Southern Cross Gold Secures $162M to Fast-Track Sunday Creek

About Southern Cross Gold Consolidated Limited

Southern Cross Gold Consolidated Ltd (ASX: SX2) is an Australian gold and antimony exploration company focused on its flagship high-grade Sunday Creek Project in Victoria. The company targets structurally controlled, multi-element mineral systems and plays a critical role in supporting Western access to antimony — a mineral classified as strategically essential for defence and energy. Backed by institutional capital and advanced exploration infrastructure, SX2 is advancing towards resource definition and early development planning with an aim to become a tier-one critical metals producer.

Fully Funded Growth Strategy Sets Sunday Creek on Development Path

Southern Cross Gold’s announcement of a successful A$162 million capital raising marks a pivotal step in transitioning the Sunday Creek Project from exploration into pre-development. The funds will support an aggressive work program over the next three years, including over 200 kilometres of additional drilling, the construction of a one-kilometre decline, and completion of a Preliminary Economic Assessment (PEA). This level of funding, particularly in the current market environment, signals strong institutional confidence in the asset’s potential scale and grade.

The placement was structured as a private offering, priced at a modest discount of around 8.9% to SX2’s last traded share price. Despite the discount, the offer was heavily oversubscribed by leading institutional investors from Australia, Canada, and Europe — a rare outcome for a pre-resource explorer. According to CEO Michael Hudson, the raise ensures that SX2 is now fully funded to execute its entire three-year growth plan without the need for further near-term capital.

Sunday Creek has attracted attention for its combination of high-grade gold and antimony, the latter of which is considered a critical mineral due to its strategic importance in defence and energy systems. The project is particularly significant as Western countries seek to diversify supply chains away from Chinese antimony dominance. Drilling to date has revealed multiple high-grade intercepts, and the upcoming underground development will allow more precise resource delineation and structural modelling.

In essence, this placement transforms Southern Cross Gold from an ambitious explorer into a funded, pre-development company with a clear operational runway. The company’s ability to raise a large amount of capital in a challenging market context further validates its project quality and long-term potential. Investors will closely watch for upcoming drill results and PEA milestones as catalysts for potential rerating.

Strategic Mineral Positioning and Institutional Endorsement

Southern Cross Gold is increasingly seen as a dual-opportunity investment — offering both high-grade gold exposure and a critical mineral narrative through antimony. With geopolitical concerns surrounding supply chain security and Western efforts to localise the production of strategic materials, SX2’s antimony potential has elevated its profile beyond traditional exploration circles. The Sunday Creek Project is one of the only known high-grade antimony systems in a Western jurisdiction with scalable development upside.

The A$162 million placement aligns the company with institutional capital that recognises both the market value of gold in a volatile macroeconomic environment and the strategic value of antimony. With a market cap of $1.24 billion and an ASX rank of 408, SX2 is gaining attention as a growth-focused, early-stage developer that has successfully graduated from speculative explorer to a more defined critical mineral opportunity.

SX2 has also benefited from an unusually broad base of capital markets support. The funding was secured not only from Australian investors, but also from Canadian institutions familiar with mining equity and European funds targeting ESG-compliant, low-carbon resource exposure. This level of institutional validation is uncommon for an ASX explorer that has not yet published a maiden resource estimate, but it reflects the uniqueness of Sunday Creek’s grade profile and commodity mix.

Looking forward, the next catalysts will include updates from ongoing surface and underground drilling, early progress on decline development, and the eventual publication of a PEA. These will give the market better visibility on project economics and timelines. Given the full funding runway now in place, SX2 is in a strong position to de-risk the project technically and geologically, while preserving shareholder value without near-term dilution.