Star Gold Corp. (OTC: SRGZ) completed a non‑brokered private placement of 91.95 million units at $0.04 per unit, raising gross proceeds of $3.68 million. Each unit consists of one share of common stock and a non‑transferable warrant that allows the holder to purchase half a share at $0.08 within 12 months. Insider participation accounted for 15.7 % of the placement, amounting to $578,231, and included the CEO, a board director, and the CFO.
The proceeds will be directed toward drilling and technical work required for an Environmental Impact Statement, as well as general working capital for the Longstreet gold‑silver project in Nye County, Nevada. The company’s current ratio of 0.05 indicates a short‑term liquidity gap, making the capital raise essential to maintain operations and advance the project schedule.
Longstreet is an advanced‑stage open‑pit heap‑leach project that has recently submitted a Plan of Operations to the U.S. Forest Service. The latest SK‑1300 technical report, completed in December 2025, estimates more than 213,000 gold‑equivalent ounces of resources. The financing is a critical step toward moving the project toward permitting and a potential production timeline of roughly two years.
"This financing allows Star Gold to accelerate the studies and permitting required for the Longstreet project, which has over 213,000 gold‑equivalent ounces of resources based on the latest SK‑1300 technical report completed in December 2025," said CEO Lindsay Gorrill. "The proceeds will help us advance the permitting and technical work required for an Environmental Impact Statement and provide working capital for the project." "I have been on the property and with their open‑pit, heap‑leach gold and silver project in Nevada’s prolific Walker Lane district, Star Gold represents a compelling value opportunity in the junior mining space in terms of both existing resources and exploration potential. I am pleased to participate in this private placement and support the Company’s development and exploration efforts," added Bob Moriarty, founder of 321gold.com.
Prior to this raise, Star Gold had completed a $1.08 million private placement in October 2017 and announced the acquisition of Scossa Mine and Kinkaid Properties in February 2025. The new capital injection strengthens the company’s balance sheet and positions it to capitalize on the resource potential of Longstreet while maintaining the flexibility to pursue additional exploration opportunities.
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