IPOS
Century up for IPOs as
hard borders and EVs
define the year
aydirt’s annual IPO review of 2019 spanned just four pages, dedicated to the five
Pcompanies which listed during the year. For 2021, the scenario is very different with
more than 100 resources companies hitting the bourse.
So, what does the Class of 2021 bring that 2019 didn’t? Paydirt picks its way through
the new listings numbers to find the trends, fashions and developments which have led
to the busiest IPO market in more than a decade.
My head is spinning Even by usual standards, the geographic dominance of WA was
noticeable across the board. Sixty of the new listings had assets
within Australia’s largest state, hardly surprising given the tradi-
When it came to the style of new float, spin-outs were a tional factors of size and prospectivity but also influenced by the
strong theme throughout 2021. State Government’s hard border policy. With companies unable
Investors have shown a thirst for quality stories but for companies to travel outside the confines of the State for most of the last two
such as Chalice Mining Ltd, Marvel Gold Ltd, Strike Resources years, management teams have favoured on their backyard over
Ltd, Liontown Resources Ltd (itself a spin-out from Chalice) and more distant lands.
Rox Resources Ltd, the rampant market created an opportunity
to create value for assets which had fallen off their radar. Several
proved highly success with Chalice spin-out Falcon Metals Ltd
raising $30 million and Marvel spin-out Evolution Energy Minerals
Ltd raising $22 million.
In all, there were 13 IPOs demerged from parent companies
with non-core assets. With access to ground difficult and com-
modity prices still strong, it could be that more companies are
digging through the portfolios looking for an IPO-worthy col-
lection of projects.
Golden WA
Prospective listings could consider any amount of exotic
minerals but if you needed to raise a minimum amount with
a good spread, gold in WA was your go to.
That may sound cynical but 10 of the new floats listed with a
pure WA gold focus. In total, 68 of the new IPOs boasted gold
prospects.
Page 28 FeBRUaRY 2022 aUSTRaLIa’S PaYDIRT
Copper surge sends
money north
After only matching Victoria in 2020, New South Wales at-
tracted renewed interest from explorers in 2021 with 14
companies listing with assets in the State, largely based on
copper and copper-gold targets. Copper’s popularity was also
reflected in Queensland-focused floats (9) while South Australia
(5) enjoyed a welcome revival as well.
Where’s the big money
floats?
Although volumes were up, values were flat when it came
to capital raisings. 29Metals Ltd’s $527.8 million IPO towered
over the rest of the market with Tulla Resources plc’s $77 mil-
lion the next largest. Eighty-three of the companies raised $10
million or less, perhaps showing both the difficulty in accessing
high-quality advanced assets but also the market’s appetite for
early-stage exploration stories.
Links to Africa... and North Among the larger IPOs, 260 Minerals Ltd ($30 million) and Fal-
con ($30 million) tapped into the market’s love for Tim Goyder
and Latin America companies, having been spun out of the highly successful Lion-
town and Chalice, respectively.
After several years of hiatus, overseas assets were back in
vogue among new floats. Africa was the focus of seven IPOs Building to a
with North America attracting the same number and Latin Ameri-
ca just one behind with six. Other regions to attract funding in the Christmas rush
IPO market were Europe (4), Asia (2) and New Zealand (1).
That Africa would return so strongly – 2021 saw more IPOs from What started as a trickle in the first half of the year – 33
the region than any year from the last decade – perhaps reflects between January and June – became a flood in the second half
both prospectivity for key minerals such as gold, lithium and rare with July (16), September (14), October (13), November (13) and
earths as well as investor sentiment in light of the success of December (12) all posting double-digit listings. With dozens more
West African Resources Ltd, Perseus Mining Ltd and Predictive companies failing to get out of the starting gate in time, it could be
Discovery Ltd.
that 2022 is a mirror image of 2021.
The battery pack
Is the precious metal about to be usurped? WA has always
been known as the home of gold and iron ore but with the rush
for battery materials copper, nickel, and more importantly lithium,
have risen to investor attention.
The year saw 20 companies list with lithium and/or graphite as
the main commodity. A further 37 had copper front and centre
while a remarkable 23 declared themselves to be exploring for
nickel. PGMs were also in the mix with companies eager to emu-
late Chalice’s Julimar discovery and even uranium made a return
with 92 Energy Ltd.
Iron ore’s strong start to 2021 prompted six companies to list
while zinc’s strong end coincided with nine companies listing
base metals assets.
aUSTRaLIa’S PaYDIRT FeBRUaRY 2022 Page 29
IPos
29Metals Ltd 92 Energy Ltd
ASX: 29M ASX: 92E
Listing date: July 2 Listing date: April 15
IPO amount: $527.8 million IPO amount: $7 million
Share price range since listing: Share price range since listing:
$1.90-$3.23 21.5c-$1.15
Address: Level 2, 150 Collins St, Address: Level 3, 16 Milligan St, Perth
Melbourne VIC 3000 WA 6000
Tel: +61 3 7037 5300 Tel: +61 8 9322 7600
Website: www.29metals.com Website: www.92energy.com
Social media: @29Metals Social media: @92_energy
Email: [email protected] Email: [email protected] Albion Resources Ltd
Key personnel: Owen Hegarty OAM Key personnel: Richard Pearce
(chair), Peter Albert (managing director) (chairman), Siobhan Lancaster ASX: ALB
Focus: Copper and precious metals, (managing director) Listing date: April 30
WA and Queensland Focus: Uranium, Canada
IPO amount: $5 million
Comment: Comment: Share price range since listing: 16-34.5c
Comfortably the year’s largest resources The first new uranium explorer to hit the Address: Level 11 London House, 216 St
float and the biggest new base metals listing boards since the Fukushima incident in George’s Tce, Perth WA 6005
in almost two decades. 29Metals is the new 2011, offering Australian investors rare Tel: +61 8 9481 0389
home for the Golden Grove (WA, below) exposure to Canada’s prolific Athabasca
and Capricorn Copper (Queensland) mining Basin. Shares in the company jumped more Website: www.albionresources.com.au
operations after several years under private than 280% in September on the back of a Email: [email protected]
ownership with EMR Capital. The revered major discovery at its Gemini project (above Key personnel: Colin Locke (executive
private equity outfit retains exposure to both right) from just the fourth hole drilled as part chairman), Mark Major (non-executive
assets via a 45% major shareholding in the of its maiden exploration campaign. director)
Owen Hegarty-chaired company.
Focus: Base metals, WA
Comment:
After a slow start to life on the ASX, Albion
quickly gathered momentum once the drill
rigs began turning at both its Lennard Shelf
zinc-lead and Leinster nickel-copper projects
during the second half of 2021. The company
kicked off exploration at Lennard Shelf in
October after signing a landmark Native Title,
heritage protection and mineral exploration
agreement with the Gooniyandi Aboriginal
Corporation. Maiden RC drilling at Leinster
followed in late November targeting the same
ultramafic host rocks as those found at Au-
roch Minerals Ltd’s nearby Horn prospect.
The Reliable
Choice for
Exploration
Drilling
Page 30 FeBRUaRY 2022 aUSTRaLIa’S PaYDIRT
Exploration Geotechnical Shallow Multipurpose
Diamond Drilling Angle RC Drilling
Drilling Drilling
Almonty Industries Inc
ASX: AII
Listing date: August 2
IPO amount: $15.52 million
Share price range since listing:
84c-$1.08
Address: Suite 5700, 100 King Street
West, Toronto Canada M5X 1C7
Tel: +1 (647) 438-9766
Website: www.almonty.com
Social media: @Almonty_ (managing director, above), Beau
Email: [email protected] Alvo Minerals Ltd Nicholls (non-executive director)
Key personnel: Lewis Black (president Focus: Gold and base metals, Brazil
& CEO) ASX: ALV
Focus: Tungsten in South Korea, Spain Listing date: October 20 Comment:
and Portugal Seasoned geologists Rob Smakman and
IPO amount: $10 million Beau Nicholls have returned to Brazil with
Comment: Share price range since listing: 25.5-47c Alvo, which is the Portuguese word for “tar-
One of the world’s largest tungsten players Address: Level 4, 100 Albert Road, get”. The company’s flagship asset is the Pal-
quietly joined the ASX in August, comple- South Melbourne VIC 3205 ma VMS project which has been sporadically
menting its existing listing on the TSX. The Tel: +61 3 9692 7222 explored since the 1970s. Alvo last month
company already produces tungsten from two expanded its search area by 3,568ha after
mines in Spain and Portugal but the jewel in Website: www.alvo.com.au winning a Brazilian National Mining Agency
the crown is its future operation at Shandong Social media: @AlvoMinerals auction for two exploration permits adjacent to
in South Korea. First production is touted for Email: [email protected] its existing tenure. It comes after the company
Q4 2022 once final permits are received, after Key personnel: Graeme Slattery (non- initiated a fixed-loop EM survey late last year
which Almonty will account for about 30% of executive chairman), Rob Smakman and secured an additional diamond rig for its
the global tungsten production outside China. upcoming 10,000m drilling campaign.
Seismic Drilling Australia runs a highly experienced and efficient drilling
operation which caters for its’ clients’ needs, the safety and wellbeing of its
highly skilled workforce, and on delivering a service with low fuss and minimal
environmental impact.
Seismic Drilling Australia is Australia’s first indigenous owned and operated
multipurpose drilling contractor and a Supply Nation registered indigenous provider.
Phone: +61 8 9302 6777 Email: [email protected]
Web: seismicdrilling.com.au
aUSTRaLIa’S PaYDIRT FeBRUaRY 2022 Page 31
IPos One of the final new listings of 2021, American West
has started its maiden drilling programme at West
Desert in Utah
West is best for
intrepid geo
merican West Metals Ltd managing Tintic skarn and carbonate replacement de- the dial for investors.”
Adirector Dave O’Neill boldly describes posits were about 17mt, so in terms of scale O’Neill also sees a potential near-term
the amount of upside at the company’s flag- we’re already bigger,” O’Neill told Paydirt. development opportunity for the company’s
ship West Desert project in Utah as “spine- “None of these porphyries have been Copper Warrior project which is just 15km
tingling” despite the complex polymetallic drilled out. There’s a copper-molybdenum from Lisbon Valley, Utah’s second largest
deposit already boasting close to 60mt in porphyry, we’ve got high-grade copper and copper mine.
resource. molybdenum veins at depth where we in- It is understood that most of the key pits
Containing a healthy mix of zinc, cop- tersect the skarn and we’ve got drill holes at Lisbon Valley have been exhausted and
per and silver, as well as the world’s larg- along strike from the deposit that have high- new sources of ore are required to keep the
est undeveloped resource of indium, West grade copper, zinc and lead mineralisation, mill ticking over. O’Neill believes Copper
Desert is situated in the heartland of the and some silver. We know this will expand Warrior presents the next best option.
Sevier orogenic belt which is home to the because these things traditionally form in “You’ve got one side of the valley where
large Bingham Canyon copper deposit and clusters. they’ve got their deposits and across the
prolific Tintic mining district. “West Desert is attached to other parts other side we’ve got exactly the same min-
American West acquired 100% of the of the porphyry…and where it comes in ing units exposed at our project,” O’Neill
project – described in the company’s pro- contact you have also got skarn mineralisa- said.
spectus as a large zinc-polymetallic skarn tion. It’s actually spine-tingling the amount “It’s going to be a volume equation. If
and carbonate replacement deposit – from of upside.” we’ve got the volume there and we can
a cash-strapped Canadian explorer. The O’Neill and his St George Mining Ltd show some resources fairly quickly, then
historical resource contains a high-grade chairman and colleague John Prineas are Lisbon Valley will need ore so there’s a
core of 16.5mt @ 6.3% zinc, 0.3% copper the founders of American West, which list- potential commercial opportunity for us.
and 33 g/t indium which O’Neill believes ed on the ASX in December. West Desert is Rather than build a plant, we can potentially
could represent the “true value” of the as- one of three assets in the company’s port- send it down the road because we hear
set. folio alongside Copper Warrior (Utah) and they’re desperate.”
However, being a geologist, O’Neill can- Storm-Seal (Nunavut, Canada). Like West Desert, exploration at the
not help but draw comparisons between the West Desert was brought to the pair’s Storm-Seal copper-zinc project in the
current resource numbers at the undevel- attention while undertaking due diligence north of Canada has been limited over re-
oped West Desert and its more established on potential acquisition opportunities for cent years due to both funding issues and
neighbours. St George as part of a business develop- weather constraints.
“The skarn attached to the porphyry at ment partnership with nickel miner Western Boasting both a high-grade copper dis-
Bingham Canyon was only 45mt and the Areas Ltd. However, it was decided any in- covery (Storm) and zinc deposit (Seal), the
terest in North America would be better off project is proximal to the longstanding Po-
American West Metals Ltd housed in a new vehicle, allowing the origi- laris lead-zinc mine and is serviced by two
nal company to remain focused on nickel
drill rigs and a 35-man camp.
ASX: AW1 exploration in Western Australia. O’Neill insisted American West had the
American West began a 7,500m dia- available resources to keep all projects
Listing date: December 13 mond drilling programme at West Desert ticking over in parallel, with programmes
IPO amount: $15 million last month, with results to be used to update in each jurisdiction to be dictated by the re-
Share price range since listing: the resource to JORC reporting standards spective weather seasons.
“West Desert is going to be continuous
before undertaking detailed mining studies.
