- Junior gold company Bardoc Gold (BDC) is set to bolster its balance sheet with a “significant” capital raising plan
- The company will reveal the details of the capital raise on Wednesday, July 8
- This morning, Bardoc reaffirmed some key near-term goals at its namesake Bardoc Gold Project in WA
- Bardoc is targeting production for 2022, with a total of one million ounces of gold expected to be produced from the project
- As of July 2, the company has just under $12 million cash to play with
- Shares in Bardoc last traded for nine cents each on Friday afternoon
Junior gold company Bardoc Gold (BDC) is set to bolster its balance sheet with a “significant” capital raising plan.
The company requested a trading halt today as it gears up to launch the capital raise, with details set to drop on Wednesday, July 8.
Released in tandem with the news of the upcoming capital raise is an investor presentation highlighting its development and exploration plans at the namesake Bardoc Gold project in the Black Flag area of WA. The 250-square-metre project is roughly 40 kilometres north of Kalgoorlie.
The project holds a total mineral resource estimate of 49.4 million tonnes at 1.9 grams per tonne of gold for 3.02 million ounces of contained gold. According to Bardoc, this is one of the largest consolidated gold resource inventories in the prolific WA Eastern Goldfields.
Bardoc is targeting a production rate of 135,000 ounces of gold from 2022. The company expects the project will cost roughly $140 million and produce one million ounces of gold at an all-in sustaining cost of $1220 per ounce.
In the near future, Bardoc’s catalysts for re-rating are pit optimisation, with a $2000-per-ounce gold price over the third quarter of 2020, gold concentrate offtake in the fourth quarter, and a definitive feasibility study in early 2021.
Yet, as of July 2, Bardoc had roughly $11.8 million cash to play with. Thus, while the details of the capital raise and what the money will be used for are yet to be revealed, it’s likely the new funds will go towards building up the Bardoc Gold project and hitting some key milestones in coming months.
Bardoc shares last closed on Friday afternoon at a 2020 high of nine cents each. The company has a $125.61 million market cap.