Benz Announces Drilling to Accelerate at Glenburgh Following A$30M Bought Deal
Benz Announces Drilling to Accelerate at
Glenburgh Following A$30M Bought Deal
HIGHLIGHTS
Firm commitments received to raise A$30 million via bought deal at market
Placement driven by demand from leading, high-quality long only offshore institutional
investors
The proceeds will enable Benz to accelerate drilling at Glenburgh following up the
emerging bulk tonnage gold system at Icon and the exciting high grade gold trend at
Zone 126
4 rigs have been locked in, with drilling expected to be ongoing and aggressively ramped
up
Benz is well-funded with a pro-forma cash position of over $40 million following
completion of the Placement
1
Vancouver, British Columbia--(Newsfile Corp. - August 12, 2025) - Benz Mining Corp. (TSXV: BZ) (ASX:
BNZ) (
Benz
or
the Company
) is pleased to announce that it has received firm commitments for a
placement of 30,456,853 new fully paid CHESS Depositary Interests (
CDIs
) in the Company via a
bought deal at an issue price of A$0.985 per CDI to raise A$30 million (before costs) (
Placement
).
The Placement was driven by strong demand from leading, high-quality offshore institutional investors,
and was also supported by its existing large institutional shareholders. Benz's share register is now well-
positioned with a broad range of long-only institutional shareholders who have demonstrated their
support for the Company's strategy of aggressive exploration to fast track resource growth.
Benz Chair, Mr Evan Cranston, commented:
"This is a transformational capital raising for Benz which will position the Company to significantly
increase its exploration activities at the Glenburgh Project, following recent drilling successes at the
Icon Prospect and at Zone 126.
"To have had such strong cornerstone demand from two leading offshore institutional funds who share
our excitement and vision with the new exploration strategy at Glenburgh is extremely pleasing. The
new discoveries at the Icon Apollo trend deserve their own dedicated rigs to rapidly unlock the size
and scale of the emerging bulk tonnage system. The remaining rigs will continue to target high grade
ounces along the Zone 126 trend and scout out new and exciting untested priority targets along out
18km mineralised trend.
"The demand received from these institutions, together with our existing large institutional
shareholders, is seen as a strong endorsement of our recent discoveries and the exploration potential
that remains within our belt-scale tenure.
"With a strengthened pro-forma balance sheet of A$40m
1
in cash, Benz is well funded to deliver a
step change in exploration activities at Glenburgh, doubling drilling capacity to four rigs to fast track
resource growth across multiple high priority targets.
"As we move into the next exciting chapter for the Company, I'd like to take this opportunity to
welcome our new shareholders to the register and thank our exiting holders for their continued
support."
Use of Funds
Proceeds from the Placement will enable Benz to accelerate exploration across its gold portfolio, with a
focus on its 100%-owned Glenburgh Gold Project in Western Australia — a new frontier gold district with
multi-million-ounce potential.
Funding will be applied towards:
Glenburgh Gold Project (WA):
Increasing drilling capacity to four rigs to accelerate testing of the emerging bulk-tonnage
gold system at the Icon deposit, the high-grade Zone 126 trend, and other priority targets.
Geological modelling, including detailed televiewer interpretation, to deliver a resource
model that honours Glenburgh's folded and metamorphosed geometry.
Progress towards an updated Mineral Resource Estimate once the majority of planned
drilling is complete, ensuring it reflects the full scale of the Project's potential.
Mt Egerton Gold Project (WA):
Exploration targeting high-grade near-surface mineralisation through RC drilling, mapping,
and geochemical surveys.
Eastmain Gold Mine (Quebec, Canada):
Scoping Study to assess early-stage technical and economic development options for the
high-grade resource.
General:
Working capital and corporate costs.
Placement Details
The Placement was undertaken at an issue price of A$0.985, being the closing share price on the ASX
on Friday, 8 August 2025.
The Company will issue 30,406,091 CDIs under its existing placement capacity under ASX Listing Rule
7.1 (
Tranche 1 Placement
).
A Director of the Company intends to subscribe for 50,762 CDIs (A$50,000) in the Placement (
Tranche
2 Placement
), subject to shareholder approval at a general meeting that will be held in due course.
It is anticipated that settlement of the Tranche 1 Placement will occur on Wednesday, 20 August 2025
and the CDIs will be allotted and commence trading on Thursday, 21 August 2025. The Tranche 2
Placement is expected to complete in early October 2025. The Placement CDIs will rank equally with
existing CDIs from the date of issue.
Euroz Hartleys Limited acted as Lead Manager to the Placement.
This announcement has been approved for release by the Board.
For more information please contact:
Mark Lynch-Staunton
Chief Executive Officer
Benz Mining Corp.
E:
T: +61 8 6143 6702
About Benz Mining Corp.
Benz Mining Corp. (TSXV: BZ) (ASX: BNZ) is a pure-play gold exploration company dual-listed on the
TSX Venture Exchange and Australian Securities Exchange. The Company owns the Eastmain Gold
Project in Quebec, and the recently acquired Glenburgh and Mt Egerton Gold Projects in Western
Australia.
Benz's key point of difference lies in its team's deep geological expertise and the use of advanced
geological techniques, particularly in high-metamorphic terrane exploration. The Company aims to
rapidly grow its global resource base and solidify its position as a leading gold explorer across two of
the world's most prolific gold regions.
