Verity Resources Secures $3 Million to Accelerate Monument Gold Project

Highlights:

• Verity Resources Limited (ASX: VRL) raised $3 million through a strongly supported placement at A$0.024 per share, issuing ~125M new shares.
• Investors will receive one free option for every three shares, exercisable at A$0.048 within two years, subject to shareholder approval.
• Funds will advance the Monument Gold Project in WA’s Laverton District, targeting a resource upgrade, expansion drilling, and metallurgical studies.

Successful Equity Raising

Verity Resources Limited (ASX: VRL) has secured $3 million through a share placement, priced at A$0.024 per share. At the time of writing, the company confirmed that the offer was strongly supported by existing shareholders, alongside participation from institutional and professional investors. The placement was structured in two tranches and included the issue of approximately 125 million new fully paid ordinary shares. For every three shares acquired, investors will be granted one free option, which can be exercised at A$0.048 within a two-year period, pending shareholder approval.

Strategic Use of Funds

The proceeds will primarily support exploration and development work at the company’s flagship Monument Gold Project in Western Australia. Specifically, Verity aims to upgrade its current 154koz gold resource, transition a portion into the Indicated category, and continue expansion drilling. The capital will also help fund phase two drilling programs, metallurgical studies, and assessment of potential value-accretive opportunities. Additionally, ongoing exploration at Verity’s critical minerals project in Minas Gerais, Brazil, is expected to deliver results in the coming weeks.

Monument Gold Project Focus

The Monument Gold Project, located in Western Australia’s Laverton Gold District, sits alongside Genesis Minerals’ (ASX: GMD) 3.3Moz Laverton Gold Project. With over 20km of largely underexplored banded iron formations, the site hosts more than 60 priority gold targets, presenting substantial growth opportunities. The raised capital ensures that drilling momentum continues, positioning Verity to fast-track its resource upgrade and strengthen its mining licence application.

Outlook

Directors of Verity Resources also participated in the raise, committing $250,000 subject to shareholder approval. The strong backing reflects confidence in the company’s near-term potential. With gold trading at record levels, Verity’s strengthened balance sheet places it in a robust position to advance its exploration and development strategy.

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