11.5-17.5c O’Neill said the company would look to news; exploration and development, and
Address: Level 2, 28 Ord Street, West complete what the previous owners could Copper Warrior and Storm-Seal will dove-
Perth WA 6005 not due to a lack of available funding for Ca- tail into that,” he said.
Tel: +61 8 6109 6653 nadian explorers at the time. “The seasonal nature of Storm and Seal
Website: www.americanwestmetals.com “They could only raise enough money to is a no-brainer, we can only do that in the
Social media: @AmericanWest_ drill every 2-3 years so when you’re trying Arctic summer at this point, but it’s effective-
to expand a 60mt deposit and you can only
ly a turnkey operation. We’ll be using Apex
Email: [email protected] drill five holes, you’re obviously not going to Geoscience who have the geologists, the
Key personnel: John Prineas (non- add much value, even though they did,” he drillers, the camp managers, etc. We give
executive chairman), Dave O’Neill said. them the programme and they execute it
(managing director), Michael Anderson “This is the value I see at West Desert 100%. They know the project well, they’ve
(non-executive director) – they [previous owners] drilled five holes been working up there for the last 10 years.”
Focus: Copper and zinc, US and Canada and four of them were outside the re- – Michael Washbourne
source and had high-grade intersections.
But they could only drill every two years
which is not going to be enough to move
Page 32 FeBRUaRY 2022 aUSTRaLIa’S PaYDIRT
exploration campaign just hours after
Arcadia Minerals Ltd debuting on the ASX. Armada plans to test Auric Mining Ltd
high-priority EM conductors positioned
ASX: AM7 along the 25km prospective strike of the ASX: AWJ
Libonga-Matchiti trend which has never
Listing date: June 25 been previously explored for nickel and
IPO amount: $6.4 million copper. The company’s technical team is
Share price range since listing: headlined by the likes of Thomas Rogers
16.5-33.5c and Douglas Haynes who are universally
Address: Suite 7, 63 Shepperton Road, recognised for discovering the large Kamoa
Victoria Park WA 6100 deposit in the DRC.
Tel: +61 8 6158 9990
Website: arcadiaminerals.global
Social media: @arcadiaminltd
Email: [email protected]
Key personnel: Jurie Wessels
(executive chairman), Philip Le Roux
(chief executive)
Focus: Tantalum, nickel and lithium,
Namibia
Comment:
It was a big year for the Namibian-focused
battery metals hopeful, which followed
up its ASX debut in June with entry to the
Frankfurt Stock Exchange in November.
A maiden resource of 1.2mt @ 412 ppm
tantalum, 76 ppm niobium and 0.29% Askari Metals Ltd
lithium for the Swanson project was also
delineated between listings, along with ASX: AS2
bench-scale metallurgical test work which
has indicated potential for production of Listing date: July 7
a plus-20% tantalum concentrate. High IPO amount: $5.7 million Listing date: February 12
grades were also returned from a grab IPO amount: $7.25 million
sample programme at the Karibib copper- Share price range since listing: 16-27c Share price range since listing: 9.5-30c
gold project in the Damara belt which hosts Address: 17 Lacey Street, Perth WA Address: Level 1, 1 Tully Road, East
the prolific Tsumeb mine. 6000 Perth WA 6004
Tel: +61 400 408 878 Tel: +61 8 6155 9046
Website: askarimetals.com
Armada Metals Ltd Website: auricmining.com.au
Social media: @AskariMetals Social media: @AuricMining
ASX: AMM Email: [email protected] Email: [email protected]
Key personnel: Robert Downey
Listing date: December 15 (chairman), Brendan Cummins Key personnel: Mark English (managing
IPO amount: $10 million (technical director) director), John Utley (technical director)
Share price range since listing: 12-17c Focus: Gold and copper-gold, NSW - above - Steve Morris (non-executive
chair)
Address: 151 Macquarie St, Sydney and WA Focus: Gold, WA
NSW 2000
Tel: +61 2 9048 8856 Comment: Comment:
Website: armadametals.com.au Originally incorporated as a copper and A 15-year friendship between finance guru
gold explorer with projects in WA and
Social media: @ArmadaMetals NSW, Askari caught the eye of investors Mark English and his geologist neighbour
Email: [email protected] just before the Christmas/New Year break John Utley saw the pair trade barbecues
and dinner parties for drill rigs and staking
Key personnel: Ross McGowan when lithium minerals were identified in pegs in the Widgiemooltha gold district.
(managing director), Rick Anthon (non- rock specimens collected from Red Peak, Auric acquired the project, which includes
executive chairman), Martin Holland just north of Meekatharra, during an initial the flagship Munda tenements, from Es-
(non-executive director, above right) reconnaissance visit. Follow-up rock and trella Resources Ltd and has subsequently
soil sampling work was to be completed
Focus: Nickel-copper, Gabon last month, along with a drone magnetic increased its ground holding with additional
survey at the Horry copper-gold project, purchases from Mincor Resources NL and
Comment: about 90km south-west of Halls Creek. The Neometals Ltd. The company is expected
A 3,000m diamond drilling programme company also recently appointed Johan to soon unveil an upgrade to its existing
was due to begin at the time of print at the Lambrechts as vice-president of exploration resource base of 220,000oz.
Nyanga project in southern Gabon, with and geology, and is expected to transition to
the company signing up leading contrac- the role of chief executive.
tor Boart Longyear to oversee its maiden
aUSTRaLIa’S PaYDIRT FeBRUaRY 2022 Page 33
IPos
East. Mining resumed at Anthill early last
Aurum Resources Ltd month after the company inked a three-year Australian Gold & Copper Ltd
contract with services provider Thiess.
ASX: AUE ASX: AGC
Listing date: November 2 Australasian Metals Ltd Listing date: January 20
IPO amount: $5 million IPO amount: $10 million
Share price range since listing: ASX: A8G Share price range since listing: 9-23.5c
16.5-26c Address: Suite 7, 55 Hampden Road,
Address: Suite 2 Level 1, 1 Altona Nedlands, WA 6009
Street, West Perth WA 6005 Tel: +61 8 9322 6009
Tel: +61 8 6559 1792 Website: austgoldcopper.com.au
Website: aurumres.com.au Social media: @AustralianLtd
Social media: @AurumResources Email: [email protected]
Email: [email protected] Key personnel: David Richardson
Key personnel: Joshua Letcher (non- (chairman), Glen Diemar (managing
executive chairman), Troy Flannery director)
(non-executive director) Focus: Gold, NSW
Focus: Gold, WA
Comment:
Comment: Spun out of Magmatic Resources Ltd early
Orlando Drilling has been booked for the last year, the company quickly launched
imminent maiden RC programme at Penny into a 7,000m drilling programme across a
South. A total of 18 holes for about 6,000m suite of non-porphyry gold and base metals
have been planned based on exploring the targets in the Central Lachlan Fold Belt of
existing down-hole geology and analytical NSW. Having achieved moderate success
results. An aircore programme at Ryans over the course of 2021, AGC rounded
Find remains subject to heritage negotia- out the year with NSW ministerial approval
tions and POW approval, with about 80 for 840sq km of Cobar Basin exploration
holes for up to 4,000m planned. Harmec Listing date: May 13 licences. The company indicated several
Drilling has been booked for this work. IPO amount: $5.5 million Cobar-style targets already existed within
Share price range since listing: the new tenure and it hoped to emulate the
ongoing discovery success of several major
Austral Resources 12.5-92.5c copper miners in the district.
Australia Ltd Address: Unit 34, Level 5, 123B Colin St,
West Perth WA 6005
ASX: AR1 Tel: +61 8 6507 3082
Listing date: November 3 Website: australasiangold.com
IPO amount: $30 million Social media: @A8G_ASX
Share price range since listing: 15-22c Email: [email protected]
Address: Suite 902, Level 9, 60 Edward Key personnel: Dr Qingtao Zeng
Street, Brisbane QLD 4000 (managing director)
Tel: +61 7 3520 2500 Focus: Gold and lithium, Queensland,
WA and Northern Territory
Website: australres.com
Social media: @AustralLimited Comment:
Email: [email protected] Initially established as a vehicle to intro-
Key personnel: Phillip Thomas (non- duce Chinese gold assets to the Australian
executive chairman), Steve Tambanis market, the company debuted as Australa-
(chief executive) sian Gold with a focus on the May Queen
and Mt Clermont projects in Queensland.
Focus: Copper, Queensland However, managing director Qingtao
Zeng’s reputation as a lithium wheeler and Australian Rare Earths Ltd
Comment: dealer saw the company make a slight
An unheralded copper cathode producer, pivot towards the battery mineral and enjoy ASX: AR3
Austral purchased the Lady Annie opera- instant success on the back of a discov-
tions from its predecessor CST Minerals ery at Mt Peake in the Northern Territory. Listing date: July 1
in July 2019. Lady Annie has been an Subsequently rebranded as Australasian IPO amount: $12 million
operational mine for more than a decade Metals, the company recently acquired 90%
and produces up to 30,000 tpa from four of a substantial lithium package in the North Share price range since listing:
open pits. Prior to listing, Austral completed Arunta pegmatite province. 40c-$1.35
open pits at Lady Brenda East and West Address: Level 7, 19 Grenfell Street,
and cutbacks at Flying Horse South and Adelaide SA 5000
Page 34 FeBRUaRY 2022 aUSTRaLIa’S PaYDIRT
Tel: 1300 646 100 Website: bartongold.com.au
Website: ar3.com.au Ballymore Resources Ltd Social media: @bartongoldBGD
Social media: @AR3Limited ASX: BTM Email: [email protected]
Email: [email protected] Key personnel: Mark Connelly (non-
Key personnel: Dudley Kingsnorth Listing date: September 3 executive chairman), Alexander
(non-executive chairman, below left), IPO amount: $7 million Scanlon (managing director), Richard
Don Hyma (managing director) Share price range since listing: 14-45c Crookes (non-executive director)
Focus: Rare earths, South Australia and Address: Suite 606, Level 6, 10 Market Focus: Gold, South Australia
Victoria Street, Brisbane QLD 4000
Tel: +61 7 3212 6255 Comment:
Comment: The new home for the longstanding
Renowned rare earths expert Dudley Website: ballymoreresources.com Tarcoola and Tunkillia gold projects in
Kingsnorth was lured out of semi-retirement Social media: South Australia’s Gawler Craton. Barton
to champion the development of poten- Email: [email protected] came to the market with some 1.1 moz gold
tially the first ionic clay-hosted rare earths Key personnel: Nick Jorss (chairman), in resources and an infrastructure package
mine outside of China and Myanmar. The David A-Izzeddin (technical director), which includes a 650,000 tpa CIP process
company’s Koppamurra project straddles Andrew Gilbert (operations director) plant and 240-person village. The com-
the border of South Australia and Victoria pany has earmarked more than 20,000m
and boasts an inferred resource of 39.9mt Focus: Gold and base metals, of drilling will be completed over the next
@ 725 ppm TREO. Results from both hand Queensland 12 months, with several resource updates
auger and push tube core drilling have expected as the projects are taken through
continued to turn up encouraging numbers Comment: feasibility and into development.
ahead of a likely resource upgrade this Rounded out its first full quarter on the
year. Shortly after the listing, the company bourse by completing the first three holes Bastion Minerals Ltd
announced veteran mining engineer Don across two key targets at the Ravenswood
Hyma had been appointed managing direc- gold project. Two diamond holes were ASX: BMO
tor following an extensive search for an punched into the Seventy Mile Mount
Adelaide-based chief. breccia-hosted gold target for a total of
654m, while drilling at the Matthews Pin- Listing date: March 16
nacle porphyry copper-gold target is funded IPO amount: $5 million
Balkan Mining & Minerals Ltd by a $100,0000 Collaborative Exploration Share price range since listing: 16.5-29c
Initiative (CEI) grant from the Queensland Address: Level 6, 22 Pitt Street, Sydney
ASX: BMM Government. Assays are pending for all NSW 2000
three holes. Ballymore also intends to
Listing date: July 14 undertake drilling at its Ruddygore project Tel: +61 2 9290 9600
IPO amount: $6.5 million in early 2022. Website: bastionminerals.com
Share price range since listing: Social media: @BastionLimited
32.5-94.5c Email: [email protected]
Address: 311-313 Hay Street, Subiaco Key personnel: Ross Landles (executive
WA 6008 chairman), Andrew Stewart (non-
Tel: +61 8 6489 0600 executive director), David Nolan (non-
Website: balkanmining.com executive director)
Social media: @BalkanMining Focus: Gold and copper, Chile
Email: [email protected] Comment:
Key personnel: Ross Cotton (managing Quickly launched into exploration on its
director), Sean Murray (non-executive Capote and Cometa projects in the mineral-
chair) rich Atacama region shortly after listing.
Focus: Lithium, Serbia Shares in the company kicked up in late
August after announcing a binding option
Comment: agreement to acquire the historic San
The vehicle for the Serbian lithium assets Juan gold mine and surrounding licences,
previously housed in Jadar Resources Barton Gold Holdings Ltd potentially putting Bastion on the fast-track
(since rebranded as EV Resources Ltd), ASX: BGD to becoming a producer in the near term.
