Peregrine Gold Secures $2.25M to Drill Pilbara Gold and Iron Ore Targets
Key Takeaways
- Peregrine Gold (ASX: PGD) has secured firm commitments for a $2.25 million placement at $0.135 per share, representing an 18.2% discount to the last traded price of $0.165.
- The raise was cornerstoned by Yandal Investments (Mark Creasy) and Lion Selection Group (ASX: LSX), two of Western Australia's most credible junior exploration backers.
- Proceeds are directed at maiden drilling at the Coopers and Carneys CID Iron Ore Prospects, follow-up drilling and bulk sampling at the Newman Gold Project, and first-pass planning at the Mallina Gold Project.
- Placement participants receive one free-attaching listed option (ASX: PGDO) for every two shares subscribed, exercisable at $0.25 on or before 13 December 2027.
- An expanded bulk sampling programme at the Capricorn Prospect and exploration ramp-up at the Peninsula Prospect are among the near-term catalysts expected through the remainder of 2026.
$2.25M secured to drill Peregrine’s Pilbara gold and iron ore portfolio
Peregrine Gold (ASX: PGD) has received firm commitments to raise $2.25 million (before costs) via a placement at $0.135 per share, with proceeds directed at advancing exploration across its 100%-owned Newman Gold and Iron Ore Project and the Mallina Gold Project, both located in the Pilbara region of Western Australia.
The placement was cornerstoned by Yandal Investments Pty Ltd (Mark Creasy), Lion Selection Group (ASX: LSX), and Peregrine Directors Anees Sabet and George Merhi, alongside other sophisticated and institutional investors. Settlement is expected on 8 October 2026, with new shares and attaching options commencing trading on 9 October 2026.
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Placement structure and key terms
The key mechanics of the placement are as follows:
- 16,666,667 new fully paid ordinary shares issued at $0.135 per share
- 8,333,335 free-attaching listed options (ASX: PGDO), issued on the basis of one option for every two shares subscribed
- Each option is exercisable at $0.25 on or before 13 December 2027
- Issue price represents an 18.2% discount to the last traded price of $0.165 on 29 September 2026, and a 17.4% discount to the 15-day VWAP of $0.164
- Remaining 14,974,688 shares and 7,487,345 options issued under ASX Listing Rules 7.1 and 7.1A
- Discovery Capital Partners Pty Ltd acted as Lead Manager, receiving a 6% fee on gross proceeds raised; subject to shareholder approval at the 2026 AGM, Discovery is also proposed to receive 2,500,000 options exercisable at $0.2025, expiring 3 years from placement completion, for a subscription price of 0.0001c each
Director participation (Anees Sabet and George Merhi) comprises 1,691,979 New Shares (approximately $228,417) and 845,990 attaching options, subject to shareholder approval at the AGM scheduled for 27 November 2026.
| Detail | Figure |
|---|---|
| Shares issued | 16,666,667 new fully paid ordinary shares |
| Attaching options (ASX: PGDO) | 8,333,335 (1 for every 2 shares subscribed) |
| Issue price | $0.135 per share |
| Discount to last traded price | 18.2% (last price: $0.165 on 29 September 2026) |
| Options exercise price | $0.25, on or before 13 December 2027 |
Where the money goes — drilling targets and exploration pipeline
The placement proceeds are earmarked for four areas of activity:
- Maiden drilling at the Coopers and Carneys CID Iron Ore Prospects (subject to heritage and Programme of Work approvals)
- Follow-up drilling and bulk sampling at the Newman Gold Project
- Target generation and first-pass drilling planning at the Mallina Gold Project
- Offer costs and general working capital
Together with existing cash reserves, the company stated it is well positioned to deliver exploration across its WA gold and iron ore portfolio. Investors should watch for strong newsflow through the remainder of 2026, including an expanded bulk sampling programme at the Capricorn Prospect and a ramp-up in exploration activity at the Peninsula Prospect under the SPL Agreement with Mark Creasy (refer: announcement dated 25 March 2025).
The Newman Gold Project has already produced encouraging results ahead of this funded programme, with Tin Can discovery results from earlier in 2026 confirming the grade and continuity that now supports the planned bulk sampling expansion at the Capricorn Prospect.
George Merhi, Technical Director
“The Placement positions Peregrine to enter an exciting period of exploration across both our iron ore and gold portfolio. With a strong pipeline of drilling and exploration activities planned through the remainder of 2026, we look forward to deploying these funds into the ground in the pursuit of bona fide discoveries…”
Why cornerstone backing matters in junior exploration
In a small-cap placement, a cornerstone investor is one who commits a significant portion of the raise, typically before broader marketing begins. Their participation signals conviction in the company’s strategy beyond what retail participation alone would reflect, and it tends to attract other quality investors into the register.
Mark Creasy, investing through Yandal Investments, is one of the most prominent private prospectors and investors in Western Australian mineral exploration, with a long track record of backing early-stage discoveries in the region. Lion Selection Group (ASX: LSX) is a resource-focused institutional investor with a history of targeting junior explorers with quality assets.
Their repeated involvement here is a meaningful quality-of-register signal. The free-attaching options (ASX: PGDO) add another dimension for placement participants: if Peregrine’s exploration delivers results, options exercisable at $0.25 by 13 December 2027 provide additional upside leverage beyond the shares themselves.
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What to watch from here
Near-term catalysts for investors to monitor include:
- Maiden drilling at the Coopers and Carneys CID Prospects (pending heritage and Programme of Work approvals)
- Expanded bulk sampling programme at the Capricorn Prospect
- Exploration ramp-up at the Peninsula Prospect under the SPL Agreement
- First-pass drilling planning at the Mallina Gold Project
- AGM on 27 November 2026, where Director participation in the placement and Lead Manager options will be put to shareholder vote
The placement strengthens Peregrine’s register heading into what management has described as an active exploration period. With multiple programmes planned across both gold and iron ore assets in the Pilbara, the remainder of 2026 is shaping up as a newsflow-rich period for the company.
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