• Raised $2.5 million via a placement at $0.32 per share
• Placement strongly supported by existing and new investors
• Funds to progress development at Challenger Gold Mine and for general working capital

Great Divide Mining Ltd (ASX: GDM) has received binding commitments to raise approximately $2.5 million (before costs) in a placement of new fully paid ordinary shares to institutional, sophisticated and professional investors. The placement was strongly supported by both existing and new investors, with several new institutional, sophisticated and professional investors joining the register. Proceeds from the placement will be used to progress development at the 100% owned Challenger Gold Mine, fund a mining lease application and preparation for ore movements at the Yellowjack Project, mine planning, metallurgy and mine lease application for the Coonambula Project, and to progress the Devil's Mountain and Cape Projects towards 'drill ready' status. The remaining funds will be used for general working capital purposes. The new shares will be issued at $0.32 per share, representing a 23.8% discount to the last closing price, a 12.5% discount to the 5-day VWAP, and a 6.9% discount to the 15-day VWAP. The company's CEO, Justin Haines, commented that the successful completion of the capital raising will enable GDM to maintain momentum at the Challenger Gold Mine while strengthening the balance sheet as the company moves through an important phase of development to first commercial gold concentrate sales.

The company expects to use $1.2 million of the placement proceeds to progress development of the Challenger Gold Mine into production during the 2026 financial year.

The company intends to continue realising the upside value across its project portfolio, including progressing a Mining Lease application at Yellow Jack and following through on the excellent Antimony and Gold results achieved at Coonambula.