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G50 Corp (OTCQB: GFTYF) has secured A$10.0 million through an oversubscribed placement to Australian institutions at A$0.25 per share, representing a 10.4% discount to the 5-day VWAP. The funding will support extensive drilling and testwork at the company's Golconda Gold-Silver-Zinc Project in Arizona.
The company plans to commence core drilling in September, followed by RC drilling, with a focus on gallium mineralization previously confirmed along one kilometer of Golconda patented claims. The funds will support metallurgical testing, development of a maiden Mineral Resource Estimate (MRE), and initial permitting work.
Notably, the project's gallium component has strategic importance as China currently controls 100% of gallium supply and has banned its export to the U.S., where it's critical for defense products and data center power demands.
