Executive chairman Milan Jerkovic has lifted his direct interest in the WA producer to more than 64.26 million shares with in excess of 8.95 million shares also held in indirect interests.
Managing director Bryan Dixon has acquired shares with a total value of $46,594 and now holds more than 13.53 million shares.
Last month the company outlined plans to raise $25.8 million in a fully underwritten five-for-four rights issue priced at 1.5 cents.
Chairman Jerkovic has sub-underwritten $1 million of the issue in addition to committing to take up his rights of around $160,000.
The funds will be invested in the flagship 100%-owned Matilda-Wiluna Gold Operation.
This investment will include:
- Operational improvements to existing operations;
- Completion of the expansion definitive feasibility study (DFS) during the September quarter;
- A material drill program targeting high-grade underground reserve expansion; and
- Paying down debt and ongoing working capital.
Stage I of the expansion is the proposed simple low capital addition of a flotation circuit to increase annual production to 100,000-120,000 ounces.
This will also allow gold production from Blackham’s large sulphide reserves and provide flexibility to process both free milling and sulphide ores.
Stage II is the proposed new comminution, flotation cells and leach circuits and a refurbished BIOX® Plant to increase ore processing throughput to 2.2-3.3 million tonnes.
This is expected to increase annual gold production to about 250,000 ounces with significantly lower operating costs.