Key Points
- MetalsGrove raised $2.7 million to fund exploration in Côte d’Ivoire.
- The company entered a joint venture with Stellar AfricaGold on the Zuénoula permit.
- Surface sampling and drilling will begin this month to identify gold trends.
MetalsGrove Mining has raised $2.7 million in an oversubscribed placement to fund exploration on its gold prospects in Côte d’Ivoire.
Shaw and Partners managed the placement at A$0.06 per share, issuing roughly 45 million shares.
The funds will support geochemical surveys, surface sampling, and drilling programs across MetalsGrove’s growing portfolio.
New Joint Venture With Stellar AfricaGold
Earlier this year, MetalsGrove entered Côte d’Ivoire through a joint venture with Générale des Mines et Carrières, acquiring three permits known as the Central West Gold project.
The company has now partnered with Aucrest, a subsidiary of TSX-V-listed Stellar AfricaGold, on the PR750 Zuénoula permit. This permit sits between MetalsGrove’s Kounanhiri West and Vavoua permits, within the Birimian greenstone belt.
The new joint venture expands MetalsGrove’s control to 1,315 km², covering a 75 km strike along the Abujar–Napié gold trend in central Côte d’Ivoire.
Exploration Plans and Funding Obligations
MetalsGrove plans to begin surface sampling this month, followed by air core, reverse circulation, and diamond drilling to test priority targets.
The company must invest at least $150,000 in the Stellar JV by April 16, 2026, and $1 million by July 16, 2027, to maintain its interest.
MetalsGrove can invest another $2 million by mid-2029 to acquire a 50% stake, with an option to increase to 80% through further funding.
CEO Highlights Strategic Growth
MetalsGrove CEO Lijun Yang said the placement reflects investor confidence in the Central West Gold project.
“The strong support from investors strengthens our balance sheet and positions MetalsGrove for regional consolidation,” Yang said.
“Our exploration approach remains methodical and data-driven, leveraging regional knowledge and partnerships to unlock value efficiently.”
