ASX:KGL

Bell Potter Starts KGL Resources at Speculative Buy

KGL Resources Completes AU$120 Million Entitlement Offer; Shares Up 7%

KGL Resources (ASX:KGL) completed its 1 for 1.29 non-renounceable entitlement offer, raising around AU$120 million before costs through the issue of new fully paid ordinary shares at AU$0.20 each, according to a Friday filing with the Australian bourse.The offer attracted applications for about 333 million shares valued at AU$66.6 million, while the remaining 264.6 million shortfall shares will be issued pursuant to the underwriting arrangement, per the filing.KMP Investments, the company's largest shareholder, will be allocated roughly 41 million shortfall shares, lifting its ownership stake in the company to 36.2%, the filing said.The entitlement offer was conducted alongside a conditional placement of about AU$180 million, pending shareholder approval, with the combined equity raising expected to generate total proceeds of around AU$300 million.New shares under the entitlement offer are expected to be issued on July 28 and begin trading on a normal settlement basis from July 29, the filing added.The company's shares rose 7% in recent Friday trade.

KGL Resources Launches AU$300 Million Equity Raise

KGL Resources (ASX:KGL) launched a AU$300 million equity raising at AU$0.20 per share to complete the funding package for the Jervois project in the Northern Territory, according to a Thursday filing with the Australian bourse.The equity raising includes an institutional placement of AU$180 million through the issue of roughly 902 million new shares, subject to shareholder approval, the filing said.It also includes a 1-for-1.29 pro rata non-renounceable entitlement offer of AU$120 million through the issue of about 598 million new shares to eligible shareholders, per the filing.

KGL Resources Receives $16 Million First Tranche Payment Under Wheaton Precious Metals Agreement; Shares Up 11%

KGL Resources (ASX:KGL) received payment of the first tranche of $16 million under a precious metals purchase agreement with Wheaton Precious Metals, comprising upfront consideration of $275 million and an additional contingent deposit of $25 million under a cost overrun facility, according to a Thursday Australian bourse filing.The company said it had a cash balance of about AU$5.5 million as of May 31, with available cash of about AU$28 million following receipt of the first tranche of the early deposit, the filing added.The company's shares rose past 11% in recent Thursday trade.

KGL Resources' Baseline Model for Northern Territory Project Confirms 'Attractive Economics'

KGL Resources' (ASX:KGL) baseline economic model for its Jervois copper-silver-gold project in the Northern Territory confirmed "attractive economics" and offered a basis for project financing and the start of development, according to a Friday filing with the Australian bourse.Results of the baseline economic model show a pre-tax net present value of about AU$1.23 billion, a pre-tax internal rate of return of 37%, and an average steady state operating cash flow of AU$260 million per year, according to the filing.Additionally, the project's construction capital cost estimate is AU$439 million, and its additional mining and sustaining capital forecast is AU$290 million, which would be funded from cash flow generated during operations, the company said.Shares of KGL Resources were down 2% in recent Friday trade.