Balkan appointed contractor Geops Balkan
Drilling Services for its inaugural diamond Listing date: June 28
drilling programme at Rekovac. Results
from the campaign were still pending at the IPO amount: $15 million
time of print, although the company has Share price range since listing:
completed extensive gravity and magnetic 15.5-23.5c
surveys over the entire property. Reconcili- Address: Suite 5, 62 Ord Street, West
ation work has also been carried out the Perth WA 6005
Dobrinja and Pranjani projects. Tel: +61 8 9322 1587
aUSTRaLIa’S PaYDIRT FeBRUaRY 2022 Page 35
IPos
company unveiled a maiden inferred Comment:
Besra Gold Inc resource of 15mt @ 11.3% manganese for Recently began drilling at its Reedy Creek
the LR1 prospect at Flanagan Bore, based project in NSW where historical intercepts
ASX: BEZ on historic drill data. A heritage survey was include 12.4m @ 1.13% copper from 33.2m
completed the same month, paving the within 48.1m @ 0.66% copper from 30.3m.
Listing date: October 8 way for drilling to extend the resource and The company also launched a geophysical
IPO amount: $10 million discover more manganese mineralisation survey over the P-47 and P-54 exploration
Share price range since listing: 9.5-22c across multiple targets. targets at the Sampson Tank project
Address: 45 Ventnor Ave, West Perth before year’s end. C29 hopes to have two
WA 6008 Burley Minerals Ltd exploration licence applications granted for
Tel: +61 8 6102 7133 the Torrens copper and uranium projects by
Q2 2022.
Website: besra.com ASX: BUR
Social media: @BesraGold Listing date: July 7 Cannon Resources Ltd
Email: [email protected] IPO amount: $6 million
Key personnel: Andrew Worland (non- Share price range since listing: 16.5-41c ASX: CNR
executive chairman), Ray Shaw (chief Address: Level 3, 30 Richardson Street,
executive) West Perth WA 6005 Listing date: August 12
Focus: Gold, Malaysia Tel: +61 8 9322 6283 IPO amount: $6 million
Comment: Website: burleyminerals.com Share price range since listing: 23.5-66c
Address: Level 2, 87 Colin Street, West
Despite only joining the ASX last year, Email: [email protected] Perth, WA 6005
Besra has spent more than $US40 million Key personnel: Bryan Dixon (non-
on exploration at the Bau gold project in executive chairman), Wayne Richards Tel: +61 8 9226 0044
Malaysia. Resources now total some 3.3 (chief executive), Gary Powell (technical Website: cannonres.com.au
moz gold from more than 250,000m of director) Social Media:
drilling and geophysical analysis. Work on Focus: Iron ore and base metals, WA Email: [email protected]
the project has been sparse since 2014. A
second rig was mobilised to Bau late last Comment: Key personnel: Trevor Benson (non-
year for the initial 3,000-4,000m diamond The company has the best of both worlds executive chairman), Stephen Lynn
drilling programme with the focus currently with its Yerecoin project near New Norcia. (chief executive), Alex Passmore (non-
on the Jugan sector before moving to the As well as an existing magnetite resource of executive director)
Pejiru and Bekajang prospects. 247mt @ 29.9% iron capable of producing Focus: Nickel, WA
a 68.1% iron concentrate, the project has Comment:
Black Canyon Ltd shown early potential for Julimar-style PGE- With Rox Resources Ltd now firmly focused
copper-nickel mineralisation which requires
on advancing the Youanmi gold project,
ASX: BCA follow-up work. Burley has launched into a Cannon is the new home for the Fisher East
PFS for the magnetite project and recently and Collurabbie nickel projects. A diamond
Listing date: May 5 appointed former Brockman Resources rig was mobilised to Fisher East upon listing
IPO amount: $5 million boss Wayne Richards as its new chief and the first three holes into the Musket
executive. Since listing, the company has
Share price range since listing: 18-36c also applied for three exploration licences in prospect returned very encouraging results,
including 14.94m @ 1.9% nickel from
Address: 283 Rokeby Road, Subiaco the Hamersley iron ore province. 366.15m and 5.81m @ 2.29% nickel from
WA 6008 584.35m. Subsequent drilling at Musket
Tel: +61 8 9426 0666 C29 Metals Ltd and the nearby Camelwood prospect
Website: blackcanyon.com.au has continued to extend the known nickel
Social media: ASX: C29 mineralisation beyond 100m.
Email: [email protected] Listing date: November 3
Key personnel: Graham Ascough (non- IPO amount: $5 million Charger Metals NL
executive chairman), Brendan Cummins Share price range since listing: 16-22c
(executive director), Simon Taylor (non- ASX: CHR
executive director) Address: Suite 2, 1 Altona Street, West Listing date: July 9
Focus: Manganese, copper and cobalt, Perth WA 6005 IPO amount: $6 million
WA Tel: +61 8 6559 1792
Website: c29metals.com.au Share price range since listing: 19.5-91c
Comment: Social Media: @C29Metals Address: Unit 32, Level 3, 22 Railway
Established to explore and delineate Email: [email protected] Road, Subiaco WA 6008
manganese, copper and cobalt targets Tel: +61 8 6146 5325
across the Pilbara, Black Canyon controls Key personnel: Mark Major (technical Website: chargermetals.com.au
more than 1,600sq km close to the director), David Lees (non-executive
operating Woodie Woodie manganese chairman) Social Media: @ChargerMetals
mine and Element 25 Ltd’s Butcherbird Focus: Copper in NSW, SA and WA Email: [email protected]
development project. In October, the Key personnel: Terry Gardiner (non-
Page 36 FeBRUaRY 2022 aUSTRaLIa’S PaYDIRT
executive chairman), David Crook Tel: +61 410 504 272 Some of South Australia’s most
(managing director), Adrian Griffin (non- Website: coopermetals.com.au successful resources identities have
executive director) Social Media: @CooperMetals joined forces to find the next major copper
Focus: Lithium and nickel, WA and Email: [email protected] discovery in the Gawler Craton. Copper
Northern Territory Search’s extensive ground holding covers
Key personnel: Michael Frayne more than 6,000sq km, with all project
Comment: (chairman), Ian Warland (managing areas selected on the basis of their
Demerged from Lithium Australia NL, director) prospectivity for IOCG or similar large-
Charger boasts a portfolio which its board Focus: Copper and gold, Queensland scale deposits. The exploration team is
considers to be prospective for demand- and WA being led by Martin Spivey and to date
driven metals associated with the renewable they have identified over 10 high-priority
energy sector. These include a 70% interest in Comment: targets for drilling.
the Coates nickel-copper-cobalt-PGE project Encouraging first-up results were reported
and the Lake Johnston lithium project, both in from early field work at the Mt Isa East Cosmos Exploration Ltd
Western Australia, and the Bynoe lithium and project, including assays up to 35.3% copper
gold project in the Northern Territory. Planning and 7.96 g/t gold. Rock chip samples taken ASX: C1X
and permitting for a maiden drill programme from the historical Wonder mine, part of
at Bynoe is progressing after the company Cooper’s 1,200sq km tenement package Listing date: December 1
confirmed known pegmatites and lithium in north-west Queensland, also returned IPO amount: $5 million
anomalies from recent aeromagnetic and assays up to 15.75% copper. Ground EM
radiometric surveys. and further geochemical sampling is on the Share price range since listing: 15.5-19c
horizon for the King Solomon and Python Address: 6/94 Rokeby Rd, Subiaco WA
prospects. Field work recently started 6008
Codrus Minerals Ltd at the company’s Gooroo copper-gold Website: cosmosx.com.au
project, about 20km south of Silver Lake
ASX: CDR Social Media: @Cosmos_ASX
Resources Ltd’s Deflector mine in WA. Email: [email protected]
Listing date: June 23 Potential exploration programmes are yet to Key personnel: Jeremy Robinson
IPO amount: $8 million be confirmed the Yamarna project which sits (executive chairman), Kristian
along strike from the Gruyere mine.
Share price range since listing: 12-23.5c Hendriksen (exploration manager)
Address: Suite 3, Level 3, 24 Outram Focus: Gold and nickel, NSW and WA
Street, West Perth WA 6005 Copper Search Ltd
Tel: +61 8 6424 9017 ASX: CUS Comment:
Website: codrusminerals.com.au Created for the sole purpose of spinning
out RareX Ltd’s Orange East gold and
Social Media: @CodrusMinerals Listing date: September 15 Byro East nickel-copper-PGE projects in
Email: [email protected] IPO amount: $12 million New South Wales and Western Australia,
Key personnel: Andrew Radonjic (non- Share price range since listing: 22-44c respectively. Exploration at the latter began
executive chairman), Shannan Bamforth Address: 11 Moreau Mews, Applecross almost immediately after the company listed
(managing director) WA 6153 on the ASX, with multi-element soil sampling
Focus: Gold, WA and US Website: coppersearch.com.au seeking to identify potential analogies to
Chalice Mining Ltd’s Julimar discovery.
Social Media: @CopperSearch Orange East is just 15km along strike
Comment: Email: [email protected] from Regis Resources Ltd’s undeveloped
Essentially floated on the back of the same McPhillamys gold project.
assets which Blackstone Minerals Ltd did in Key personnel: Peter McIntyre (chief
2017. With all that company’s attention now executive), Chris Sutherland (non-
dedicated to both upstream and downstream executive chairman), Greg Hall (non- Culpeo Minerals Ltd
nickel production in Vietnam, Codrus executive director), Tony Belperio
was spun out to house the Silver Swan (non-executive director) ASX: CPO
South and Red Gate projects in the WA Focus: Copper-gold, South Australia
Eastern Goldfields and Middle Creek in the Listing date: September 10
Pilbara. The Bull Run project in Oregon, US IPO amount: $6 million
completes the attractive exploration portfolio. Share price range since listing: 13.5-37.5c
Address: Suite 5/62 Ord Street, West
Cooper Metals Ltd Perth WA 6005
Tel: +61 8 9322 1587
ASX: CPM
Website: culpeominerals.com.au
Listing date: November 19 Social Media: @CulpeoMinerals
IPO amount: $4.8 million Email: [email protected]
Share price range since listing: 22-24.5c Key personnel: Max Tuesley (managing
Address: Level 11, 216 St Georges director), Geoff McNamara (non-
Terrace, Perth WA 6000 executive chairman), Zeffron Reeves
(non-executive director)
Comment: Focus: Copper, Chile
aUSTRaLIa’S PaYDIRT FeBRUaRY 2022 Page 37
IPos
Comment: executive) Social Media: @DundasMinerals
Started 2022 on a positive note by increasing Focus: Gold, US Email: [email protected]
its stake in the Las Petacas copper project Key personnel: Mark Chadwick
to 66%, with the right to acquire as much Comment: (chairman), Shane Volk (managing
as 85% of its flagship asset. Drilling late A 2,000m drilling programme at the Western director), Tim Hronksy (technical
last year intersected broad zones of copper Desert gold-copper project in Utah began director)
mineralisation over a strike length of 500m in December following final BLM approval,
within an overall copper mineralised trend marking the first modern exploration to be Focus: Gold, nickel and copper, WA
exceeding 6km in strike length. Culpeo also completed in the area despite the presence
has the San Sebastian and Quelon projects of widespread mineralised outcrop. Drilling Comment:
at opposite ends of Chile’s coastal Cordillera is expected to take up to 3-4 months to Eleven of the 15 holes planned for the
region. complete. A maiden drill programme for company’s maiden drilling at the Kokoda
prospect, part of a 1,200sq km ground
Devils Canyon is planned pending approval holding in the Albany-Fraser Orogen, had
from the BLM. Rounding out Diablo’s US
Dalaroo Metals portfolio is the Lone Pine project where a been completed by mid-January. The rig
drone magnetic survey which identified new was then expected to be moved to the
ASX: DAL targets was completed late last year. Jumbuck project, some 8km to the west.
Listing date: September 28 In its prospectus, Dundas indicated none
of its licences have been subject to recent
IPO amount: $5 million DMC Mining Ltd exploration.
Share price range since listing: 12.5-39c
Address: Suite 1, 346 Barker Rd, ASX: DMM E79 Gold Mines Ltd
Subiaco WA 6008 Listing date: December 22
Tel: +61 8 6380 9675 IPO amount: $5 million ASX: E79
Website: dalaroometals.com.au Share price range since listing: 13.5-17c Listing date: October 7
Social Media: @DalarooMetals Address: Level 27, 44 St Georges Tce, IPO amount: $7 million
Email: [email protected] Perth WA 6000 Share price range since listing: 23-30c
Key personnel: David Quinlivan (non- Tel: +61 8 6316 4674 Address: Level 1, 168 Stirling Hwy,
executive chairman), Harjinder Kehal Website: dmcmining.com.au Nedlands WA 6009
(managing director) Social Media: @DMC_Mining Tel: +61 8 9287 7625
Focus: Base metals, WA
Email: [email protected] Website: e79gold.com.au
Comment: Key personnel: David Sumich (executive Social Media:
A drill rig was secured upon listing for a chairman), William Witham (technical Email: [email protected]
3,000m RC drilling programme at the Lyons director) Key personnel: Chris Cairns (non-
River lead-zinc-copper project, specifically Focus: Nickel, WA executive chairman), Peter Ironside
to test a 2,500m by 1,000m wide target at (non-executive director), Edward
the Four Corners prospect where primary Comment: Summerhayes (chief executive)
sulphide mineralisation was intersected One of the last IPOs to ring the bell before
from earlier EIS-funded diamond drilling. the year came to a close, DMC was able to Focus: Gold, WA
Assays from the eight holes completed swiftly start exploration at its 100%-owned
before Christmas were pending at the time Ravensthorpe nickel project last month, Comment:
of print. Dalaroo is also continuing systematic beginning with a high-resolution helicopter- Almost eight years after getting the band
geochemistry and geophysics at the borne EM and magnetic survey over the back together for the successful float
Namban nickel-copper-PGE project, about 62sq km property. Also in the nickel-focused of Stavely Minerals Ltd, former Integra
80km north of Julimar. company’s portfolio is Trinity project in the Mining directors Chris Cairns and Peter
Fraser Range where six high-priority targets Ironside have repeated the trick with E79
have been identified to date. Gold Mines. Aircore drilling at Laverton
Diablo Resources Ltd South will continue into next month, with
all results expected by April. Meanwhile, a
ASX: DBO Dundas Minerals ground gravity programme at Jungar Flats
Listing date: October 12 ASX: DUN in the Murchison was due to wrap at the
time of print.
