Aurum Resources raises $52.5 million to accelerate Boundiali gold project in Côte d’Ivoire

Australian gold developer Aurum Resources has secured A$52.5 million, about 21 billion CFA francs, from institutional investors to accelerate early development work at its Boundiali Gold Project in northern Côte d’Ivoire.

The company announced the capital raising on Sept. 23, 2026, as it continues to prepare the project for development while completing its Definitive Feasibility Study.

The placement involves approximately 95.45 million new shares priced at A$0.55 each. Existing and new strategic investors committed A$32.3 million of the fundraising and are expected to hold about 25% of Aurum’s shares following completion.

Aurum said the proceeds will be used to begin critical work ahead of the final investment decision. This includes early procurement of long-lead equipment for the planned processing plant, construction of an access road to the site and acquisition of land for the processing plant and tailings storage facility.

The funds will also support further exploration drilling and working capital. The company expects to have about A$95 million in cash after the placement is completed. Settlement is scheduled for Sept. 29, with the new shares expected to begin trading on Sept. 30.

The financing allows Aurum to start some development activities before completing the Definitive Feasibility Study, which is expected later in 2026.

The Boundiali project currently has a mineral resource of 3.22 million ounces of gold, based on 107.5 million tonnes grading 1.0 gram of gold per tonne. In June, Aurum reported a maiden probable ore reserve of 1.21 million ounces.

Aurum’s pre-feasibility study envisages an open-pit mining and processing operation with a capacity of 6 million tonnes per year. The project is expected to produce approximately 1.5 million ounces of gold over an estimated 11-year mine life, with average production of about 185,000 ounces per year during the first five years.

The company estimates pre-production capital requirements at $342 million. It is targeting a final investment decision in the fourth quarter of 2026 and first gold production in the first half of 2028.

At the same time, Aurum continues exploration at Boundiali. Sixteen diamond drilling rigs are currently operating across the project’s BD, BM and BST tenements, with drilling aimed at extending known mineralisation and supporting an updated mineral resource estimate.

The latest fundraising therefore represents an early development financing round rather than the full capital required to build the mine. Aurum’s immediate objective is to advance critical infrastructure, equipment procurement and exploration while completing the feasibility work needed for a final investment decision.