This new WA nickel IPO is poised to close early after overwhelming demand
Special Report: Investors have just a few days left to seize a rare opportunity to gain exposure to a new nickel sulphide exploration project in one of WA’s most productive nickel belts.
The IPO of Nimy Resources has been met with overwhelming demand and the prospectus is likely to be closed well before the deadline of November 10.
Nimy is chaired by highly experienced resources director Simon Lill. Lill is the current non-executive chairman of the successful WA gold explorer De Grey Mining (ASX:DEG), which owns one of WA’s largest greenfield discoveries, Hemi, in the Pilbara region.
Nimy’s founders have spent six years systematically accumulating 1761sqkm of highly prospective acreage in the Karroun Hill District that forms the northern extension of the world-class Forrestania nickel belt.
The Forrestania nickel belt, which runs parallel to the Kambalda nickel belt, has an outstanding production history, hosting several prolific deposits including Spotted Quoll, Flying Fox and Cosmic Boy.
Nimy’s flagship asset, the Mons Nickel Project, is located 140km north of Southern Cross and northwest of the internationally famous Kambalda nickel district.
It hosts an 80km strike length of the same key geology and favourable structures which contain the famous nickel sulphide deposits within both the Forrestania and Kambalda nickel belts.
Despite the extensive exploration and production success in the southern and central areas of the Forrestania nickel belt, little or no nickel exploration has been undertaken on the Mons Nickel Project tenements.
Nimy is seeking to raise a minimum of $6 million with scope to increase this to $7.5 million (before costs) at 20c a share.
The proceeds of the IPO will enable Nimy to ramp up exploration at Mons, including a Moving Loop Electro Magnetic (MLEM) survey which is scheduled to start immediately following Nimy’s anticipated listing on the ASX.
The results of the MLEM survey will be used to identify bedrock conductor plates that will be used to refine the nickel exploration targets for the diamond drilling program.
Nimy managing director Christian Price said the float “offers investors a rare opportunity on several levels”.
“Nimy’s Mons Nickel Project is in a tier-one mining jurisdiction and in proximity to the world-class nickel belt. The Mons Nickel Project is within the Yilgarn Craton, which hosts similar structures to that of the Kambalda nickel belt.
“Outside the recent nickel-focused exploration work programme, the Mons Nickel Project has been subjected to limited nickel exploration at depth and certainly no modern-day exploration techniques.
“We now know that the Mons Nickel Project hosts nickel mineralisation and the all-important komatiite structures which host nickel sulphides in the Forrestania and Kambalda nickel belts.
“Upon completion of the IPO, we will initiate an aggressive exploration program aimed at targeting areas of potential higher-grade mineralisation.”
This story was developed in collaboration with Nimy Resources, a Stockhead advertiser at the time of publishing.
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