Shares of De Grey Mining (ASX: DEG) have risen by as much as 5.23% to AU$1.15 apiece on Friday, marking their highest level since 7 June 2024. This surge comes on the back of positive news regarding the company's Hemi Gold Project in Western Australia.
Secured Funding for Hemi Gold Project
De Grey Mining announced that it has secured credit approvals for the Hemi Gold Project. The proposed AU$1.0 billion (approximately $664.90 million) senior debt facility, provided by a syndicate of banks, along with the company's existing cash reserves, is expected to fully fund the development costs of the project. This crucial funding milestone has been well-received by investors, reflecting confidence in the project's potential and De Grey Mining's future prospects.
Top Performer on the S&P/ASX 200
With this announcement, De Grey Mining has emerged as one of the top gainers on the benchmark S&P/ASX 200 index (INDEXASX: XJO). The stock's performance is particularly noteworthy given the broader market context and the company's previous challenges this year.
Year-to-Date Performance
Despite the recent surge, De Grey Mining's stock had fallen by 11.9% year-to-date as of the last close. The latest developments and the secured funding are likely to boost investor sentiment and support the company's recovery and growth moving forward.