete two Joint Ore Reserve Committee resource updates for Boundiali and one for Napié within 2025, and advance both environmental and licensing approvals. The PFS for Boundiali is targeted for completion by the end of this year, with a DFS due in the second half of next year.

Boundiali lies immediately north of Montage Gold’s Koné project.