24 August 2026 | Glenburgh Gold Project, Western Australia
Benz Mining has secured firm commitments for a A$150 million institutional placement to accelerate one of Australia’s largest planned gold exploration drilling programs at its Glenburgh Gold Project in Western Australia.
The company plans to issue 40.4 million new CHESS Depositary Interests at A$3.71 each. The issue price is equal to Benz’s closing price on 21 August 2026, with settlement expected on 28 August and allotment and trading scheduled for 31 August.
Fourteen rigs planned across 20 shifts
Most of the new funding is intended to support a 450,000-metre Glenburgh drilling campaign. Benz plans to add six rigs, taking the on-site fleet to 14 rigs operating across 20 shifts.
The expanded program will combine infill drilling intended to increase geological confidence with growth and extension drilling across the broader Glenburgh system. The immediate technical objective is a maiden Mineral Resource Estimate in the first half of 2027.
Glenburgh is Benz’s flagship project on the northern margin of the Yilgarn Craton. The company describes an approximately 80-kilometre district-scale mineralised corridor, but a Mineral Resource has not yet been declared for the project. Its published Exploration Target remains conceptual, and further work is required before any Mineral Resource can be estimated.
Funding also supports studies and approvals
Placement proceeds will also be used for geological modelling, assay analysis and interpretation, allowing results from the expanded campaign to feed into resource-definition work.
Benz intends to begin feasibility studies during the 2027 financial year. Field activities funded through the placement include drill-access preparation, heritage clearances, environmental approvals and related project costs, together with general working capital.
For the Western Australian exploration sector, a campaign of this scale points to sustained demand for drilling crews, geological and field teams, sample handling, laboratories, heritage and environmental services. Benz has not announced specific employment numbers, and the project remains at the exploration and resource-definition stage.
What happens next
Following settlement and allotment of the placement, Benz is expected to mobilise the additional rigs and continue the accelerated drill-out. Results will be incorporated into ongoing modelling and technical studies ahead of the targeted maiden resource.
The pace and outcome of the program will depend on drilling productivity, assay turnaround, geological interpretation and the company’s ability to complete its planned work safely and within approvals.
Source: Benz Mining Corp, “A$150M Placement to Accelerate Delivery of Glenburgh Maiden Resource”, 24 August 2026.