IPO amount: $6.5 million
Share price range since listing: 10-20.8c Listing date: November 10 Eastern Metals Ltd
Address: Level 1, 10 Outram Street, IPO amount: $6 million
West Perth WA 6005 Share price range since listing: 18.5- ASX: EMS
Tel: +61 8 6383 7837 28.5c Listing date: October 25
Website: diabloresources.com.au Address: Suite 13, 100 Railway Rd, IPO amount: $4.5 million
Subiaco WA 6008
Email: [email protected] Tel: +61 457 024 143 Share price range since listing: 16.5-27c
Key personnel: Paul Lloyd (non- Address: Level 12, 225 George Street,
executive chairman), Lyle Thorne (chief Website: dundasminerals.com
Sydney NSW 2000
Page 38 FeBRUaRY 2022 aUSTRaLIa’S PaYDIRT
Evolving Evolution Energy Minerals Ltd
Tel: +61 2 9290 9600
Website: easternmetals.com.au ASX: AW1
Social Media: @EasternMetals Listing date: November 16
Email: [email protected] Chilalo IPO amount: $22 million
Key personnel: Robert Duffin (non-
executive chairman), Wayne Rossiter volution Energy Minerals Ltd executive Share price range since listing: 39-70c
(managing director), Cathy Moises E chairman Trevor Benson is confident the Address: Level 1, Emerald House, 1202
(deputy chair) funding hurdles which have plagued develop- Hay Street, West Perth WA 6005
Focus: Base and precious metals, NSW ment of the Chilalo graphite project in Tanzania Tel: +61 8 9200 3426
and Northern Territory are now greatly reduced. Website: evolutionenergyminerals.com.au
Having worked in the graphite space for Social media: @Evolution_EV1
Comment: the past six years, Benson believes an ESG-
Came to market with a simple business focused approach will help unlock large pools Email: [email protected]
case – grow the resource, navigate of “green” capital previously not available to the Key personnel: Trevor Benson (executive
the permitting and approvals process, project. chairman), Michael Bourguignon
complete feasibility studies and arrange Shortly after the company was spun out of (executive director), Phil Hoskins (non-
development finance, and in doing so add Marvel Gold Ltd and listed on the ASX in No- executive director), Amanda van Dyke
value for shareholders. Eastern Metals is vember, Evolution officially committed to an (non-executive director)
initiating that strategy via the Arunta project ESG framework designed to ensure the com- Focus: Graphite, Tanzania
in the Northern Territory and the Cobar pany’s ambition to become a choice supplier
deposit in NSW. of sustainable graphite appeals to all corners
of the global investment community.
Evolution has already secured cornerstone
Equinox Resources Ltd support from dedicated ESG investor ARCH
ASX: EQN Sustainable Resources Fund as part of its $22
million IPO. This investment was accompanied
Listing date: October 13 by a pledge for up to $US25 million towards the
IPO amount: $9 million overall funding package for Chilalo.
“Having been in and around graphite for
Share price range since listing: 18-32c some time now, the biggest challenge in
Address: Level 9, 182 St George’s Tce, graphite is funding the development of an op- Trevor Benson
Perth WA 6000 eration,” Benson told Paydirt.
“For Evolution, the absolute No.1 priority
Tel: +61 8 6109 6689 was to not stumble on the ability to get fund- “Very cleverly, the previous management
Website: eqnx.com.au ing. To that end, we were able to get ARCH on were able to ringfence the project with the debt
Social Media: board and they now have a 25% stake in the and were able to move on with their gold pro-
ject until such time that an opportunity came
Email: [email protected] company. They are very keen to invest in sus- along to be able to pay back the debt and basi-
Key personnel: Rod Baxter (non- tainable ESG-compliant resource projects and cally buy back the security in the project.
executive chairman), Daniel Taylor saw Evolution as top-tier in that area. That’s an “We always thought it was a hugely under-
(managing director) incredible vote of confidence for investors in valued asset if we could unlock the debt and
this company.
Focus: Iron ore, WA “ARCH have spent a year doing due dili- bring in new investors, alongside the support of
some very loyal shareholders who have been
gence on us which we think opens the door with the story for a long time.”
Comment: for many other ‘green’ funds to become co-
Timing was not on the company’s side investors in the project. So, by having ARCH Following its ASX debut, Evolution launched
in terms of entering the fray amid a more on board, that major risk has been greatly re- a series of value engineering studies designed
buoyant iron ore sector but that failed to duced and we believe funding is very achiev- to improve the project economics and reduce
stop Equinox from kicking a few goals in able.” the carbon footprint at Chilalo. These studies
the months after its ASX debut. A Native Chilalo was on the cusp of development are being led by former Syrah Resources Ltd
Title deed was signed with the Wintawari in early 2020 when Marvel (then known as project manager Michael Bourguignon and
Guruma Aboriginal Corp in December, Graphex Mining) published a DFS which in- are expected to be completed ahead of a final
outlining a framework for how both parties dicated an average graphite concentrate pro- investment decision on a proposed construc-
will work together during the development duction rate of 50,000 tpa would generate a tion start in the second half.
and potential operations of the Hamersley post-tax NPV of $US323 million, IRR of 34% “It’s a unique situation where you get to float
iron ore project. This milestone was and average annual EBITDA of $US73 million. a company with an economic DFS,” Benson
preceded by the appointments of CSA Debt funding had also been lined up for the said. “There’s been $20-odd million spent on
Global as geological consultants and $US87.4 million project. However, the global the project already which gives us a big leg-up,
former Rio Tinto Ltd executive and iron COVID-19 pandemic then threw a massive but there’s still plenty to do.
ore specialist Graham Fyfe as chief spanner in the works and Graphex was left “We’re tweaking and optimising the DFS,
operating officer. with a $9.5 million debt overburden. we’ve started work on an extensive explora-
tion campaign, renewing the Relocation As-
“Unfortunately, that funder was primarily an sistance Programme and we’ll update our
aeroplane leasing company and we all know environmental studies to the new World Bank
what’s happened to anyone leveraged to the IFC standards.”
airline industry during COVID-19,” Benson ex-
plained. – Michael Washbourne
aUSTRaLIa’S PaYDIRT FeBRUaRY 2022 Page 39
IPos
Fledgling Falcon ready to emulate
Chalice, Kirkland
t has been a case of from flagship to forgot- picked them up,” Markwell said.
Iten and back again for Pyramid Hill in recent “They were picking up a lot of
years, with the Victorian gold project again the ground north of Bendigo that
the centre of a company’s attention after the hadn’t really been explored be-
listing of Falcon Metals Ltd. cause it goes under some cover.
Pyramid Hill was a key asset for Chalice Chalice has done some fantastic
Mining Ltd until the discovery of the Julimar work. They’ve proven up four tar-
nickel-copper/PGM project in Western Aus- gets, they’ve done diamond drill-
tralia in early 2020. ing and aircore drilling so we have
With that remarkable project dominating lots of advanced projects to imme-
budgets and investor attention, Chalice chose diately start diamond drilling on.”
to give Pyramid Hill and two WA assets – Vi- In January, the company an-
king and Mt Jackson – their own platform. nounced it had started a 5,500m
Falcon listed on December 22, having drilling programme at the 4km-
raised $30 million at IPO. Managing direc- long Karri prospect with an initial
tor Tim Markwell told Paydirt TV the larger hole planned along strike of a
raising would set the company up for several high-grade intercept of 5.1m @ 14
years of exploration. g/t gold, including 2.2m @ 32.1 g/t
“That $30 million was targeted right at the gold.
very start and the reason is this is a large pro- “[It has] gold and arsenic in soils
ject area, we have more than 5,000sq km and very similar to the size of footprint Falcon’s Pyramid Hill gold project in Victoria already has
we don’t just want to be doing it slowly over you get around a Fosterville-style four walk-up targets previously defined by Chalice Mining
the next 10 years or so,” Markwell said. “We orebody and they managed to drill
want to hit this hard. We want to be quite ag- a couple of diamond holes that hit
gressive with our drilling and we want to really some very high-grade gold,” Markwell said. widely spaced but very good grades – 30m
find something. So, I think the traditional $5-6 “Our plan is to really close in on those high- @ 1.5 g/t gold. Something like that we will be
million IPO just wouldn’t have worked with grade hits and vector into where we think the filling in aircore around it and the idea with that
something like this. It needed to be a decent, high-grade mineralisation is coming from to one would be to do diamond drilling towards
strong balance sheet to really give it a good really try to get an idea of where it’s heading the end of the season to progress like an ear-
hard go straight from the get-go.” so we can do some in-field drilling and hope- lier stage aircore target to diamond drilling.”
Chalice had acquired the Pyramid Hill – in fully at some stage put out a resource.” Gradual progression appears to be the
the prolific Bendigo zone – in 2017 with sev- Kirkland Lake Gold Inc’s Fosterville gold order of the day for the next 12 months with
eral rounds of drilling defining four large-scale mine looms large in any Victorian gold explo- resource statements not expected before the
priority prospects. ration story but while Markwell didn’t rule out end of the year.
“They were fairly early stage when Chalice geological similarities, he said Falcon wouldn’t “It would be wonderful to think we could
be entirely focused on Fosterville lookalikes. [put out a resource] if things go well – that’s
“Victorian deposits – like most gold depos- certainly a possibility – but at this stage it’s re-
Falcon Metals Ltd its around the world – each have their own ally about tightening up around the high grade
characteristics,” he said. “Fosterville has its and vectoring into where we think it’s going,”
ASX: FAL characteristics, Bendigo has its style, Ballarat Markwell said.
It is a similar situation in WA, where the
Listing date: December 22 has its style as well. So, we’re not looking ex- company plans some initial RC drilling at
IPO amount: $30 million actly for something like that [Fosterville]. What the Viking project, 30km east-southeast of
we are looking for is large mineralised sys-
Share price range since listing: 31-89c tems that are more likely to host orebodies of Norseman in the Albany-Fraser province.
Address: Level 3, 46 Colin Street, West that sort of grade and size. Those sorts of ore- “AngloGold [Ashanti Ltd] actually did some
Perth, WA, 6005 bodies shed a lot of gold and arsenic from the work on this project a while ago, some aircore
Tel: +61 8 9322 3960 minerals in them and we are looking to focus drilling on an oxide target which got some
very high-grade hits [including 5m @ 44.5 g/t,
Website: falconmetals.com.au on these larger systems that are most likely to 4m @ 15.4 g/t and 6m @ 6 g/t] but it really
host these world-class orebodies.”
Social media: @FalconMetalsLtd As well as Karri, Falcon plans to conduct hasn’t been touched since,” Markwell said. “It
Email: [email protected] aircore drilling at the Ironbark prospect where is not often you get a project like that where
Key personnel: Tim Markwell (managing diamond drilling by Chalice indicated the mar- you can just come in and drill under hits.”
director), Mark Bennett (non-executive gins of diorite intrusives were mineralised. Markwell is joined on the Falcon board by
chair), Alex Dorsch (non-executive “Ironbark is a little bit less advanced but Chalice managing director Alex Dorsch as
director) that’s got some very exciting aircore drilling non-executive director and well-known ge-
ologist Mark Bennett as non-executive chair-
Focus: Gold, Victoria and Western that was done by Chalice in 2021,” Markwell man, based in Melbourne.
said. “There’s a prospect called Ironbark East
Australia
that had several aircore hits that were very – Dominic Piper
P
Page 40 FeBRUaRY 2022 aUSTRaLIa’S PaYDIRTage 40 FeBRUaRY 2022 aUSTRaLIa’S PaYDIRT
South Melbourne VIC 3205
Firebird Metals Ltd Tel: +61 8 9692 7222
ASX: FRB Website: flynngold.com.au
Social Media: @FlynnGoldLtd
Listing date: March 18 Email: [email protected]
IPO amount: $5.5 million Key personnel: Clive Duncan
Share price range since listing: 33-84.5c (chairman), Sam Garrett (executive
Address: Suite 20, 513 Hay Street, director), Doug Kirwin (technical
Subiaco WA 6008 advisor)
Tel: +61 8 6245 9818 Focus: Gold, Western Australia and
Website: firebirdmetals.com.au Tasmania
Social Media: @AsxFrb Comment:
Email: [email protected] Flynn holds a 448 sq km footprint in
Key personnel: Evan Cranston Western Australia, including a project
(chairperson), Peter Allen (managing south of De Grey Mining Ltd’s Hemi
director, below), Ashley Pattison (non- discovery. More recently, the explorer has
executive director) been focused on its Golden Ridge project
Focus: Manganese, Western Australia in Tasmania (right), believed to be on the
same geological trend as the Victorian
goldfields, with rock chip samples
Comment:
Manganese-focused spin-out of Firefly reaching up to 61 g/t.
