Aurum Resources (ASX: AUE) has secured firm commitments to raise $28.8 million through a placement priced at $0.60 per share. The raise introduces a cornerstone investment from Perseus Mining (ASX: PRU / TSX: PRU), which will hold a 9.9% stake post-completion.
Perseus will subscribe for approximately $23.7 million of the placement, positioning itself as Aurum’s largest strategic shareholder. The placement price sits above the company’s last traded price and slightly below recent volume-weighted averages. Additionally, managing director Dr Caigen Wang plans to invest $840,000, subject to shareholder approval in May.
Capital injection lifts funding position
Following completion, Aurum expects to hold more than $60 million in cash. This funding base supports a transition from exploration into development activities.
The company is advancing a dual-project strategy centred on the Boundiali and Napié gold projects in Côte d’Ivoire. Combined, these assets host approximately 3.9 million ounces of gold resources. Importantly, Aurum is targeting delivery of a pre-feasibility study for Boundiali in April 2026. A definitive feasibility study is scheduled for late 2026.
Drilling scale-up and infrastructure focus
Aurum plans to execute a 130,000 metre drilling program during 2026. This includes 100,000 metres at Boundiali and 30,000 metres at Napié. The company will also expand its drilling fleet to 14 rigs, increasing operational control and lowering exploration costs. Funds will also support environmental approvals, mining licence applications, and procurement of long-lead items.
Geographic alignment creates operational leverage
Perseus operates the Sissingué gold mine approximately 60 kilometres from Aurum’s flagship Boundiali project. Both assets sit within the same Birimian greenstone belt. Perseus’ Bagoé mining lease directly borders Aurum’s BM exploration permit. This proximity creates potential for shared infrastructure and development efficiencies.
Managing Director Dr Caigen Wang said: “Perseus Mining’s decision to cornerstone this Placement is a powerful endorsement of the quality of Aurum’s asset base and our project development trajectory.” He added that the company is “advancing from explorer to developer” with funding now secured for its 2026 work programs.
Context…
Gold developers in West Africa are increasingly attracting strategic capital from established producers seeking pipeline assets. Cornerstone investments often signal potential alignment on future development pathways or regional consolidation opportunities. In Aurum’s case, proximity to existing infrastructure and a defined resource base positions the company within a competitive development corridor.
