De Grey Mining

A$125m placement

October 2021

On 20 October 2021 De Grey Mining Limited (“De Grey”) announced a fully underwritten A$125 million placement (“Placement”).

The net proceeds from the Placement will be applied to completion of the Mallina Gold Project prefeasibility study for release H2 2022, resource extension drilling at Hemi and Regional deposits, resource definition and exploration drilling, operations support and pre-development capital expenditure items as well as corporate costs and general working capital.

The Placement was priced at $1.10 per share, representing a discount of 9% to the last closing price and an 8% discount to the 11-day VWAP since De Grey’s Mallina Gold Project Scoping Study was released to the ASX (“Scoping Study”). The Scoping Study confirmed average annual production for De Grey’s Mallina God Project of 427koz over 10 years and a pre-tax NPV 5% of $2.8b.

Azure acted as corporate adviser to De Grey on the Placement, including providing structuring and strategic advice, assisting with preparation of De Grey’s disclosure materials, and assisting with appointment of the joint lead managers and underwriters of the Placement, Canaccord Genuity (Australia) Limited and Argonaut PCF Limited.