IPO Watch: Meet the 2 new resources listings which hit the ASX today
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Both companies hit the bourse today and had mixed performances. While QMines shares slightly retreated, Global Lithium gained over 40 per cent.
Global Lithium Resources (ASX:GL1) is a lithium play focused on the Pilbara region near the town of Marble Bar with its project named after the town as well as its Archer deposit.
The company has achieved exploration success to date at Archer, declaring a maiden JORC Inferred Mineral Resource of 10.5Mt at 1 per cent lithium. It wants to grow Archer as well as explore the broader Marble Bar Project area.
Global Lithium told shareholders today it would be open to acquisition opportunities which may represent a strategic fit.
Warrick Hazeldine, chair of the company, says it was an exciting day and looked forward to creating shareholder value.
“After two years of successful exploration activities, this is a great time to be in the lithium industry and Global Lithium is one of a handful of opportunities for investors to gain exposure to lithium via the ASX,” he said.
QMines (ASX:QML) on the other hand is a Queensland focused copper play and copper is also having a hot year with spot prices at decade-highs and tipped to only go higher.
This company has four copper-gold projects in Queensland, one of which is the high-grade historic Mt Chalmers gold mine.
QMines has an initial JORC Resource of 3.9 million tonnes at 1.15 per cent copper, 0.81g/t gold and 8.4g/t silver at Mt Chalmers alone.
The company is expecting assay results from its maiden diamond drilling program at Mt Chalmers by the end of this quarter.
Chairman Andrew Sparke also said his company’s listing day was an exciting one.
“We are excited to be able to bring this homegrown copper and gold story to [the] ASX,” he declared.
“We look forward to updating you very shortly with some exciting drill results and a number of other planned initiatives.”
At Stockhead we tell it like it is. While QMines is a Stockhead advertiser, it did not sponsor this article.