Billionaire ups his Pilbara gold stake
Canadian billionaire investor Eric Sprott has lifted his exposure to the Pilbara conglomerate gold story with a $5 million investment in Kairos Minerals.
Sprott Capital Management will make the investment in the aspiring Pilbara gold player as part of a broader $7 million placement announced by Kairos, priced at a discounted 5.5¢ a share.
Sprott already holds a 9.1 per cent stake in Canada’s Novo Resources, which is heavily invested in the Pilbara region with a 12,000sqkm footprint of its own, as well as a joint venture with Artemis Resources over its Purdy’s Reward project south of Karratha.
Separately, the Sprott-chaired Kirkland Lake Gold recently boosted its stake in Novo to 18.2 per cent, courtesy of a $56 million investment and also flagged a $5 million investment in De Grey Mining, which holds tenements adjacent to Purdy’s Reward.
Kairos executive chairman Terry Topping described the Sprott investment as a watershed moment for the company which confirmed its position at the forefront of the new Pilbara gold rush.