Hawke’s Point has participated in a subscription agreement with Eastern Goldfields Limited (“Eastern Goldfields”) as part of a wider institutional placement to raise a total of A$30.6 million.

Eastern Goldfields is a Western Australia-based gold developer that owns and operates the Davyhurst gold mine, along with the Mt Ida and Menzies development projects. Funds from the raise will allow for payment of trade creditors, additional exploration, ongoing resource development and feasibility studies, and general working capital.

Hawke’s Point believes the Eastern Goldfields’ district-scale tenements possess significant geological prospectivity, underpinned by favourable structural settings and mineralisation potential. Additionally, it believes that the presence of an operational processing facility offers a streamlined pathway to bring newly discovered deposits into production, reducing both time and capital requirements.