Ballard raises A$61m to fast-track Mt Ida towards investment decision

The company will issue 76.25-million fully paid ordinary shares at A$0.80 a share, raising A$61-million before costs. The issue price represents a 14% discount to Ballard’s last closing price of A$0.93 on January 20, a 6% discount to the five-day volume-weighted average price and a 4.2% premium to the 15-day VWAP.

Ballard had initially targeted A$50-million under its existing placement capacity but exercised an oversubscription option after receiving strong demand from existing shareholders and new institutional investors, particularly from North America, Europe and Australia.

MD Paul Brennan said the placement would fund the company’s extensive 2026 work programme and position Mt Ida for a final investment decision.

“We greatly appreciate the support of new and existing shareholders for the placement which will fund our expansive 2026 planned work programme for the Mt Ida gold project and position the fully permitted asset for a final investment decision,” Brennan said.

“With a planned 220 000 m of drilling at Mt Ida this year, we expect to deliver strong news flow and will work to achieve resource growth at this camp-scale project as we rapidly advance development studies.”

Proceeds from the placement will be used to accelerate a planned 220 000 m drilling programme in 2026, advance development studies and fund early works, including accommodation camp upgrades, bore field installations and a minor road diversion.

Funds will also support mining, metallurgical and geotechnical studies, stamp duty payments and general corporate and working capital requirements.

Following the placement, Ballard expects to have pro-forma cash of A$86.2-million at the end of December 2025, after costs.

The placement shares will rank equally with existing ordinary shares and will be issued under the company’s existing ASX Listing Rules 7.1 and 7.1A capacity. Settlement is expected on January 30, with shares to be issued on or around February 2.