Shares in Richmond Hill (RHR ) rose a handy 12.5% in early trade after the company raised £600,000 through a placing of just over 23 million at a 2.6p, a considerable premium.
Separately, the company has also entered into a sale and purchase agreement with Ulvestone Ltd with respect to the Martello gold project in Canada, under terms previously outlined in a December announcement.
The net proceeds of the placing will be used to provide funding to progress Martello. Richmond Hill will shortly make a payment to the vendor of £100,000 in cash, and work has commenced on historic data compilation. Digitisation is ongoing to define high-priority drill targets for a maiden drill programme.
The database compilation will be completed shortly.
In addition, Richmond Hill is exploring the implementation of a facility to enable retail investors to participate in a future equity fundraise.
"The board is delighted to have successfully raised funds at a premium to the prevailing share price on 27 January 2026,” said Hamish Harris, chief executive of Richmond Hill.
“With gold trading above US$5,000 per ounce at the time of this announcement and Richmond Hill is poised to commence drilling in the near term, we are excited about the significant momentum the company has achieved in such a short period since listing. This fundraise positions us strongly to unlock value for shareholders as we advance our exploration programme."
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Richmond’s share price has more than doubled since December, and may yet deliver more gains as the year continues and more progress is made with the portfolio of assets, including Martello. With commodities prices running hot, and Richmond demonstrating clear appetite to transact and also get down to work on the ground, investors will have plenty to get their teeth into in the coming months.