Resources, the company has locked
on to three key prospects in the East Forrestania Resources Ltd
Pilbara. The Oakover project, 85km east
of Newman, already possesses a 64mt ASX: FRS
@ 10% manganese resource, with infill
and extensional drilling planned alongside Listing date: September 30
metallurgical test work. Inferred resources IPO amount: $5 million
at the company’s Hill 616 project were Share price range since listing: 25-56c
recently increased to 57.5mt @ 12.2%
manganese. Address: Suite 2, 38 Colins Street, West
Perth WA 6005
Tel: +61 8 6391 0113
Website: forrestaniaresources.com.au
Social Media: @ForrestaniaRes
Email: info@forrestaniaresources.
com.au
Key personnel: Simon Adams (chief
financial officer), David Izzard (director),
Melanie Sutterby (general manager and Address: London House, Suite 3, Level
chief executive) 8, 216 St Georges Terrace, Perth WA
Focus: Gold, lithium and nickel, Western 6000
Australia Tel: +61 8 9200 5812
Website: genmingroup.com
Comment: Social Media: @GenminASX
Forrestania’s namesake project is
adjacent to the established Flying Fox Email: [email protected]
mine and is earmarked as the company’s Key personnel: Michael Arnett
“cornerstone” play. Results from the (non-executive chairman), Joe Ariti
Lady Lila project, 17km southwest of (managing director), John Hodder (non-
the historic Bounty gold mine, defined executive director)
supergene mineralisation over a 300km Focus: Iron ore, Gabon
strike length in December – in addition to
its existing inferred mineral resource of Comment:
541,000t @ 1.38 g/t gold for 24,000oz. Genmin started 2022 off on the right
foot, signing a MoU to sell and deliver
Flynn Gold Ltd 1.5 mtpa of fines and 500,000 tpa of
Genmin Ltd lump product to Jianlong Group (China’s
ASX: FG1 country’s second largest privately
ASX: GEN owned iron and steel enterprise)
Listing date: June 17 over a two-year period. Jianlong also
IPO amount: $10 million Listing date: March 10 commissioned China’s first hydrogen-
Share price range since listing: 13-20c IPO amount: $29.9 million powered iron production line in 2021, as
Address: Level 4, 96-100 Albert Rd, Share price range since listing: 13.5–34c opposed to the use of coking coal.
aUSTRaLIa’S PaYDIRT FeBRUaRY 2022 Page 41
IPos
Global Lithium Resorces Ltd
ASX: GL1
Global years and 12,000m of exploration work Listing date: May 6
by the Global Lithium team. The compa-
ny was founded a year earlier by a group IPO amount: $10 million
appeal sends of investors which includes well-known Share price range since listing: 24c-$1.32
WA mining executive Dianmin Chen who
Address: Suite 8, 7 The Esplanade, Mt
is now a non-executive director. The
strategy was to scour the globe to find a Pleasant WA 6153
lithium IPO suitable lithium project. Tel: +61 8 9316 9100
Unsurprisingly, the search landed on
Website: globallithium.com.au
WA and the Archer deposit which is fa- Social media: @global_lithium
upwards vourably located in the emerging Pilbara Email: [email protected]
lithium province, close to Pilbara Miner-
als Ltd’s Pilgangoora mine and the Wod- Key personnel (on listing): Jamie Wright
gina development project. (managing director), Dianmin Chen (non-
“The Global technical team thought executive director), Warrick Hazeldine
ommodity and location played their it bared similarities to Wodgina so the (non-executive chair)
Cpart but project status was just as company picked it up in 2019,” inau- Focus: Lithium, gold and base metals,
crucial to the success of Global Lithium gural managing director Jamie Wright Western Australia
Ltd’s entry onto the bourse in May. explained to Paydirt in May 2021. “We
Global Lithium closed the calendar started exploration almost immediately
year as the second most successful new and within 12 months we had a resource.
listing, posting a 240% rise to 95c/share We could move quickly because the spo- over more than 6km. Preliminary metal-
after arriving on the ASX at 20c. dumene outcrops at surface.” lurgical test work also began in the De-
The company undoubtedly caught the Hazeldine said the combination of cember quarter ahead of a resource up-
battery minerals wave with investors en- commodity, location and established as- date and 50,000m drill programme early
amoured by the company’s Marble Bar set made Global Lithium a ready-made this year.
lithium project in the Pilbara, Western option for investors eager to get in on the The company was active in the corpo-
Australia. However, according to chair- ground floor of a battery minerals invest- rate space, securing an additional 120sq
man Warrick Hazeldine, other elements ment. km of tenements south of Archer and
contributed to the achievement. “We didn’t have to educate the mar- then in December striking a JV agree-
“Rather than listing on the back of ket on the location because you couldn’t ment to acquire 80% of the Manna lith-
some exploration potential, we came ask for a better jurisdiction than the Pil- ium project, 100km east of Kalgoorlie,
to market with hard assets which could bara,” he said. “The commodity choice from Breaker Resources NL.
grow. We understood the importance of has been vindicated by lithium hydroxide “We’ll be getting on the ground as
giving the market a growth story,” Hazel- pricing in recent months and thanks to quickly as possible on both projects in
dine told Paydirt, referring to the 10.5mt the early work we have a great platform 2022,” Hazeldine said. “We want to get
@ 1% Li2O inferred resource Global Lith- to build from.” up and running because it is a very excit-
ium defined for the Archer deposit prior The 2021 exploration programme de- ing time to be in battery minerals so we
to listing. livered strike extensions at Marble Bar look forward to keeping the news flowing
The resource came on the back of two with lithium mineralisation now defined for investors.”
Such has been the progress from $10
million IPO to genuine lithium develop-
ment story that Global Lithium has at-
tracted corporate interest into the com-
pany.
In November, Chinese group Yi-
bin Tianyi – the lithium chemical arm of
CATL, the world’s largest EV battery-
maker – became a 9.9% shareholder as
part of a $13.6 million capital raising.
That was followed in January by the
appointment of former Fortescue Met-
als Group Ltd executive Greg Lilleyman
to the board, along with Ron Mitchell
who was previously sales director, inter-
national business group for Tianqi Lith-
ium Corporation, majority owner of the
Greenbushes lithium mine in WA.
“Those appointments make people re-
alise how real this project is,” Hazeldine
said. “This is Greg’s first role since leav-
ing Fortescue and Ron is very skilled in
lithium offtake and marketing.”
The Global Lithium board on listing – Dianmen Cheng, Warrick Hazeldine and Jamie Wright. – Dominic Piper
The company announced in January that Wright was stepping down with Greg Lilleyman and
Ron Mitchell joining the team
Page 42 FeBRUaRY 2022 aUSTRaLIa’S PaYDIRT
Tel: +61 8 6557 6825
Gold 50 Ltd Website: greentm.com.au Heavy Minerals Ltd
ASX: G50 Social Media: @green_metals ASX: HVY
Email: [email protected]
Listing date: August 6 Key personnel: John Young (chairman), Listing date: September 14
IPO amount: $10 million Cameron Henry (non-executive IPO amount: $5.5 million
Share price range since listing: 19.5-30c director), Luke Cox (chief executive), Share price range since listing: 13-26c
Address: Suite 503, 140 Arthur Street, Matt Herbert (general manager for North Address: Level 11, 216 St Georges
North Sydney NSW 2060 America) Terrace, Perth WA 6000
Tel: +61 2 9922 5800 Focus: Lithium, Canada Tel: +61 8 9481 0389
Website: gold50.com Comment: Website: heavyminerals.com
Social Media: @gold50_ One of many new companies on the Social Media: @HeavyMinerals
Email: [email protected] bourse capitalising on the momentum Email: [email protected]
Key personnel: Rob Reynolds of the lithium industry and its bubbling Key personnel: Maurice Dominic Matich
positive sentiment. Phase 1 drilling at
(chairman), Mark Wallace (managing the company’s Seymour project began (executive director), Adam Schofield
director), Bernard Rowe (non-executive in December, with 11 holes for 3,500m (non-executive chairman), Greg Jones
director) set to expand the current resource of 4.8 (non-executive director)
Focus: Gold, copper and base metals, mt @ 1.25% lithium. The programme is Focus: Heavy minerals and mineral
USA expected to finish in March. sands, WA and Mozambique
Comment: Comment:
At the end of the September quarter, a Hamelin Gold Ltd The company owns 70% of the Inhambane
ground magnetic survey represented mineral sands project in Mozambique,
the first systematic exploration at the ASX: HMG holding an inferred mineral resource of
Golconda project, Arizona, in more 51mt @ 3.4% for a contained 1.7mt of
than 30 years. Drill targets are now Listing date: November 5 heavy minerals. Drilling at the company’s
being investigated via geological IPO amount: $10 million wholly owned Port Gregory project in
mapping, structural analysis and surface Share price range since listing: 13-20c Western Australia restarted in January.
geochemical sampling. Four patented Address: Suite 2, 1 Alvan Street,
claims were put forward in December to Subiaco WA 6008
grow the project’s size. Meanwhile, drilling Iceni Gold Ltd
has also begun at the greenfields Top Tel: +61 8 9486 9455 ASX: ICL
Gun prospect in Nevada with 2,000m RC Website: hamelingold.com.au
work planned and $9.1 million cash in tow. Social Media: Listing date: April 14
Email: [email protected] IPO amount: $20 million
Key personnel: Will Robinson (non- Share price range since listing: 15-37c
executive chairman), Peter Bewick Address: Level 2, 41-43 Ord Street, West
(managing director), Justin Osborne Perth WA 6005
(non-executive director)
Focus: Gold, Western Australia Tel: +61 8 6458 4200
Website: icenigold.com.au
Comment: Social Media: @Iceni_Gold
Spun out of copper-focused Encounter Email: [email protected]
Resources Ltd, Hamelin has vowed to Key personnel: Brian Rodan (executive
bring modern exploration to the prolific chairman), Dave Nixon (technical
Tanami gold region of Western Australia. director), Keith Murray (non-executive
Exploration at the West Tanami project director)
officially kicked off in November with
aeromagnetic surveys scouring 2,277 sq Focus: Gold, Western Australia
km of land. A major drilling programme is
expected to begin this quarter as RC and Comment:
diamond drilling contractors are finalised. Iceni management says 80% of its
tenement package, a 600 sq km holding
of six key prospect areas around the
Laverton greenstone belt, has never seen
modern systematic geological investigation.
Green Technology Metals Ltd Ongoing exploration at the TOTK prospect,
including diamond drilling and soil sampling,
ASX: GT1 discovered a syenite gold intrusion in
November. A 121-hole aircore drilling
Listing date: November 10 programme is planned to outline broader
IPO amount: $24 million alteration patterns at TOTK.
Share price range since listing: 33-76c
Address: Unit 6, 94 Rokeby Road,
Subiaco WA 6008
aUSTRaLIa’S PaYDIRT FeBRUaRY 2022 Page 43
IPos
Industrial Minerals Ltd Iris Metals Ltd Juno Minerals Ltd
ASX: IND ASX: IR3 ASX: JNO
Listing date: July 13 Listing date: September 23 Listing date: March 14
IPO amount: $5 million IPO amount: $7 million IPO amount: $3.91 million
Share price range since listing: 18-37c Share price range since listing: 19.5-69c Share price range since listing: 15-29.5c
Address: Unit 20, 513 Hay Street, Address: Level 6, 400 Collins Street, Address: Level 10, 16 St Georges
Subiaco WA 6008 Melbourne VIC 3000 Terrace, Perth WA 6000
Tel: +61 8 6270 6316 Tel: +61 2 8072 1400 Tel: +61 8 9346 5599
Website: industmin.com Website: irismetals.com Website: junominerals.com.au
Social Media: @industmin Social Media: @IrisMetals Social Media: @JunoMinerals
Email: [email protected] Email: [email protected] Email: [email protected]
Key personnel: Ashley Pattison Key personnel: Simon Lill (non- Key personnel: Greg Durack (managing
(chairperson), Jeff Sweet (operations executive chairman), Peter Marks director), Patrick Murphy (non-executive
director), Alex Neuling (non-executive (executive director), Tal Paneth chair)
director and company secretary) (executive director) Focus: Iron ore, Western Australia
Focus: Silica sand and industrial Focus: Gold, Western Australia
minerals, Western Australia Comment:
Comment: Juno’s Mount Mason hematite deposit
Comment: Since listing, Iris Metals’ share price has boasts a 5.9mt “shovel-ready” mineral
One of the few not engaged in the steadily climbed to a healthy 63c as of resource, while its Mount Ida magnetite
commonality of either gold or critical January – an increase of 200%. A 76- project holds a 1.85bt resource and has
battery minerals, the company holds hole, 1,938m aircore drill programme was the potential to be a long-life Tier-1 mine.
several projects across the WA coast, completed at the company’s Kookynie The company is currently assessing
including many close to existing ports. project in December and an aeromagnetic contracting tenders for the Mount Mason
Auger drilling results in November survey was completed at its Leonora project while other approvals are under
returned an average silica grade of 99.2% project in January, identifying seven high way.
from 11 holes, with some as deep as 2m. priority targets. Assays from Kookynie are
Analysis is ongoing from 900m of auger expected this quarter.
sampling and an aircore rig was mobilised Kalgoorlie Gold Mining Ltd
in November.
