ASX-listed MetalsGrove Mining has successfully raised $2.7-million in an oversubscribed placement that will fund initial exploration activity on the company’s prospects in Côte d’Ivoire.

The placement was led and managed by Shaw and Partners at a placement price of A$0.06 apiece for about 45-million shares.

MetalsGrove acquired three permits (together called the Central West Gold project) in the country in joint venture (JV) with Générale des Mines et Carrières earlier this year, which marked its entry into the country. 

The company has now entered a JV with Aucrest, which is a subsidiary of TSX-V-listed Stellar AfricaGold.

The new Stellar JV covers Aucrest’s PR750 – Zuénoula permit, which is located between the existing MetalsGrove-controlled Kounanhiri West and Vavoua permits in the same Birimian greenstone belt.

The addition of the Zuénoula permit to the company’s existing three JV gold permits now covers a combined area of 1 315 km² and it is strategically situated along the Abujar–Napié gold trend within the Oumé-Fetekro Birimian greenstone belt in central Côte d’Ivoire.

The additional JV grants MetalsGrove contiguous exploration control over a 75 km strike length in this highly prospective belt.

The funds raised from the placement will be used to advance geochemistry works across the Zuénoula land package and accelerate work on existing permits once granted.

MetalsGrove will undertake air core, reverse circulation and diamond drilling to test defined targets and progress priority prospects across its portfolio towards resource definition.

The company is required to spend a minimum of $150 000 on the Stellar JV prospect by April 16, 2026, and another $1-million by July 16, 2027, to maintain its interest in the JV.

The company can then invest an additional $2-million by mid-2029 to acquire a 50% interest in the JV, at which point Aucrest can elect to allow MetalsGrove to continue funding an additional $3-million to take its JV interest to 80% or to co-fund the JV.

The expansion to more prospects marks an important milestone in the company’s West African gold exploration strategy, says MetalsGrove MD and CEO Lijun Yang.

“The company is pleased to have secured strong support for the placement from both new and existing investors. The level of investment demand reflects increasing confidence in MetalsGrove’s Central West Gold project and broader growth strategy in Côte d’Ivoire,” he notes, adding that the placement proceeds strengthen the company’s balance sheet and position it for regional consolidation initiatives.

MetalsGrove will start with surface sampling programmes this month, with the aim of identifying gold trends and corridors, as well as anomalies, along these trends, with drilling to follow soon after.

“Our approach remains methodical and data-driven, leveraging regional knowledge and partnership to unlock value efficiently and sustainably,” Yang concludes.