These are the ASX mining small caps Stephen Copulos is backing
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It’s definitely a good sign when a big name investor gets behind a company and this week Stephen Copulos has decided to drop some cash on gold miner Middle Island Resources (ASX:MDI).
Copulos is best known for his holdings in Myer (ASX:MYR) and New Zealand-listed fast food play Restaurant Brands (NZX:RBD).
But he is also well entrenched in the small cap resources space with stakes in seven companies, not including his most recent cash injection into Middle Island, according to Bloomberg data.
He is chairman of two of these companies — Brazil-focused Big River Gold (ASX:BRV) and Mexic0-focused Consolidated Zinc (ASX:CZL).
Copulos has also served on the board of graphite play Black Rock Mining (ASX:BKT) and although he retired last year he has continued to invest in the company – topping up his holdings in August’s capital raising.
In each of these stocks he is the largest shareholder. The other stock he is the largest shareholder in is Rumble Resources (ASX:RTR), which he only bought into in August. This company has various precious and base metals projects in Australia and Canada.
He also backs copper miner Caravel Resources (ASX:CVV) as well as gas companies Galilee Energy (ASX:GLL) and Global Energy Ventures (ASX:GEV).
Gold miner Middle Island announced yesterday that Copulos was joining its $1m capital raise. He has agreed to make up at least 50 per cent of the first two tranches.
The capital raise will fund the updated preliminary feasibility study for the company’s Sandstone gold project.
This area has produced more than a million ounces of gold since the 1890s. Sandfire Resources (ASX:SFR) bought the project in 2016 after its previous owners went into receivership.
Middle Island managing director Rick Yeates told Stockhead he was happy that Copulos was backing the company and confident he might take a ‘hands-on’ role in his latest investment.
“I’m aware of his aspirations in terms of his other companies,” he said.
“He’s certainly been supportive longer term of his investments. I’d like to think it’ll be the case [with us].
“Certainly he’s completed a level of due diligence on our project, but also of our overall strategy, and is supportive.”