Junior copper-gold explorer Legacy Mineral Holdings (ASX:LGM) listed yesterday following its IPO which raised $5.8 million through the issue of more than 29 million shares at $0.20 per share.

But in its first day of trade the company saw its share price plunge 25% to $0.18 per share.

However, with gold prices showing resilience and the transition to a decarbonised world boosting demand for copper, the company is quietly confident that it’s well‐positioned to take advantage of the favourable market conditions.

Legacy’s IPO is set to fund drilling campaigns across its advanced exploration projects in the Lachlan Orogen in NSW – where the company’s been exploring since 2017.

“We are now well‐funded and with our exciting portfolio there are numerous opportunities for discovery and opportunities for value creation,” CEO and managing director Chris Byrne said.

Targeting economic gold and copper

The company is targeting high-grade gold and base metals at the Harden and Bauloora projects and believes they present an opportunity for near-term resource definition and allow for cost-effective exploration.

Drilling is underway at Harden, where the best historical intercepts include 3m at 10.5g/t from 20m and 3.6m at 21.7g/t from 115m.

At the historic Bauloora mine, samples have assayed as high as 3701g/t silver, 6.9g/t gold, 29% lead, 26% zinc, and 6.4% copper.

“We have three drill campaigns on track to be completed before the end of October at the high‐grade Harden and Bauloora Projects,” Bryne said.

“In the longer term we will continue to develop our Cobar, Fontenoy, and Rockley Projects to a drill ready stage.”

Heavy Minerals lists today

Next cab off the rank is mineral sands player Heavy Minerals Limited (ASX:HVY) which is poised to list today and aims to raise $5.5 million via the issue of 27.5 million shares at $0.20 per share.

The company was incorporated in February this year and while it’s fresh, its management team have a solid resume.

Non-executive chairman Adam Schofield has experience in bringing mines from feasibility into operations and non-executive director Greg Jones has worked with sands giant Iluka Resources (ASX:ILU) in bringing discoveries like Jacinth-Ambrosia to reportable mineral resources.

The company owns 100% of the Port Gregory garnet project in Western Australia where it plans to commence drilling this year with the aim of delineating an early garnet resource from its exploration target – estimated at between 170-250 million tonnes at 3.8-4.6% total heavy minerals (THM) and 46% garnet.

HVY also owns 70% of the Inhambane mineral sands project in Mozambique which has a JORC inferred resource of 51 million tonnes at 3.4% THM for a contained 1.7 million tonnes of heavy minerals, but it’s yet to be granted the mining licence application.