Dateline boss throws $1M cash at US gold-rare earths play
After exercising more than 53 million options, Baghdadi's new investment has lifted his stake in Dateline to a hefty 396.9 million shares and gives the boss a commanding 12.85 per cent slice of the company. It also injects immediate capital into the company's exploration war chest.
Including the new cash and commitments from additional option exercisers, the company's bank balance has swelled to almost $9 million - a sizable wad of money for a junior explorer with a single, high-impact asset.
'Exercising these options was an easy decision because I have great confidence in Dateline's long-term future.'
Dateline Resources managing director Stephen Baghdadi
As the company gears up to chase gold and critical minerals at the previously producing Colosseum gold mine in the Walker Lane trend, one of America's most mineral-rich corridors, Baghdadi's cash splash suggests he sees serious upside on the horizon.
Dateline Resources managing director Stephen Baghdadi said: 'Exercising these options was an easy decision because I have great confidence in Dateline's long-term future. Our project is a high-quality asset with tremendous upside. Increasing my stake in the company underscores my commitment to our long-term vision and growth.'
Colosseum currently hosts a JORC-compliant resource of 1.1 million ounces of gold at a healthy 1.26 grams per tonne (g/t). With mining studies already underway, the project is shaping up as a potential company-maker. More than two-thirds of the resource sits in the measured and indicated categories, offering a solid foundation for development.
Last month, Dateline upped its gold price assumption for the project from US$2200 to US$2900 (A$4450) per ounce as part of its ongoing bankable feasibility study. The change lifted Colosseum's net present value by 134 per cent to US$550 million (A$850M) and almost halved the payback timeline from three years to an impressive 17 months.
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