Benz Mining Corp. has received firm commitments to raise A$150 million through a targeted institutional placement, funding an aggressive expansion of drilling at the Glenburgh Gold Project in Western Australia.

The placement involves issuing 40.4 million new CHESS Depositary Interests at an issue price of A$3.71 per CDI, representing a 0% discount to the last close price of A$3.71 on August 21, 2026. Settlement is scheduled for August 28, 2026, with trading of the new CDIs anticipated to commence on August 31, 2026. Canaccord Genuity (Australia) Limited acted as Global Coordinator, Joint Lead Manager and Sole Bookrunner, with Euroz Hartleys Group Limited as Joint Lead Manager and Shaw and Partners Limited as Co-Manager.

Proceeds from the financing will add six drill rigs to the on-site fleet at Glenburgh, taking the active total to 14 rigs operating across 20 shifts. The expanded fleet will drive a planned 450,000-metre drill campaign across the project's wholly owned, granted and fully permitted Mining Lease.

The program ranks among the largest gold exploration drilling efforts in Australia and globally by scale. The increased capacity will allow Benz to accelerate infill drilling, geological modelling, and assay analysis in preparation for a maiden Mineral Resource Estimate targeted for the first half of 2027. Work will also support the commencement of feasibility studies into fiscal year 2027, alongside necessary field activities, heritage clearances, and environmental approvals across the portfolio.

“We are advancing Glenburgh at a pace that very few gold projects in Australia can currently match. Our planned 450,000 metre drill program is one of the country's most aggressive gold exploration campaigns and, by scale, among the largest globally. This financing allows us to accelerate that program by adding six rigs, taking the fleet to 14 rigs on site operating across 20 shifts.”

“We are maintaining that momentum because systematic drilling is adding value to the project so quickly. With the expanded fleet, our immediate objective is to rapidly infill and build the geological confidence required to deliver Benz's maiden Mineral Resource Estimate in the first half of 2027.”

— Evan Cranston, Chair

Activity across the wider district has also seen active exploration, including high-grade visible gold intercepts reported at the Errabiddy JV project by Falcon Metals Ltd within the surrounding region.

Read the full announcement: $150M PLACEMENT TO ACCELERATE GLENBURGH MAIDEN RESOURCE