IPO Wrap: Three explorers listed today and two are already picking up speed
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Three explorers listed today. Here’s how they’re performing so far.
IPO: $12m at $0.20
A wholly-owned subsidiary of OreCorp (ASX:ORR), gold and nickel focused Solstice jumped to 30% above its listing price to $0.26 per share before settling around $0.225 or 12.49% up.
SLS has four WA assets; Yarri, Kalgoorlie, Yundamindra and Ponton.
“We believe that the demerger and separate listing of Solstice Minerals presents an exceptional opportunity to realise the inherent long-term value of the WA Assets through the creation of a WA focussed corporate vehicle,” executive director Alastair Morrison said.
“With a cash balance of $17 million (before costs, including the Company’s cash balance at demerger) and an experienced Board and senior management team, we look forward to progressing exploration and development activities on the WA Assets and building long-term value for shareholders and other stakeholders.”
The advanced Hobbes licence at the Yarri project is first point of focus, with and Infill RC and diamond program planned in Q2/Q3 2022 to deliver a maiden resource.
IPO: $8m at $0.20
This West African gold explorer, already listed on the TSX, was today trading up 10% today from its ASX listing price.
The company has sights set on growing its flagship Sanutura project in Burkina Faso, which is already pretty big with mineral resource of 2.9Moz.
Funds from ASX IPO will be used for first major drill program in 5 years, with 50,000m of mostly extensional drilling planned in the next 12 months.
The company also has two other assets in the region – the Koumandara project and Karankasso JV with Endeavour Mining (TSE:EDV)
Soil geochemical surveys and auger and scout drilling at Koumandara have all delivered high-grade results to date – including 4m at 13.55 g/t gold.
Around 5,000m of scout drilling is planned to follow up good historical hits.
Karankasso has a 0.7Moz gold Inferred Resource (~130koz Au attributable to Sarama) with exploration ongoing.
IPO: $5m at $0.20
This explorer was trading down 5% on debut today at $0.19 per share.
The company high hopes for its silica sand projects. The commodity is essential for the manufacture of photovoltaic panels (solar) and other vital industrial applications, it says.
APS holds the Unicup, Antwalker, Pipeclay Tree, Esperance and Argyle projects in WA.
The Unicup project has a 73m tonnes at 96.6% Silica Inferred JORC Mineral Resource estimated for the first stage of the project.
Executive chairperson Andrew Haythorpe said the company’s strategy is to “become a leading supplier of premium silica sands to meet the growing demand of global markets.”
“This is a most exciting time for the silica sands sector and we look forward to bringing shareholders along this journey and building a strong, safe and sustainable industrial minerals business,” he said.
The Asia-Pacific region accounts for around 5-6% of demand, and the company says it expects the region to remain the largest regional consumer of industrial sand through 2025, supported by the dominant Chinese market.