Legacy Gold Announces Non-Brokered Private Placement and Provides Update on 2026 Drill Program at Baner, Idaho
Legacy raises C$3m in dilutive financing at a discount to fund a winterized drill program at the Baner project.
Legacy Gold Mines Ltd. (LEGY) announced a non-brokered private placement of up to 4,285,715 common shares at C$0.70 per share, raising up to C$3.0 million in gross proceeds. The issued securities carry a four-month hold period and are subject to TSX Venture Exchange approval.
The company provided an operational update on its 2026 drill program at the Baner Gold Mine property in Idaho, noting that drilling has been temporarily suspended for winterization after approximately 50 holes and 32,000 feet. Assay results to date outline gold mineralization open in all directions. Net proceeds will fund continued drilling to expand and define the Main Zone and other targets, with the goal of generating data for an initial mineral resource estimate.
Legacy Gold Mines Ltd. (LEGY) has raised capital through a financing round priced at C$0.70 per share, a figure that represents a discount to the October 28 closing price of $0.76. The transaction adds approximately 4.29 million shares to the company’s existing ~61.1 million shares outstanding, resulting in roughly 6.5% dilution. This capital raise is intended to fund the planned 2026 exploration campaign and secure the necessary funds to advance toward the targeted initial resource estimate.
The update regarding the drill program is expected and aligns with the seasonal winterization pause. Geological findings indicate that mineralization remains open in all directions, a result consistent with previous announcements that does not constitute new or unexpected data. The combination of dilutive financing at a discount and the routine operational pause results in a net negative short-term impact on the stock.
Legacy Gold Mines Ltd. (LEGY) is an exploration-stage company focused on the Baner Gold Mine Property in Idaho County, Idaho, USA. The project is situated in the historic Orogrande Mining District, approximately 92 km from Perpetua Resources' Stibnite Gold Project.
The company holds an option to acquire a 100% undivided interest in the mineral claims. The second option payment was completed in April 2026, with the final payment due in March 2027. A 1% Net Smelter Return (NSR) royalty applies, with a C$7.5 million buyback right.
The 2026 exploration program targets 40,000 feet of drilling (core and reverse circulation) across the Main, Northeast, and Northwest zones to expand the known mineralized footprint and support a maiden resource estimate. Initial conceptual exploration targets indicate 50.3 to 55.3 million tonnes at 0.72 to 0.91 g/t Au. Metallurgical testing shows 87.1% to 93.2% cyanide leach recovery.