iTech Minerals Ltd ASX: KAL
Infinity Mining Ltd ASX: ITM Listing date: November 17
IPO amount: $7.48 million
ASX: IMI Listing date: October 21 Share price range since listing: 13-19c
IPO amount: $7 million
Listing date: December 22 Share price range since listing: 18.5-37c Address: Suite 2, 45 Ord Street, West
IPO amount: $10 million Address: Level 3, 170 Greenhill Road, Perth WA 6005
Share price range since listing: 15.5-20c Parkside SA 5063 Tel: +61 8 6244 5136
Address: 555 Coronation Drive, Tel: +02 5850 0000 Website: kalgoldmining.com.au
Toowong QLD 4066 Website: itechminerals.com.au Social Media: @kalgoorliegold
Tel: +61 7 3221 1796 Social Media: @ItechMinerals Email: [email protected]
Website: infinitymining.com.au Email: [email protected] Key personnel: Matt Painter (managing
Social Media: @infinitymining2 Key personnel: Michael Schwarz director), Andrew Penkethman (non-
executive director), Pauline Gately
Email: communications@ (managing director), Glenn Davis (non- (non-executive chair), Carmel McKenzie
infinitymining.com.au executive chairman), Gary Ferris (non- (non-executive director)
Key personnel: Joe Phillips (executive executive director) Focus: Gold, Western Australia
chairman), Josephus Groot (director Focus: Halloysite-kaolinite, rare earths
and chief executive), Cameron McCall and graphite, South Australia Comment:
(non-executive director) Spun out of Ardea Resources Ltd, the
Focus: Gold, nickel, silver, copper and Comment: aptly-named Kalgoorlie Gold Mining
lithium, Western Australia iTech’s focus sits on graphite, which is holds a number of projects in the Eastern
crucial to developing more efficient and Goldfields with an objective to fast track
Comment: compact lithium-ion batteries, such as a pathway to mining. A 34-hole, 3,300m
Although focused on rare earths critical those in electric vehicles. The company drill programme began at the Bulong
to renewable energy, Infinity’s short-term acquired its assets from the technology- Taurus project in January; the company’s
sights are set on work programmes to focused Archer Materials Ltd, with the second RC drill campaign since listing in
create cashflow from gold opportunities new owner looking to take advantage of November. Targeting is also under way at
in the Central Goldfields. The spoils are the advanced nature of some tenements. the Pinjin and Ninga Mia projects.
expected to fund longer term targets near
Marble Bar in the Pilbara.
Page 44 FeBRUaRY 2022 aUSTRaLIa’S PaYDIRT
Website: koonenberrygold.com.au Address: 136 Stirling Highway,
Kincora Copper Ltd Social Media: Nedlands WA 6009
ASX: IND Email: [email protected] Tel: +61 8 6373 0112
Key personnel: Anthony McIntosh Website: larvottoresources.com
Listing date: March 30 (interim chair), Karen O’Neill (chief Social Media: @LarvottoR
IPO amount: $10 million executive), Ben Donovan (non-executive Email: [email protected]
Share price range since listing: 10.5-40c director and company secretary) Key personnel: Ron Heeks (managing
Address: Floor 25, 700 West Georgia Focus: Gold, New South Wales director), Mark Tomlinson (non-
Street, Vancouver BC V7Y 1B3 Comment: executive chair), Anna Nahajski-Staples
Tel: +1 604 283 1722 Koonenberry’s namesake greenfields (non-executive director)
Website: kincoracopper.com project is located northeast of the major Focus: Gold, nickel, lithium, copper
and PGE, West Australia, New Zealand,
Social Media: @KincoraCopper mining centre of Broken Hill and lies upon Queensland
Email: [email protected] geology that is analogous to the Victorian
Goldfields, according to management.
Key personnel: Sam Spring (executive A progress report on the project was Comment:
director and chief executive), Cameron released in December, detailing results Larvotto started exploration at its Mt
McRae (non-executive chairman), John from 441 soils samples. Further sampling Isa copper project in January, including
Holliday (non-executive director) is planned this year to develop a better drilling, geochemistry and geophysics
Focus: Copper and gold, New South geological model. – following up samples including 15m
Wales @ 6.6% copper and 0.64 g/t gold.
Geophysical tests were expected to begin
Comment: Kuniko Ltd this month. Mt Isa is along strike from
A TSX-V listed company that made its Glencore Plc’s Mt Isa mines operation,
Australian bourse debut in March. Sam ASX: KNI the second largest copper producer in the
Spring has been the executive director Listing date: August 24 country.
since 2013 and has overseen the
company’s pivot from Mongolian assets IPO amount: $7.88 million Legacy Minerals Holdings Ltd
(sold to Resilience Mining Mongolia Ltd) Share price range since listing: 75c-$3.6
to Australian copper and gold. Porphyry- Address: Level 11, 125 St George’s ASX: LGM
style intrusions were recently discovered Terrace, Perth WA 6000
at the Trundle Park prospect, including Tel: +61 8 6164 5095 Listing date: September 13
42m @ 0.42 g/t gold and 0.12% copper IPO amount: $5.81 million
from 358m, including 10m @ 1.13 g/t gold Website: kuniko.eu Share price range since listing: 15.5-26c
and 0.32% copper from 382m. Social Media: @KunikoLtd Address: Suite 401, 54 Miller Street,
Email: [email protected] North Sydney NSW 2060
Key personnel: Gavin Rezos (chairman), Tel: +02 8 005 7107
Antony Beckmand (chief executive),
Brendan Borg (non-executive director) Website: legacyminerals.com.au
Focus: Cobalt, nickel and copper, Social Media: @LegacyMinerals
Norway Email: [email protected]
Key personnel: Christopher Byrne
Comment: (managing director), David Carland
Boasting the non-core assets previously (non-executive chairman)
held by Vulcan Energy Resources Ltd,
Kuniko pledges the same zero-carbon Focus: Gold and base metals, New
business model, sourcing battery metals South Wales
in the name of human rights and ethically
extracted materials. The company cites Comment:
Europe’s hunger for a more than 800 Legacy is scouring the Lachlan Fold
GWh battery manufacturing capacity by Belt for a myriad of commodities over
2030 to fulfil the EV market. Geochemical six prospects covering 1,000sq km. The
soil samples have shown the potential company believes there is potential for
for deeper and more modern exploration “near-term” resource definition among
across drill programmes at the Skuterud the portfolio of drill-ready targets. Re-
assaying of Phase 1 gold exploration at
Koonenberry Gold Ltd cobalt project, proximal to the historic the Harden project recently upgraded
Middagshvile mine.
ASX: KNB results such as 130m @ 1.38 g/t, to
130m @ 19.35 g/t. Additional assays
Listing date: September 28 Larvotto Resources Ltd from a diamond drilling programme were
IPO amount: $8 million ASX: LRV expected by this month.
Share price range since listing: 11.5-21c
Address: Ground Floor, 16 Ord Street, Listing date: December 6
West Perth WA 6005 IPO amount: $6 million
Tel: +61 8 6245 9869 Share price range since listing: 10.5-21c
aUSTRaLIa’S PaYDIRT FeBRUaRY 2022 Page 45
IPos
Clean and lean makes for IPO success
ithium Energy Ltd (LEL) executive chairman other ASX listed com-
L William Johnson has attributed the com- panies, such as those
pany’s critical offering of ethically-sourced and in African countries
environmentally-clean graphite as the main that carry implied
reason for its stunning first year on the bourse. risks.”
Spun out of Strike Resources Ltd via a $9 Ethically-sourced
million IPO in May, the company debuted its critical battery miner-
stock at 47c and by year’s end was command- als are coming under
ing more than double the price. At the time of increasing scrutiny to
print, its shares were $1.22, a 158.51% premi- meet ESG require-
um to its listing valuation. Strike has retained a ments, as the compet-
43% interest in LEL. itive hunger may drive Lithium Energy’s Solaroz lithium project is located in Argentina’s
LEL offers two opportunities from its portfo- buyers to plot their in- lithium triangle, a hot property already housing production
lio – the 12,000ha Solaroz lithium brine project vestments away from
in Argentina and the Burke graphite project in jurisdictions with such
north-central Queensland. The latter holds a issues.
6.3mt @ 16% TGC inferred mineral resource. “We’ve indicated with our graphite project
“We took the decision about this time last that we want to develop a value-adding manu-
year to spin them out into a battery minerals facturing business of purified spherical graph-
company,” Johnson explained to Paydirt. “We ite [PSG],” Johnson said.
got a sense that the battery minerals sector “That would add considerable value to our
was taking off. The timing was perfect, and the business with a high-value product and given
share price has gone very well, one of the most our location of the project in Queensland…we
successful IPOs of the last year.” think we’re well positioned to take advantage of
Johnson believes LEL’s surging share price the opportunity. William Johnson
is largely owed to the Burke project striking a “There’s typically ten-times more graphite
chord with investors, rather than the fellow bat- in a lithium-ion battery than lithium itself. At the China’s hunger for the resource to fuel lithium-
tery mineral from which the company took its moment, most PSG is produced in China and ion batteries.
name. they sell that to the battery manufacturers. One The Solaroz project being adjacent to
“We have one of the largest, independent of the problems with that is Chinese compa- Allkem Ltd’s flagship operations (formerly Oro-
land holdings left in that Argentina ‘lithium trian- nies typically use nasty chemicals during the cobre), a company that has been producing for
gle’ salt lake, so naturally there’s a lot of interest processing. roughly five years now. Johnson said it was a
in that, but our graphite project in Queensland “Battery and EV manufacturers are increas- blueprint for success.
is also particularly exciting – it’s one of the ingly looking down their supply chains to en- “All the geophysics and exploration that
highest-grade graphite deposits in the world,” sure that things are being done in a sustainable we’ve seen from others, such as Orocobre
he said. way. There’s going to be a lot more focus on and Lithium Americas [Corp] who are our two
“Also, because it’s situated in Queensland, manufacturing techniques. neighbours on that lake, supports our theory
I think investors recognise it’s a safer jurisdic- “So, we see an opportunity here in Aus- that the lithium-rich brines that they’re tapping
tion than different graphite projects held by tralia to rather than just dig up the graphite and into produce lithium carbonate extends under
produce a concentrate to be sold to China for our concessions,” Johnson said.
value adding, we can do that value adding our- “It’s simply a matter of doing some geophys-
Lithium Energy Ltd selves here in Australia.” ics to first map out the underlying structure and
LEL is currently working on approvals to fi- drilling down to identify where those lithium-
ASX: LEL nalise drilling at Burke to upgrade the inferred rich brines are and then hopefully from there,
resource to indicated, with CSIRO also col-
Listing date: May 19 laborating with the company. we can put together a resource.”
Exploration at Solaroz is expected to start
IPO amount: $9 million “The work CSIRO is currently doing with this month after COVID restrictions stopped
Share price range since listing: 31c-$1.23 us is helping to identify the optimal process LEL from hitting the ground immediately on list-
for taking our graphite and sterilising it so we
Address: Level 2, 31 Ventnor Avenue, can move from concentrate production to the ing, despite Argentinian authorities reconfirm-
West Perth WA 6005 higher-value PSG product,” Johnson said. ing all technical aspects of exploration plans.
Johnson said the delays were due to a num-
Tel: +61 08 9214 9737 “We are also planning to do some drilling lat- ber of local community members being unable
Website: lithiumenergy.com.au er this year on another prospect about 100km to appear at the approvals meeting.
Social media: @LithiumEnergy_ south of Burke where we’ve done quite a bit “We’re expecting to get approval to start
of sampling and geophysics as well. We have
Email: [email protected] identified the opportunity to chase a resource work any day now,” Johnson said.
“[Once final approval happens] we’ll be get-
Key personnel: William Johnson similar to the one at Burke.” ting started on the ground straight away, which
(executive chairman), Farooq Khan Lithium carbonate and hydroxide prices should be very soon. We’ve planned both geo-
(director), Peter Smith (director) boosted 25% and 12.5% respectively in early physics and drilling to test the prospectivity.”
Focus: Lithium and graphite, Argentina January and broker Credit Suisse increased its
and Queensland forecasts off the back of those gains. Experts – Fraser Palamara
attribute the price climb to tight supplies and
Page 46 FeBRUaRY 2022 aUSTRaLIa’S PaYDIRT
Comment:
Locksley Resources Limited Most notably, Lycaon boasts two
exploration licences (nickel, copper and
ASX: LKY PGEs) proximal to Chalice Mining Ltd’s
prolific Julimar discovery. Also aptly
Listing date: July 8 named the Julimar project, Lycaon began
IPO amount: $5 million auger geochemical sampling there in
Share price range since listing: 13-29c December and plans to undertake a
Address: Level 11, 216 St Georges helicopter EM survey early this year.
Terrace, Perth WA 6000 Exploration drilling is also mooted for
Tel: +61 8 9481 0389 Lunnon Metals Limited the company’s Rocky Dam project this
quarter.
