Rinehart-backed miner raising

Ballard Mining, the $351 million gold hopeful backed by Gina Rinehart’s Hancock Prospecting and Chris Ellison’s Mineral Resources, is rattling the tin for up to $60 million as listed players seek to restock balance sheets amid a historic rally in gold prices.

Argonaut Securities, mandated as sole lead manager and bookrunner, was asking fund managers to bid for $50 million worth of shares in Ballard Mining at 80¢ each or a 14 per cent discount to the last close. It had room to take another $10 million in oversubscriptions.

The proceeds would fund 220 kilometres of drilling at its camp scale target as well as early works including accommodation. The company’s Mount Ida project in Western Australia’s Goldfields was spun out of Delta Lithium last year after a strategic review that also considered a sale process.

Ballard’s share price has more than doubled since its ASX debut in July.

Delta retains 41.1 per cent of the company and is tied to a two-year escrow, while Hancock and MinRes own 5.1 per cent and 5.4 per cent each.