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IPO Watch
Two new companies made their debut on the ASX today — Revolver Resources (ASX:RRR) and Iris Metals (ASX:IR1).
Following its $12,724,526.60 initial public offering, Revolver Resources listed today through the issue of 63,622,633 shares at an issue price of $0.20 per share.
The mineral exploration company is focused on two fully-owned advanced copper projects in Queensland’s premier polymetallic provinces – the Dianne Project, which is a near-term production prospect northwest of Cairns; and Osprey, which consists of six exploration permits north of Mt Isa.
Managing director Pat Williams said the listing marked a significant milestone for the management team and benefits the overall growth plans as copper becomes an in-demand commodity due to the world’s increasing electrification.
“World markets need new copper supply and demand is forecast to grow up to 600 percent, so we have come to the market to fast-track the development of our copper projects in North Queensland,” Williams said.
At Osprey, the company said it has established an exploration program for the next two years with phases of diamond drilling, further geophysical EM and IP surveys while the company aims to begin resource drilling at Dianne in preparation of a maiden JORC resource.
Historically, Dianne has produced 63,578 tonnes of high-grade copper ore with an average grade of 22.7% copper.
RRR shares commenced trading at 23c for an IPO gain of around 15%.
Iris Metals commenced ASX trading at 12:00 PM (AEST) after completing a $7 million IPO.
The offer was corner-stoned by an entity associated with resource entrepreneur and investor, Levi Mochkin.
The company is now well-positioned to begin system exploration programs at both its Kookynie and Leonora tenements, it said.
Initial focus will begin on the Kookynie gold field, which IR1 said has a history of bonanza grade intersections.
“Recent exploration success by our neighbours has confirmed the belief that the ‘old timers’ have left many opportunities behind,” the company said.
“We note that there has been very little drilling and exploration work on our leases since the 1990’s and the historical drilling is rarely below 50 metres.”
Projects are in close proximity to highly successful regional neighbours, including Genesis Minerals Limited (ASX:GMD) Carnavale Resources Limited (ASX:CAV) and Metalicity Limited (ASX:MCT) in Kookynie and Kin Mining NL (ASX:KIN) in Leonora.
Iris said exploration programs are set to begin within days to test reverse circulation (RC) drill-ready targets.
Managing director Tal Paneth said the uniqueness of the Kookynie gold camp required an innovative approach to doing business.
“From the outset, it was our intention to forge strong bonds with the prospectors from which the Iris tenure was acquired.
“We have, and will continue to, value their local knowledge and consider them an invaluable asset to IRIS.
“This, in turn, we believe gives IRIS an enormous advantage in helping unlock the potential at Kookynie.”
IR1 shares commenced trading at 21c for an IPO gain of 5%.
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