Zephyr Provides Update & Announces Private Placement
Zephyr raises $200,000 at $0.05 per share to fund the Dawson permitting process and appeal in Zimbabwe.
Zephyr Minerals Ltd. (ZFR) announced a non-brokered private placement of up to 4,000,000 units priced at $0.05 per unit, aiming to raise up to $200,000 in gross proceeds. The company stated that the proceeds will be allocated to general working capital and to advancing permitting activities on the Dawson Gold Project. Each unit includes one common share and one warrant exercisable at $0.10 per share for two years.
In operational updates, Zephyr completed the fourth quarter of its groundwater monitoring program at Dawson, with the final fifth quarter scheduled for December 2026. The company is targeting a new mining permit application to the Colorado Division of Reclamation, Mining and Safety (DRMS) for January 2027. Additionally, Zephyr is awaiting a response on its formal appeal of the Zimbabwe Ministry of Mines' rejection of two Exclusive Prospecting Order (EPO) applications covering approximately 124,000 hectares.
Zephyr Minerals Ltd. (ZFR) secured $200,000 in incremental financing issued at $0.05 per share, a price below the recent trading range of $0.05 to $0.06. The company is also advancing groundwater monitoring at its Dawson project, a step that remains on schedule as part of routine permitting procedures.
In Zimbabwe, the company’s Environmental Protection Order (EPO) was rejected, a negative regulatory development that ZFR plans to appeal. This outcome is considered standard procedure, and the final result remains highly uncertain with no immediate impact on near-term cash flows.
Zephyr Minerals Ltd. (ZFR) is a pre-revenue gold exploration company focused on advancing its 100%-owned Dawson Gold Project in Colorado. The Dawson deposit hosts an inferred resource of 343,000 tonnes grading 12.11 g/t Au for 133,500 ounces, effective July 2013. A 2017 Preliminary Economic Assessment (PEA) indicated an all-in sustaining cost (AISC) of $692/oz at a $1,250/oz gold price. The project is in the permitting phase, with a proposed underground mine footprint and year-round operational climate.
The company is also pursuing exploration in Zimbabwe through Sutter Mining, targeting gold and lithium on approximately 124,000 hectares, though current EPO applications face regulatory rejection.