CAPITAL MARKETS

Osino funded to fast-track Twin Hills

Namibia-focused explorer Osino Resources has closed an over-subscribed offering at C$1.10 per unit, raising $17.7 million (US$13 million) to advance its flagship Karibib gold project as it looks to repeat its Otjikoto success.

Staff reporter
 Osino Resources has resumed drilling at Karibib’s Twin Hills in Namibia

Osino Resources has resumed drilling at Karibib’s Twin Hills in Namibia

"This financing is a very important milestone that substantially de-risks the company and allows us to further expand all of our activities with a view to fast-tracking the timeline to maiden resource, PEA and further project development of the Twin Hills area of the Karibib gold project," CEO Heye Daun said.

Osino has described Twin Hills as a grassroots discovery in an old gold district, where it had reported its "best intersection yet" of 92m at 1.4g/t gold in January. 

Its founders are looking to repeat past success in Namibia, having founded Auryx Gold and advanced the Otjikoto project before selling the company to B2Gold, which expects the mine to produce 165,000-175,000 ounces of gold this year.

Osino had resumed a fully-funded 20,000m drilling programme at Twin Hills in May. Drilling had paused in March after one week due to COVID-19 precautions.

Assays announced in May from the first four holes of the 2020 programme at Twin Hills Central included 150m at 0.98g/t from 23m.

The company said it had blue-chip financial backing in a June presentation, referring to Ross Beaty, founders, "various institutions" and high net worth individuals.

It said yesterday a director had purchased an aggregate of 18,000 units in the offering.

"We are also very pleased to have been able to further diversify and strengthen our shareholder base by attracting a range of highly reputable, long-term institutional investors who share our vision of making further discoveries whilst rapidly growing and advancing Osino's existing Namibian projects," Daun said.

Osino shares (TSXV: OSI) have risen from 35c a year ago to a high of $1.43 last week.

They closed down 1.7% yesterday to $1.13 to capitalise it at $97 million (US$71 million).

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.

editions

Mining Journal Intelligence Mining Equities Report 2023

Access an exclusive, inside look on the quarterly mining IPOs and secondary raisings data and mining equities performance tables with an annual Stock Exchange Comparisons supplement.

editions

Mining Journal Intelligence World Risk Report 2023 (feat. MineHutte ratings)

A detailed analysis of mining investment risks across 121 jurisdictions globally, built on 11 ‘hard risk’ metrics and an industrywide survey.

editions

Mining Journal Intelligence Global Leadership Report 2023: Social licence

Gain insights into social licence trends and best practices from interviews with 20+ top mining company executives and an industrywide survey.