Dateline raises A$25m for California gold and REE project
ASX-listed Dateline Resources secured A$25-million from institutional investors to fund exploration at its Colosseum gold and rare earth project in California, boosting the company’s cash reserves to more than A$35-million.
The placement was priced at A$0.215 a share and increased Dateline’s share capital by about 3.5%, the company said Monday.
“We are encouraged by the strong support from institutional investors, which validates our strategy at the Colosseum project,” MD Stephen Baghdadi said in the statement. “With A$35-million in funds, we are well positioned to accelerate our dual-track development and demonstrate the significant potential value of the Colosseum.”
The Colosseum project, located about 10 km from MP Materials’ Mountain Pass rare earths mine, hosts a resource of 1.1-million ounces of gold and is being advanced as a dual gold/rare earths element play. Recent surveys outlined six new gold targets with geophysical signatures similar to known breccia pipes and confirmed anomalies linked to potential rare earths mineralisation.
Dateline also said it had begun steps to register with the US Securities and Exchange Commission to enhance its visibility among American investors.
The project has attracted federal attention. US Secretary of the Interior Doug Burgum reaffirmed Dateline’s rights at Colosseum in a letter dated August 26 and emphasised its potential to contribute to national security and energy independence by producing both gold and critical rare earths.
The company plans to deploy additional drill rigs, advance site works and fast-track long lead-time equipment orders as part of its feasibility study to restart operations at Colosseum.
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