Zenith Minerals Limited has confirmed a fully underwritten entitlement offer designed to raise approximately A$3.5 million before costs. The company plans to offer new fully paid ordinary shares on a two-for-seven basis at an issue price of A$0.03 per share. Alongside each subscription of three new shares, investors will receive one free, unlisted option exercisable at A$0.077 until 31 July 2027. Notably, the issue price represents a discount of around 23.1% relative to the company’s last closing price and an 18.9% discount relative to the theoretical ex‐rights price, offering an attractive entry point for investors. The funds raised will support an aggressive exploration campaign at the newly consolidated Dulcie Gold Project in Western Australia as well as a targeted deep diamond drilling program at the Red Mountain Gold Project in Queensland. Zenith aims to undertake a drilling campaign between 9,000 and 12,000 meters to expand its existing JORC Inferred Mineral Resource Estimate on the Dulcie project. The company’s recent acquisition of additional subsurface rights––adding 3km of prospective strike immediately south of its current resource area––further enhances the potential for near-term expansion of gold resources. This strategic move is underpinned by previous high-grade drilling results that included standout intercepts such as 32 meters at 9.4 g/t gold. Board and management support for the capital raising is considerable, with sub-underwriting commitments from the Managing Director and non-executive directors, along with interest from other directors who plan to participate. This broad-based backing reflects confidence in the exploration targets, including continued testing at the Dulcie Gold Project and follow-up deep diamond drilling at Red Mountain aimed at evaluating a potential intrusion-related gold system and copper porphyry-style mineralisation. In addition, the plan includes a performance rights package for the board and management, which vests based on key milestones such as delineating a JORC Indicated Mineral Resource with significant gold ounces and achieving market capitalisation thresholds. The market reaction may be mixed. From a bullish perspective, the robust capital raising at a discounted share price coupled with the strengthened asset base through strategic acquisitions positions Zenith Minerals Limited to accelerate exploration and resource growth. The planned extensive drilling program, strong board backing, and clear milestones for value creation enhance the potential for near-term production and subsequent share price appreciation for investors. Conversely, a bearish outlook may focus on the inherent exploration risks associated with drilling campaigns where outcomes may not meet expectations. Delays or underperformance in resource delineation could impact projected timelines and investor sentiment, especially given the technical challenges of expanding a JORC Inferred Resource Estimate. Overall, while the new capital injection and exploration activities offer promising upside, investors will be watching closely for the execution of these high-priority targets in the months ahead.