Benz Announces Closing of A$150M Placement
Benz closes a a$150m placement at market price to fund aggressive drilling at its Glenburgh project.
Benz Mining Corp. (BZ) has successfully closed a private placement of 40,431,267 CHESS Depositary Interests (CDIs) at A$3.71 per CDI. The transaction, which closed on August 30, 2026, following an announcement on August 23, 2026, generated gross proceeds of A$150,000,000 (C$148,020,000) before transaction costs. The placement occurred with no discount to the August 21 closing price of A$3.71.
Net proceeds will primarily fund the acceleration of the planned 450,000-meter drilling program at the Glenburgh project. This expansion involves adding six drill rigs, bringing the total fleet to 14 rigs operating across 20 shifts. Additional capital will support geological modeling, technical studies, field activities, permitting, and working capital, with the explicit goal of delivering a maiden Mineral Resource Estimate (MRE) targeted for H1 2027.
CDIs and underlying shares carry a statutory hold period of four months and one day in Canada.
Benz Mining Corp. (BZ) has closed a financing that serves as the final execution of the previously announced August 23 placement. The capital injection significantly de-risks the company's ability to execute its aggressive 450,000-meter drilling campaign, which is critical to converting the ~80% drill-constrained Exploration Target (10.1–12.0 moz Au) into a formal MRE by H1 2027.
Issuing at the current market price of A$3.71 avoids immediate dilutive pressure on the share price, though it does increase the fully diluted share count by approximately 10.7%. The funds align with management's stated roadmap to compress the exploration timeline, validate the structural model across the Hurricane, Icon, and Thunderbolt camps, and advance scoping-level studies. Given the market was already aware of the A$150M target and the specific use of proceeds, the closing itself is routine, with the material impact lying in the operational acceleration it enables rather than the financing event itself.
Benz Mining Corp. (BZ) is an exploration-stage gold company focused on the Glenburgh Gold Project in Western Australia's Gascoyne region, alongside the Mt Egerton and Eastmain projects. Its flagship Glenburgh Gold Project spans an 80km mineralized corridor with a 12km granted Mining Lease. The project is divided into three distinct camps: Hurricane (high-grade), Icon (bulk-tonnage), and Thunderbolt (underexplored).
The company has established an exploration target of 10.1–12.0 moz Au across approximately 485–540 Mt at 0.6–0.7 g/t Au. Approximately 80% of this target is already drill-defined, assay-supported, and wireframed.
Initial cyanidation testwork confirms excellent gold extraction, achieving approximately 95.5% in 24 hours for core material and approximately 89% down to 0.10 g/t Au in the halo. These results indicate favorable open-pit mining metrics and low reagent consumption.
Regarding permitting and tenure, the project holds a granted Mining Lease, Clearing Permit, Water Licence, and Native Title Agreement, providing a clear regulatory pathway to development.