Rafex Gold Corp. (RAFX) filed a Form S-1 to register 22,667,672 shares of common stock for resale by existing shareholders at an indicated price of $0.25 per share, for a maximum aggregate offering of $5,666,918; Rafex will not receive any proceeds from these sales.
The company is an exploration-stage gold and iron ore developer with projects in Australia (Bendoc, Mt Bute/Ballarat, Rutherglenn) and a 50% economic interest in the Aur Gading iron ore project in Malaysia, where commercial production is targeted in Q3 2026. As of September 10, 2026, 63,711,675 shares of common stock were outstanding and 100,000 high-vote Series A preferred shares give insiders majority voting control. Rafex is an emerging growth company, has not established mineral resources or reserves under Subpart 1300 of Regulation S‑K, has no production history, and discloses significant risks, including going‑concern dependence on external financing (primarily from director Robert Francis Davies), commodity price volatility, operational and regulatory risks in Malaysia, and the likelihood of the stock continuing to trade as a low-liquidity penny stock.