The company has three battery and critical minerals projects in Ontario and James Bay. Pic: via Getty Images.
IPO Watch: Pioneer Lithium hits ASX, backed by a formidable team of FFI, Galaxy and Pilbara Minerals alumni
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- Pioneer Lithium lists on ASX after oversubscribed $5m IPO
- Portfolio sits at the epicentre of the North American battery industry
- Exploration to commence at the Root Lake project in Ontario
Canadian focused explorer Pioneer Lithium has commenced trading on the ASX today under the code PLN after an oversubscribed $5m IPO.
The company’s portfolio covers three highly prospective battery/critical minerals projects in Northern Ontario and in James Bay, Quebec – all of which have access to the fast-growing North American battery raw material market.
The plans is to kick off exploration at its Root Lake lithium project in Ontario, which sits directly between Green Technology Metals’ (ASX:GT1) Root Bay and Morrison/McCombe lithium deposits, and the company’s LaGrande project in the world class James Bay region.
Pioneer is keen to get boots on the ground, with maiden exploration programs at Root Lake and LeGrande to commence in the near-term. This will include prospecting, airborne surveys, mapping and sampling.
Pioneer Lithium’s (ASX:PLN) other assets include the Lauri Lake project in Ontario.
At the epicentre of the North American lithium industry
“We are delighted to begin our journey as an ASX-listed lithium company, underpinned by an exceptional lithium portfolio in two of Canada’s most exciting mining provinces,” executive chairman Robert Martin said.
“The outstanding response from investors to the Pioneer IPO is testament to the quality of both the projects and the team we have assembled.
“With a market cap of ~$9.4m an enterprise value of just $4.3 million at listing, Pioneer Lithium represents an exceptional opportunity for investors.
“We have a well-developed strategy to accelerate our growth pathway and, thanks to the strategic location of our assets at the epicentre of the North American battery materials industry, we are ideally placed to become a lithium developer and operator in the near term.
“We are all looking forward to the exciting journey ahead.”
Pioneer steered by FFI, Galaxy Resources, Pilbara Minerals alumni
The company has appointed mining executive Clinton Booth as CEO, who brings extensive experience in lithium exploration, development and operations, with previously roles including senior positions with Fortescue Future Industries and Galaxy Resources (now Allkem (ASX:AKE)).
At Galaxy Resources, Mr Booth played a key role in identifying and delivering significantly improved financial returns for the feasibility study of the James Bay hard rock project in Canada, advancing the Sal de Vida brine project in Argentina from feasibility into construction, and significantly reducing operating expenditure and improving production at the hard rock mine in Western Australia.
Mr Martin said Mr Booth brings an outstanding skill set that will be invaluable to the company “as we work to explore and develop our high-quality portfolio of lithium assets in Canada.”
“He has demonstrated experience across the full project development pipeline, from early-stage exploration, through resource definition, feasibility studies and permitting, financing, project development and operations,” he said.
“I am excited to take up this opportunity to become CEO of Pioneer Lithium and to join the impressive Canadian-focused lithium and critical minerals stable which Rob and his team have established,” Mr Booth said.
“With a committed and experienced team in place at Pioneer Lithium, we have the full suite of capabilities spanning exploration, development and operations.”
The Pioneer board also includes former Pilbara Minerals (ASX:PLS) executives Nigel Broomham and Gerard O’Donovan as non-executive directors, alongside experienced finance executive Agha Shahzad Pervez.
Exploration to extend Root Lake deposit
“The asset base which Pioneer has secured is second-to-none,” Mr Booth said.
“The Root Lake Project is one of the most strategic lithium assets I have seen in my career, being located between two existing deposits, with compelling potential for future exploration to extend this known lithium mineralisation onto Pioneer’s ground.
“Previous exploration has already confirmed the presence of high-grade spodumene mineralisation, and we are looking forward to a period of significant news-flow in the weeks and months ahead as our maiden exploration campaign ramps up.
“With a clear focus to become a developer and miner, we are looking forward to playing a significant role in the rapidly growing North American battery materials market.”
This article was developed in collaboration with Pioneer Lithium, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
