Godolphin Resources (ASX:GRL) raises A$1.2m for Lewis Ponds exploration

Godolphin Resources Limited (ASX:GRL) has secured firm commitments from sophisticated, professional, and institutional investors to raise A$1.2m through the issue of 96,000,000 fully paid ordinary shares at an issue price of A$0.0125 per share. The funds will be used to advance exploration initiatives at the Company's 100%-owned Lewis Ponds gold, silver, and base metals project in the Lachlan Fold Belt, including diamond drilling and metallurgical test work to increase the confidence level in the upper portion of the resource and update the current JORC 2012 Inferred Resource.

Managing Director's Commentary on Capital Raise and Exploration Plans

Managing Director, Ms Jeneta Owens, expressed the company's satisfaction with the strong support received from new and existing shareholders. The raised funds will provide exceptional financial flexibility to undertake exploration initiatives at the Lewis Ponds project. The company aims to unlock significant value at Lewis Ponds and pursue the opportunity presented by the larger mineral system extending over 9km southeast. The diversified project suite will allow the company to capitalize on the near-term value in base and precious metal assets, with a focus on exploration at Lewis Ponds and continued metallurgical testing for the Narraburra Rare Earth Project.

Summary of Godolphin Resources' Capital Raise and Exploration Plans

Godolphin Resources (ASX:GRL) has successfully secured firm commitments to raise A$1.2m for exploration activities at the Lewis Ponds gold, silver, and base metals project in the Lachlan Fold Belt. The funds will be utilized for diamond drilling, metallurgical test work, and general working capital purposes. The company's Managing Director, Ms Jeneta Owens, highlighted the intention to define gold and silver mineralization, increase resource confidence, and advance processing options at Lewis Ponds. The capital raise underscores the benefit of the company's diversified project suite and its focus on unlocking value in base and precious metal assets. Additionally, the company's participation in the Junior Minerals Exploration Incentive (JMEI) scheme for the 2024/25 income year provides an attractive opportunity for eligible shareholders to take advantage of tax credits. Godolphin Resources looks forward to providing further updates as drilling progresses at Lewis Ponds.