The Glenburgh Gold Project features a Historical (for the purposes of NI 43-101) Mineral Resource
Estimate of 16.3Mt at 1.0 g/t Au (510,100 ounces of contained gold)
2
. A technical report prepared under
NI 43-101-
Standards of Disclosure for Mineral Projects
(
NI 43-101
) titled "NI 43-101 Technical Report
on the Glenburgh - Egerton Gold Project, Western Australia" with an effective date of 16 December
2024 has been filed with the TSX Venture Exchange and is available under the Company's profile at
www.sedarplus.ca
.
The Eastmain Gold Project in Quebec hosts a Mineral Resource Estimate dated effective May 24, 2023
and prepared in accordance with NI 43-101 and JORC (2012) of 1,005,000 ounces at 6.1g/t Au
3
, also
available under the Company's profile at
www.sedarplus.ca
, showcasing Benz's focus on high-grade,
high-margin assets in premier mining jurisdictions.
To view an enhanced version of this graphic, please visit:
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For more information, please visit:
https://benzmining.com/
.
Qualified Person's Statement (NI 43-101)
The disclosure of scientific or technical information in this news release is based on, and fairly
represents, information compiled by Mr Mark Lynch-Staunton, who is a Qualified Person as defined by
NI 43-101 and a Member of Australian Institute of Geoscientists (AIG) (Membership ID: 6918). Mr Lynch-
Staunton has reviewed and approved the technical information in this news release. Mr Lynch-Staunton
owns securities in Benz Mining Corp.
Historical Mineral Resource Estimates
All mineral resource estimates in respect of the Glenburgh Gold Project in this news release are
considered to be "historical estimates" as defined under NI 43-101. These historical estimates are not
considered to be current and are not being treated as such. These estimates have been prepared in
accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore
Reserves prepared by the Joint Ore Reserves Committee of the Australasian Institute of Mining and
Metallurgy, Australian Institute of Geoscientists and Minerals Council of Australia (JORC Code) and have
not been reported in accordance with NI 43-101. A qualified person (as defined in NI 43-101) (Qualified
Person) has not done sufficient work to classify the historical estimates as current mineral resources. A
Qualified Person would need to review and verify the scientific information and conduct an analysis and
reconciliation of historical data in order to verify the historical estimates as current mineral resources.
Forward-Looking Statements
Statements contained in this news release that are not historical facts are "forward-looking information"
or "forward-looking statements" (collectively
Forward-Looking Information
) as such term is used in
applicable Canadian securities laws. Forward-Looking Information includes, but is not limited to,
disclosure regarding the acquisition of the Glenburgh and Mt Egerton projects as well as certain
tenements adjacent thereto and the anticipated benefits thereof, planned exploration and related
activities on the Glenburgh and Mt Egerton projects. In certain cases, Forward-Looking Information can
be identified by the use of words and phrases or variations of such words and phrases or statements
such as "anticipates", "complete", "become", "expects", "next steps", "commitments" and "potential", in
relation to certain actions, events or results "could", "may", "will", "would", be achieved. In preparing the
Forward-Looking Information in this news release, the Company has applied several material
assumptions, including, but not limited to, that the tenements associate with the Glenburgh and Mt
Egerton projects that are still pending grant or undergoing the renewal process will be granted and/or
renewed, as applicable, in the timely manner and on reasonable terms, and all conditions precedent to
completion of the acquisitions will be satisfied, in a timely manner; the Company will be able to raise
additional capital as necessary; the current exploration, development, environmental and other
objectives concerning the Company's Projects (including Glenburgh and Mt Egerton) can be achieved;
and the continuity of the price of gold and other metals, economic and political conditions, and
operations.
Forward-looking information is subject to a variety of risks and uncertainties and other factors that could
cause plans, estimates and actual results to vary materially from those projected in such forward-looking
information. Factors that could cause the forward-looking information in this news release to change or
to be inaccurate include, but are not limited to, the risk that any of the assumptions referred to prove not
to be valid or reliable, that occurrences such as those referred to above are realized and result in delays,
or cessation in planned work, that the Company's financial condition and development plans change,
and delays in regulatory approval, as well as the other risks and uncertainties applicable to the Company
as set forth in the Company's continuous disclosure filings filed under the Company's profile at
www.sedarplus.ca
and
www.asx.com.au
. Accordingly, readers should not place undue reliance on
Forward-Looking Information. The Forward-looking information in this news release is based on plans,
expectations, and estimates of management at the date the information is provided and the Company
undertakes no obligation to update these forward-looking statements, other than as required by
applicable law.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS
THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS
RESPONSIBILITY FOR THE ACCURACY OR ADEQUACY OF THIS RELEASE.
1
Based on Benz's closing cash of A$10m as at 30 June 2025 and adjusted for gross Placement proceeds (excludes transaction costs).
2
Indicated: 13.5Mt at 1.0g/t Au for 430.7koz; Inferred: 2.8Mt at 0.9g/t Au for 79.4koz. See
Historical Mineral Resource Estimates
, below
3
Indicated: 1.3Mt at 9.0g/t Au for 384koz; Inferred: 3.8Mt at 5.1g/t Au for 621koz
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