Website: locksleyresources.com.au
Social Media: ASX: LM8
Email: woodhams@locksleyresources. Lykos Metals Ltd
com.au Listing date: June 16 ASX: LYK
Key personnel: Steve Woodham IPO amount: $15 million
(managing director), Adam Giles (non- Share price range since listing: 34-70c Listing date: October 21
executive chair), Steve Brockhurst (non- Address: Level 3, 35 Outram Street, IPO amount: $12 million
executive director) West Perth WA 6005 Share price range since listing: 25-45c
Focus: Copper and gold, New South Tel: +61 8 9226 0887 Address: Level 48, 152-158 St Georges
Wales Website: lunnonmetals.com.au Terrace, Perth WA 6000
Comment: Social Media: @LunnonMetals Tel: +61 8 9480 2500
Incorporated in 2018, Locksley took to Email: [email protected] Website: lykosmetals.com
the bourse last year with its single play, Key personnel: Liam Twigger (non- Social Media: @LykosMetals
the Tottenham copper-gold project in the executive chairperson), Edmund
Lachlan Fold Belt. The project features Ainscough (managing director), Ian Email: [email protected]
a 30km strike over a volcanic-hosted Junk (non-executive director) Key personnel: Matthew Worner (non-
massive sulphide corridor as part of a 470 executive chairman), Mladen Stevanović
sq km package. November RC drill results Focus: Nickel and gold, Western (managing director), Miloš Bošnjaković
noted 10.3% copper and 6.9 g/t gold. Australia (executive director)
Comment: Focus: Nickel, copper, gold and others,
Bosnia-Herzegovina
Lode Resources Ltd Having spent his formative years in the
Kambalda region, Ainscough and his
ASX: LDR team are seeking to give the prospective Comment:
Managing director Mladen Stevanović
nickel its deserved justice that went explained to Paydirt sister publication
Listing date: July 2 unnoticed during gold rushes of the Gold Mining Journal in January that
IPO amount: $5.11 million past. Ground surrounding the historic Lykos had every intention of being a
Foster mine has gone without modern
Share price range since listing: 11-43c exploration for nearly 25 years. Diamond solely battery minerals explorer but
Address: Level 30, 264-278 George hole assays from the Foster project came across a 2sq km gold and copper
Street, Sydney NSW 2000 returned 7.7m @ 2.92% in January. anomaly gold at its Sinjakovo project last
year. “We found strong gold anomalism,”
Tel: +61 2 9008 1381 Stevanović said. “It was an interesting and
Website: loderesources.com Lycaon Resources Ltd new discovery for us.” Assays from the
Social Media: @LodeResources Sockovac project returned grades of 5.45
Email: [email protected] ASX: LYN g/t gold, 1,330 g/t silver, 7.21% lead and
5.66% zinc in December.
Key personnel: Andrew Van Heyst Listing date: November 17
(chair), Ted Leschke (managing director) IPO amount: $5 million
Focus: Copper and silver, NSW
Share price range since listing: 32-72c
Comment: Address: Level 2, 22 Mount Street, Perth
Lode hit the bourse in July with WA 6000
brownfields projects in the underexplored Tel: +61 8 6188 8181
New England Fold Belt, a region Website: lycaonresources.com
representing one exploration hole for Social Media: @Lycaon_ASX
every 13 drilled into the well traversed
Lachlan Fold Belt. This is despite the New Email: [email protected]
England Belt having a history of mining Key personnel: Patrick Burke (non-
from the 1850s to World War I. Phase 1 executive chairman), Ranko Matic (non-
drilling at the Webbs Consol project noted executive director), Thomas Langley
results such as 4.4m @ 800 g/t silver in (technical director)
December. Focus: Gold, silver, copper, nickel and
PGE, Western Australia
aUSTRaLIa’S PaYDIRT FeBRUaRY 2022 Page 47
IPos
M3 Mining Ltd
ASX: M3M
Listing date: July 29
IPO amount: $4.6 million
Share price range since listing: 17.5-44.5c
Address: Level 1, 3 Ord Street, West
Perth WA 6005
Tel: +61 08 6365 5200
Website: m3mining.com.au
Social Media: @M3Mining
Email: [email protected]
Key personnel: Russell Davis (non-
executive chairman), Simon Eley
(executive director), Eddie King (non-
executive director) Medallion Metals Ltd
Focus: Copper and gold, Western
Australia ASX: MM8
Listing date: March 22 Social Media: @metaltigerplc
Comment:
M3 brought two exploration plays to the IPO amount: $12.5 million Email: [email protected]
bourse; the Victoria Bore copper project Share price range since listing: 18-34.5c Key personnel: Charles Hall (non-
and the Edjudina gold project. The former Address: Suite 1, 11 Ventnor Avenue, executive chairman), Michael McNeilly
has proof of historic, shallow high-grade West Perth, WA 6005 (chief executive), Neville Bergin (non-
copper but a lack of modern exploration. Tel: +61 8 6424 8700 executive director), David Wargo (non-
Downhole EM works began in December executive director)
and results from a maiden 1,200m RC Website: medallionmetals.com.au Focus: Copper, gold, silver and zinc,
drill programme are expected early this Social Media: @MM8_Medallion Botswana
year. Email: [email protected]
Key personnel: John Fitzgerald (chair), Comment:
Mamba Exploration Ltd Paul Bennett (managing director), Also listed on the LSE trading at 20 GBX
Tony James (non-executive director), per share as of January, Metal Tiger holds
ASX: M24 Edmund Ainscough (non-executive a diverse portfolio of investments, notably
director) Kalahari Metals Ltd which recently
Listing date: February 5 Focus: Gold, Western Australia completed a 2,949m drill programme in
IPO amount: $7 million Botswana. Kalahari is a JV with Cobre
Ltd, alongside another investment
Share price range since listing: 16-36.5c Comment: partnership with Metal Tiger through the
Address: Level 11, 216 St Georges Listed in March after pausing its original newly listed Armada Metals Ltd which
Terrace, Perth WA 6000 IPO plans last year when it failed to raise joined the ASX in December.
Tel: +61 8 9481 0389 the required capital but succeeded after
bringing in Argonaut as a key broker.
Website: mambaexploration.com.au The company is vying to release an Midas Minerals Ltd
Social Media: @MambaLimited updated mineral resource for its Gem
Email: [email protected] deposit in March, with roughly 30,000m of ASX: MM1
drilling data. Results reported in January
Key personnel: Justin Boylson (non- included 11m @ 10.2 g/t gold, including Listing date: September 7
executive chairman), Mike Dunbar 3m @ 35.9 g/t. IPO amount: $6 million
(managing director), Simon Andrew
(non-executive director) Share price range since listing: 13.5-29c
Focus: Gold, nickel and copper, Metal Tiger Plc Address: Ground Floor, 24 Outram St,
Western Australia West Perth WA 6005
ASX: MM8 Tel: +61 8 6383 6595
Comment: Listing date: May 27 Website: midasminerals.com
Just the second hole drilled into Mamba’s Social Media: @MidasMinerals
priority Black Hills target – a 6km ultramafic IPO amount: $10 million
trend just 30km northeast of Chalice Mining Share price range since listing: 31-57c Email: [email protected]
Ltd’s Julimar discovery – returned multiple Address: Weston Farm House, Weston Key personnel: Sara Kelly (chair), Nick
zones of sulphide mineralisation in December. Down Lane, Weston Colley, Winchester, Katris (executive director), Michael
Back-to-back indications of sulphides Hants, United Kingdom, SO21 3AG Naylor (non-executive director), Mick
prompted the company to drill a third Tel: +44 (0) 20 3287 5349 Wilson (non-executive director)
diamond hole to gather a better geological Focus: Gold, nickel, copper and PGEs,
understanding. Results are imminent. Website: metaltigerplc.com Western Australia
Page 48 FeBRUaRY 2022 aUSTRaLIa’S PaYDIRT
Comment: New South Wales director), Gary Powell (non-executive
Midas is focused on the Yilgarn Craton director)
of Western Australia, particularly the Comment: Focus: Gold, Western Australia
Weebo gold project which is situated near Another of several ASX debutants
the Thunderbox mine. Weebo has seen targeting the Lachlan Fold Belt. Mitre’s Comment:
limited work over the past 20 years but ground surrounds historic mines A portfolio of works surrounding the
maiden drilling by Midas returned hits such as the Dargues gold mine, the Malcolm Mining Centre in the Central
such as 1m @ 18.2 g/t gold and 2m @ Moruya gold mine and the Bimbimbie Eastern Goldfields, east of Leonora.
12.5 g/t in December. group of mines. XRF readings at the Proximal neighbours include St Barbara
company’s Batemans project unearthed Ltd, Red 5 Ltd and Northern Star
39 different elements across 1,000 Resources Ltd. The company released
Minerals 260 Ltd samples – favourable to silver and results of shallow gold mineralisation in
rare earths. A project geologist has January, following 860m of RC drilling,
ASX: MI6 since been engaged to spearhead a with results such as 1m @ 7.06 g/t gold
Listing date: October 12 programme of works. and 4m @ 2.99 g/t.
IPO amount: $30 million
Share price range since listing: 45-83.5c Monger Gold Ltd Mt Monger Resources Ltd
Address: Level 2, 1292 Hay Street, West ASX: MMG
Perth, WA 6005 ASX: MTM
Tel: +61 8 6556 6020 Listing date: July 6 Listing date: July 15
Website: minerals260.com.au IPO amount: $5 million IPO amount: $5 million
Social Media: @minerals260 Share price range since listing: 20-31c Share price range since listing: 13-25.5c
Email: [email protected] Address: Suite 602, 566 St Kilda Road, Address: Suite 2, 38 Colin Street, West
Key personnel: David Richards Melbourne VIC 3004 Perth WA 6005
(managing director), Anthony Cipriano Tel: +61 8 6245 2490 Tel: +61 8 6391 0112
(non-executive chairman), Tim Goyder Website: mongergold.com.au
(non-executive director), Craig Williams Social Media: @MongerGold Website: mtmongerresources.com.au
(non-executive director), Emma Scotney Social Media: @MtMongerRes
(non-executive director) Email: [email protected] Email: [email protected]
Focus: Gold, platinum, palladium, nickel Key personnel: Peretz Schapiro (non- Key personnel: John Hannaford (non-
and copper, Western Australia executive chair), Andrew Graham (non- executive chairman), Lachlan Reynolds
executive director), Romy Hersham (managing director), David Izzard (non-
Comment: (non-executive director) executive director)
Demerged from Liontown Resources Focus: Gold, Western Australia
Ltd to take care of all non-lithium assets, Focus: Gold, Western Australia
such as the Moora and Koojan (a JV Comment: Comment:
with Lachlan Star Ltd) projects in the By time of print, a 2,790m RC drill Mt Monger joined the ASX in July with
Julimar province, covering 1,100 sq km. programme was expected to begin at two projects totalling up to 3,100 sq km
Both projects are proximal to Chalice the company’s Mt Monger North project, of prospective ground. Its namesake
Mining Ltd’s breakout Julimar discovery targeting the Providence prospect. project sits 70km south of Kalgoorlie and
and Moora was acquired prior to such. Previous drill results at Providence the company’s presence there is the first
A $6.7 million exploration programme include 8m @ 16.15 g/t gold and 8m @ opportunity for exploration since the early
was accelerated in December, with initial 31.84 g/t. The current drill programme will 2000s. The project boasts drill-ready
assay results expected by time of print. build upon such results from November targets and an existing shallow gold
and the company will turn its focus to resource which is non-JORC compliant.
a maiden resource estimate after the
Mitre Mining Corporation Ltd completion of works. Drilling is imminent.
ASX: MMC
Mt Malcolm Mines NL NickelSearch Ltd
Listing date: September 30
IPO amount: $5 million ASX: M2M ASX: NIS
Share price range since listing: 18-28.5c Listing date: September 10 Listing date: October 18
Address: Level 5, 491 Kent Street, IPO amount: $8 million IPO amount: $10 million
Sydney NSW 2000 Share price range since listing: 14-25c
Tel: +61 3 9614 0550 Share price range since listing: 11-29c
Website: mitremining.com.au Address: Level 3, 88 William Street, Address: Suite 14, 92 Walters Drive,
Osborne Park WA 6017
Perth WA 6000
Social Media: @mitre_mining Tel: +61 8 6244 6617 Tel: +61 8 6184 4983
Email: [email protected] Website: mtmalcolm.com.au Website: nickelsearch.com
Key personnel: Clinton Carey Social Media: @M2M_NL Social Media: @NickelSearch
(managing director), Patrick Gowans
(non-executive director), Adrien Wing Email: [email protected] Email: [email protected]
(non-executive director) Key personnel: Robert Downey Key personnel: David Royle (interim
Focus: Gold, lithium and base metals, (chairman), Trevor Dixon (managing executive chairman), Nicole Duncan
aUSTRaLIa’S PaYDIRT FeBRUaRY 2022 Page 49
IPos
(managing director)
Focus: Nickel, Western Australia Nimy hunts Nimy Resources Ltd
Comment: ASX: NIM
The company’s flagship Carlingup new find Listing date: November 22
nickel project holds an existing resource
of 171,000t contained nickel and is IPO amount: $6.44 million
adjacent to First Quantum Minerals imy Resources Ltd is putting faith in Share price range since listing: 19.5-
Ltd’s Ravensthorpe nickel operation. Nrevered geological consultants New- 32.5c
NickelSearch launched into 2022 with exco to add The Mons project near For- Address: 254 Adelaide Terrace, Perth
a field campaign and completion of a restania to its growing list of nickel explo- WA 6000
helicopter EM survey. Targets generated ration success stories.
from the studies will be followed up this Newexco is nickel royalty, having con- Tel: +61 8 9261 4600
quarter. Website: nimy.com.au
tributed to several discoveries including
Flying Fox and Spotted Quoll (Western Social Media: @nimyresources
Areas Ltd), Nova (IGO Ltd), Savannah Email: [email protected]
North (Panoramic Resources Ltd) and Key personnel: Simon Lill (non-
many more. executive chairman), Luke Hampson
Nimy kicked off a 32sq km moving-loop (executive director), Christian Price
EM survey in December and a diamond (managing director)
drilling programme followed in January. Focus: Nickel, WA
Drilling is reaching depths up to 600m,
which is the furthest any exploration in the
area has gone down below.
