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IPO Wrap: It’s slim pickings for January with only one more player set to list this month
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- Jindalee gold-lithium spinout Dynamic Metals manages to hold steady at $0.20 per share
- High-Tech Metals plans to acquire the Werner Lake Cobalt Project in northwestern Ontario
- Southeast Queensland exploration is focused on copper and gold in the Esk Basin
It’s slim pickings for January, but we did have Jindalee Resources (ASX:JRL) spinout Dynamic Metals (ASX:DYM) listing on Monday after IPOing at $7m at $0.20 per share.
The company was trading down 2.5% at $0.19 per share at closing on its first day, dropping to $0.175 briefly yesterday before leveling back out at $0.20 at close.
DYM’s flagship project, Widgiemooltha, covers ~880km2 extending between Norseman and Kambalda.
The region is well-known for its numerous nickel and gold mines, but more recently has emerged in significance for its lithium prospectivity.
“The fact that we had a strongly supported oversubscribed IPO even in volatile market conditions speaks volumes to the quality of our portfolio,” MD Karen Wellman says.
“With this funding in place, Dynamic can focus on accelerating exploration across our key Widgiemooltha, Lake Percy and Deep Well projects and unlocking the value of these fantastic assets.”
RC drilling is planned at Widgiemooltha to target nickel, with regional mapping and sampling planned to generate lithium targets.
Only one more listee this month
Listing: 23 January
IPO: $5.5m at $0.20
On listing, the company will acquire the Werner Lake Cobalt Project in northwestern Ontario, within the Kenora Mining District.
Initial plans include reviewing the existing exploration and geological data, drill targets not previously drilled and establish new drill targets at the Project.
New drill targets will then be established using electromagnetic techniques to consider targets outside of the existing orebody, after which an RC and/or diamond drilling program will be conducted.
What about in February?
SOUTH-EAST QUEENSLAND EXPLORATION (ASX:SQX)
Listing: 3 February
IPO: $5m at $0.20
SQX’s 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: 22 February
IPO: $7m at $0.20
GTM is planning to develop high purity quartz deposits from veins identified near Mt Isa in central Queensland.
High purity quartz is a vital ingredient in the solar panel, semiconductor and other high tech industry sectors.
GTM (codes will be your friend here) has secured a preliminary offtake agreement to supply a minimum of 5000 tonnes of HPQ feedstock per annum to Jiangsu Yangshan Silicon Materials Technology Co Ltd in China and plans to be up and running within 12-18 months.
But its longer term ambition is to build a beneficiation and refinement plant in northern Queensland to grab a share in the highest value parts of the HPQ market.
TIGER TASMAN MINERALS (ASX:T1G)
Listing: 24 February
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).
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