Investors Rally Behind Adelong Gold, Boosting Confidence in Exploration Potential

Adelong Gold (ASX: ADG) has obtained significant backing for its Australian mining developments with commitments to raise $1.25 million via a strategic placement to Nova Minerals (ASX: NVA) and clients of boutique financial services firm Barclay Wells.

The funds will cover initial funding commitments, as well as sampling and field work at the company’s Adelong gold project in NSW, which it is developing in a joint venture with Great Divide Mining (ASX: GDM).

The company will also apply the proceeds to accelerate drilling and exploration at its Lauriston antimony project in Victoria.

Transaction Terms

Nova Minerals will subscribe for 200 million fully paid ordinary shares in Adelong at an issue price of $0.005 per share, representing a total investment of $1 million.

Nova will also receive 200 million listed options on a one-for-one basis, with an exercise price of $0.008 and an expiry date of 2029.

Clients of Barclay Wells will subscribe for 50 million shares on equivalent terms, contributing $250,000 to the total raise.

As part of the strategic partnership, Nova will also receive first right of refusal on any offtake related to antimony and receive 50 million listed options should it introduce a North American antimony project to Adelong, also appointing one director to the Adelong board .

Significant Vote of Confidence

Managing director, Ian Holland, said the Nova and Barclay Wells backing is a significant vote of confidence in Adelong’s project portfolio.

“Nova Mineral’s investment and strategic support enhances our capacity to unlock value for shareholders.”

“We’re particularly encouraged by the strong geological similarities between Apollo and major nearby discoveries, and we’re entering our Lauriston drill program with growing confidence.”

Tier-One Potential

Nova executive director, Louie Simens, said the investment is an example of the company’s focus on identifying and supporting high-quality exploration opportunities with tier-one potential.

“The Apollo and Lauriston projects are situated in some of Australia’s most proven and prospective gold corridors, with early-stage results indicating significant upside.”

“Additionally, the antimony exposure is strategically aligned with Nova’s broader interest in critical minerals and downstream opportunities.”

Apollo Sampling

The Apollo project sits within Victoria’s Walhalla gold belt, home to major high-grade discoveries such as Southern Cross Gold’s (ASX: SX2) Sunday Creek project.

It hosts multiple mineralised structures and has delivered exceptional historical gold intercepts such as 39.5 metres at 7.25 grams per tonne from 118.6m, including 10.6m at 17.1 g/t.

Gold mineralisation at the project remains open at depth and to the south, with strong potential for further high-grade discoveries.

Adelong is expecting assay results from its recent drill program in the coming weeks, with geological modelling to follow.