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- Gold and base metals explorer Gold Mountain (GMN) has entered a trading halt ahead of a capital raise
- GMN’s main focus is its flagship Wabag Project in Papua New Guinea
- At this stage, it is unclear how much GMS intends to raise or what the funding will be used for
- However, drilling has recently been able to recommence at Wabag after a six-month lapse due to COVID-19
- Company shares last traded for 4.4 cents on Wednesday, November 11
Gold Mountain (GMN) has entered a trading halt ahead of a capital raise.
The company will stay in the trading halt until trading commences on Monday, November 16, unless details of the raise are released earlier.
Gold Mountain is an Australia-based explorer focused on copper, gold and molybdenum in the Papuan Mobile Belt in Papua New Guinea.
Primarily, GMN’s focus is its flagship Wabag Project which hosts three priority targets.
Due to COVID-19 restrictions, exploration at Wabag was on hold for about six months. However, GMN announced in September that drilling was set to resume.
At the start of this month, Gold Mountain said drilling had officially begun and is initially targeting the Monoyal area, where it’s drilling two 750-metre deep holes.
“I remain confident that GMN is sitting on very prospective ground and eagerly await the outcomes of the next phase of drilling at Monoyal along with initial exploration activities at Mt Wipi in our quest to discover the next significant porphyry deposit in PNG,” CEO Tim Cameron said.
At this stage, it isn’t certain how much GMN intends or what exactly the funding could be used for. However, as Gold Mountain ended the September quarter with just over $1 million in the bank, it could benefit from fresh funding as exploration activities have restarted.
Company shares last traded for 4.4 cents on Wednesday, November 11.
