IPO Wrap: Fresh listees this year are flat at best, so what does Q2 have in store?
Link copied to
Not only has 2023 turned out to have slim pickings on the IPO front, but those that have listed this year are looking pretty flaccid.
Out of January and February’s listings, only one is holding steady – and by steady we mean at its listing price – and that’s High-Tech Metals (ASX:HTM).
The company listed on the 23rd of January after IPOing at $5.5m at $0.20 per share, briefly hitting $0.215 that day, and is back trading at $0.20 today.
HTM has acquired the Werner Lake Cobalt Project in northwestern Ontario, within the Kenora Mining District and last month appointed experienced geologist Toby Hughes and engaged APEX Geoscience to conduct a review and recommend the next stage of exploration for the project.
The review is expected to reinterpret both historical drilling and mining data, modelling of the historic mine workings, and past exploration programs on the project.
HTM is then aiming to establish new drill targets using electromagnetic techniques to consider targets outside of the existing orebody, after which an RC and/or diamond drilling program will be conducted.
Dynamic Metals is the successful spin-off from Jindalee Resources (ASX:JRL) and raised its maximum subscription of $7m in its IPO at $0.20 per share, listing on the 16th of January.
The company is currently down 10% since listing, trading at $0.18 per share.
They wasted no time getting exploration up and running at the Widgiemooltha lithium-nickel-gold project, reporting thick high-grade nickel in three holes earlier this month, including 15m at 1.86% Ni from 27m downhole, including 6m at 2.4% Ni.
It’s the first of four fully permitted drill programs expected to be completed at Widgiemooltha during the first half of 2023.
Widgiemooltha covers an extensive area of approximately 880km2 extending between Norseman and Kambalda – a region well known for its numerous nickel and gold mines, but more recently has emerged in significance for its lithium mineralisation and prospectivity.
DYM also holds the Lake Percy Lithium-Nickel Project and the Deep Well Nickel-Copper-PGE Project and has a regional air core (AC) program currently underway at Lake Percy.
SQX listed on the 20th of February after IPOing at $5m at $0.20, but it’s currently training down 35%, at $0.13.
The current focus is on copper and gold mineralisation at its Ollenburgs and Scrub Paddock Prospects, in the underexplored Esk Basin in southeast Queensland and situated near major regional infrastructure and population centres.
Scrub Paddock has been identified as a potential gold-copper porphyry, and features more than 20 mine workings and an area of comparable scale to Cadia/Ridgeway.
The company intends to drill high priority targets immediately upon listing, with the aim of defining an economic mineral resource.
Listing: 29 March
IPO: $8m at $0.25
The critical metals company has projects in Canada and Western Australia which are prospective for nickel, copper, PGE and lithium.
In Canada, projects include the William Lake nickel project and Jenpeg lithium project in Manitoba and the Ignace lithium project in Ontario.
William Lake is the flagship, located in the world-class Thompson Nickel Belt and includes historic results of 17.09m at 1.48% nickel and 12.7m at 1.86% nickel.
In Western Australia, the company holds lithium and REE projects near Marble Bar and in the Gascoyne where reconnaissance work is under way.
Listing: 13 April
IPO: $15m at $0.20
Ashby is focused on developing a gold production business in the Charters Towers region in Northern Queensland, and has secured rights to a land package covering over 600km2 which contains historical mines, mineral resources, and a gold processing plant.
The 340Ktpa Blackjack Processing Plant is a conventional Carbon in Pulp (CIP) plant and is located 15 minutes from Charters Towers.
The Far Fanning gold project lies on a permitted Mining Lease with historical production of 47,200oz gold from 664,000t of ore at average 2.2g/t gold. The main historical open pit is only 30m deep and last operated in 2005.
The JORC (2012) resource was updated in 2021 to 2.55Mt at 1.8g/t for 147,000oz gold.
The company is presently undertaking programs to improve the confidence in the Far Fanning resource estimate through verification and infill drilling which will support a further resource update, feasibility study and commencement of mining operations.
Listing: 10 May
IPO: $5m at $0.20
This explorer has a suite of green metal projects (either owned or optioned) including lithium, PGEs, nickel, vanadium and uranium in the attractive mining jurisdiction of Western Australia.
The Coats PGE, nickel, copper and vanadium project is 20km SSE of Chalice Mining’s (ASX:CHN) Julimar project and the Lake Johnston lithium and nickel project is close to Wesfarmers (ASX:WES) and SQM’s Mount Holland Lithium Mine and the historic Maggie Hays/Emily Ann Nickel deposits held by Poseidon Nickel (ASX:POS).
Then there’s the Nowthanna uranium-vandium project which is adjacent to Toro Energy’s (ASX:TOE) Nowthanna project.
Listing: 15 May
IPO: $8m at $0.20
Tiger Tasman Minerals has projects in WA and QLD focused on copper, lithium, nickel, manganese, silver, gold, base metals and industrial minerals (DMM) essential to the global clean energy transition, decarbonisation and a more sustainable future.
The projects are in proven and prospective jurisdictions including Paterson Province, Fraser Range, Earaheedy Basin, Ashburton and the Townsville region.
They are the Iron Skarn silver-copper-lead-zinc project (QLD), the Copper Canyon copper-gold project (WA), the Fraser Range lithium-nickel-copper project (WA), the Mt Minnie manganese project (WA), and the Crater copper-zinc-lead-silver-gold project (WA).