Results from the EM survey will define
follow-up drill targets.
Nimy managing director Christian Price
said Newexco’s resume speaks for itself. had climbed to an 11-year-high of
“They’ve got a pretty good track record $US24,435/t. It is no secret the EV revo-
in WA looking for nickel sulphides and lution in the automotive industry is driv-
Nickelx Ltd they have done so for a number of years,” ing the nickel price to new heights – with
an effect on other critical battery miner-
Price told Paydirt. “Our team and chief
ASX: NKL geologist Stuart Peterson got Newexco als such as graphite, lithium and copper
on board to assist the with EM studies. also expected to increase in demand by
Listing date: May 7 There are guys are on the ground right up to four times by 2030.
No longer is Tesla the only poster boy
IPO amount: $7 million now doing the moving-loop work and for the EV revolution as well, joined by
Share price range since listing: 10.5- Newexco will be the ones interpreting the Volkswagen, General Motors and Chev-
26.5c results.” rolet who all either currently offer EV
Data from the moving-loop study could
Address: Level 3, The Read Buildings, be delivered as early as the end of Febru- models or are developing at least one.
16 Milligan Street, Perth WA 6000 ary. BHP Ltd, with a finger on the demand
Tel: +61 (08) 9322 7600 Nimy listed in November after a $6.44 pulse, signed a $130 million investment
in January into Kabanga Nickel Ltd for its
Website: nickelxlimited.com million IPO and has since seen its share nickel, copper and cobalt deposit in Tan-
Email: [email protected] price jump 43% to 32c/share as of mid- zania. This deal would fast track pre-de-
January.
Key personnel: Jonathan Downes Price attributed Nimy’s healthy run on velopment with first production targeted
(chairman), Matthew Gauci (managing the ASX to a perfect storm scenario with in 2025.
director) low nickel stockpiles, rising spot prices Pegging a promising nickel project on
Focus: Gold, nickel and copper, and a growing hunger for the commodity Australian land also welcomes another
Western Australia driven by the EV market. ethically sourced and professional nickel
“All those [aspects] combined has high- opportunity as automakers and produc-
Comment: lighted a shortage much earlier than pre- ers stress the importance of ESG funda-
Exploring in Western Australia’s Albany viously predicted in the market,” he said. mentals.
Fraser Belt, the company’s flagship Price mired at Nimy’s opportunity with In jurisdictions such as Indonesia,
Biranup project is adjacent to AngloGold its 1,761sq km tenement in WA nickel where cheap low-grade nickel pig iron is
Ashanti Ltd’s Tropicana gold mine. heartland. sourced, coal-fired power is often used
Although listing on the ASX with intentions “To find a district-scale nickel deposit, to produce the resource for stainless
of being a nickel and copper explorer, you usually have to go looking in places steel and other applications.
Nickelx appointed DDH1 to undertake such as Brazil, or Tanzania where BHP Kabanga Nickel chief executive Chris
1,000m of diamond drilling on the Black recently invested,” he said. “For us to Showalter publicly expressed that BHP’s
Dragon and Red Dragon gold targets at have a tenure like ours within 400km of investment into their deposit was crucial-
Biranup in December. Perth is a pretty rare thing…it’s exciting ly ESG-sound for both “[BHP] and the in-
as a junior.” vestor community around the world”.
At time of print, LME nickel prices – Fraser Palamara
Page 50 FeBRUaRY 2022 aUSTRaLIa’S PaYDIRT
Orange Minerals NL OzAurum Resources Ltd
ASX: OMX ASX: OZM
Listing date: December 8
IPO amount: $7 million
Share price range since listing: 16-22c
Address: 25 Colin St, West Perth WA
6430
Tel: +61 8 6102 2039
Website: orangeminerals.com.au
Social Media: @orange_minerals
Email: [email protected]
Key personnel: David Greenwood
(managing director), John Campbell
Smyth (chairman) Listing date: February 8 Focus: Gold, WA
Focus: Copper, gold, NSW, WA IPO amount: $12 million Comment:
Share price range since listing: 10-26.5c
Comment: Address: 15 William St, Kalgoorlie WA 6430 It was a relatively sedate start to listed
The latest IPO to come out of Brian life for OzAurum but by the end of 2021
Roden’s Kandahar House incubator Tel: +61 8 9093 0039 drill hits were beginning to roll in from
following Iceni Gold Ltd and Siren Gold Website: ozaurumresources.com its Mulgabbie North gold project near
Ltd, Orange’s focus is the Lachlan Fold Social Media: @ozaurum Carosue Dam with intercepts of 18m @
Belt where managing director David Email: [email protected] 1.64 g/t and 14m @ 1.58 g/t reported in
Greenwood has been exploring for November and 4m @ 3.09 g/t reported in
decades. Lead project Calarie is along Key personnel: Jeffrey Williams December.
strike of North Parkes (2.9 moz gold) and (executive director), Andrew Pumphrey
Tomingley (1.7 moz). (chief executive)
OZZ Resources Ltd Pacgold Ltd Pantera Minerals Ltd
ASX: OZZ ASX: PGO ASX: PFE
Listing date: June 15 Listing date: June 8 Listing date: August 5
IPO amount: $5 million IPO amount: $5 million IPO amount: $7 million
Share price range since listing: 11.2-33c Share price range since listing: 23-87.5c Share price range since listing: 18-57.5c
Address: C/- 15/217 Hay Street, Subiaco Address: 4/360 Collins St, Melbourne Address: 1/10 Outram St, West Perth
WA 6008 VIC 3000 WA 6005
Tel: +61 8 6141 3500 Tel: +61 3 9817 7076 Tel: +61 8 9467 2604
Website: ozzresources.com.au Website: pacgold.com.au Website: panteraminerals.com
Social Media: @OzzResources Social Media: @PacgoldASX Social Media: @PanteraMinerals
Email: [email protected] Email: [email protected] Email: [email protected]
Key personnel: Alan Lockett (non- Key personnel: Cathy Moises (chair), Key personnel: Barnaby Egerton-
executive chair), Jonathan Lea Tony Schreck (chief executive) Warburton (chairman), Matt Hansen
(managing director) Focus: Gold, Queensland (chief executive)
Focus: Gold, WA Focus: Iron ore, lead-silver, copper, WA
Comment:
Comment: A single-asset focused company, Comment:
A packed portfolio with assets in WA’s Pacgold has already enjoyed success on Initially iron ore-focused, Pantera has
Murchison and North-eastern Goldfields, its Alice River gold project in Northern expanded into copper and now lead-silver
OZZ spent most of 2021 laying the Queensland. Exploration in 2021 after picking up ground near the Abra
groundwork for 2022. Expect exploration identified a new high-grade gold target on project in WA with drilling planned for
activity at Maguires in the Murchison the Alice River shear zone and in January this year after EIS funding was secured.
where the plan is to quickly delineate a hits of 7m @ 9.3 g/t gold and 6m @ 6.5 Copper targets have also been identified
resource and take advantage of toll- g/t were reported. at Yampi, along strike from Dreadnought
treatment options in the district. Resources Ltd’s recent Orion discovery.
aUSTRaLIa’S PaYDIRT FeBRUaRY 2022 Page 51
IPos
Panther Metals Ltd Pearl Gull Iron Ltd Polymetals Resources Ltd
ASX: NKL ASX: PLG ASX: POL
Listing date: December 10 Listing date: September 20 Listing date: June 15
IPO amount: $5 million IPO amount: $4 million IPO amount: $7 million
Share price range since listing: 17-23c Share price range since listing: 6.7-21c Share price range since listing: 11.5-23c
Address: L2/22 Mount St, Perth WA Address: 945 Wellington St, West Perth Address: Suite 6, Level 5, 189 Kent
6000 WA 6005 Street Sydney NSW 2000
Tel: +61 8 6188 8181 Tel: +61 8 9322 7600 Tel: +61 8 9322 6322
Website: panthermetals.com.au Website: pearlgulliron.com.au Website: polymetals.com
Social Media: @panther_metals Social Media: @PearlGull Social Media: @polymetals
Email: [email protected]. Email: [email protected] Email: [email protected]
au Key personnel: Russell Clark Key personnel: David Sproule
Key personnel: Kerim Sener (chairman), (chairman), Alex Passmore (director), (chairman), Alex Hanly (chief executive,
Daniel Tuffin (managing director) Cathy Moises (director) below)
Focus: Nickel-cobalt, gold, WA, Focus: Iron ore, WA Focus: Gold, Guinea
Northern Territory Comment:
Comment: Guinea has shone on the international
Comment: Springing up on the back of the iron gold radar thanks to Predictive Discovery
Panther immediately went to work upon ore price spike, Pearl Gull is focused Ltd’s recent success and Polymetals
listing with a 6,000m RC programme exclusively on historical Cockatoo Island will be hoping to replicate that story. The
at its Coglia nickel-cobalt project in off the Pilbara coast. The company is company has two projects – Alahine
Laverton, WA. The company is confident chasing along-strike extensions of the and Mansala. Alahine offered up some
of producing a maiden resource following previously mined Seawall mine (now encouraging results in 2021 with broad
the drilling campaign which is due for referred to as Switch pit), the potential intercepts of 14m @ 1.14 g/t gold, 10m @
completion this month. Work is yet to start for structurally repeated mineralisation at 1.32 g/t gold and 7m @ 1.63 g/t as well
on the rest of the company’s portfolio North Bay and lower grade deposits at as high-grade near-surface hits of 1m @
which includes Merolia gold and Red Flag Magazine pit. 51.73 g/t, 1m @ 96 g/t and 8m @ 5.26 g/t.
nickel around Laverton, and Annaburroo
and Marrakai gold in the NT.
Peregrine Gold Ltd
Parabellum Resources Ltd ASX: PDG
ASX: PBL Listing date: March 31
IPO amount: $2.5 million
Listing date: November 18
IPO amount: $6 million Share price range since listing: 24-39c
Share price range since listing: 18.5-26c Address: Level 9, 28 The Esplanade,
Perth, WA 6000
Address: 52 Ord St, West Perth WA 6005 Tel: +61 8 9322 6322
Tel: +61 8 6313 2950 Website: peregrinegold.com.au
Website: parabellumresources.com.au Social Media: @peregrinegold
Social Media: @ParabellumRes Email: [email protected]
Email: [email protected] Key personnel: Ian Middlemas
Key personnel: Mark Hohnen (chairman), George Merhi (technical
(chairman), Shaun Menezes (director) director)
Focus: Gold, copper, NSW Focus: Gold, WA
Comment: Comment:
Largely centred on Dubbo, the Attracted to the Pilbara and its rejuvenated
Parabellum portfolio has the look of a gold prospectivity, Peregrine listed with eight
classic NSW copper-gold junior with Els covering 1,500sq km south of Newman.
potential for VMS and skarn deposits. By the end of 2021, its horizons had been
The company’s first task of 2022 is widened to include iron ore – thanks to the
to undertake an aeromag survey to identification of BIF mineralisation during
identify targets for a follow-up RC drilling a rock sampling survey – and lithium after
campaign later in the year. successfully winning a ballot for four licences
along strike from Pilbara Minerals Ltd’s
Pilgangoora lithium mine.
Page 52 FeBRUaRY 2022 aUSTRaLIa’S PaYDIRT
main Dianne orebody, confirming the
QMines Ltd Resource Base Ltd polymetallic nature of the project and
completing an IP survey, reinforcing
ASX: POL ASX: RBX the belief that there is further untested
sulphide mineralisation on the project.
Listing date: May 6 Listing date: July 2
IPO amount: $11.5 million IPO amount: $5.5 million
Share price range since listing: 25-66.5c Share price range since listing: 15.5-31c Ronin Resources Ltd
Address: Suite J, 34 Suakin Drive, Address: Suite 5, 62 Ord Street, West ASX: RON
Mosman NSW 2088 Perth, WA 6005
Tel: +61 2 8915 6241 Tel: +61 8 9322 1587 Listing date: December 16
Website: qmines.com.au Website: resourcebase.com.au IPO amount: $5 million
Social Media: @qminesL Social Media: @ResourceBaseLtd Share price range since listing: 16.5-23c
Email: [email protected] Email: [email protected] Address: L21, 459 Collins St, Melbourne
VIC 3000
Key personnel: Andrew Sparke Key personnel: Shannon Green
(executive chairman), James Anderson (executive chairman) John Lewis Tel: +61 3 8630 3321
(general manager – operations) (executive director) Website: roninresources.com.au
Focus: Gold, copper, QLD Focus: Copper, NSW Social Media:
Comment: Comment: Email: [email protected]
The undoubted flagship among the Although it listed with a suite of copper- Key personnel: Joseph van den Elsen
company’s Queensland portfolio is Mt gold targets in Victoria, Resource Base (executive chairman), Wilson Casteneda
Chalmers near Rockhampton where had always declared itself on the lookout (director)
the company has an existing inferred for other highly prospective projects. Focus: Coal, gold, copper, Colombia
resource of 3.9mt @ 1.87% copper The company believes it may have
equivalent, as well as numerous found one in the Mitre Hill project in the Comment:
exploration targets around the historical Murray Basin across the Victorian-South Led by dual Australian-Colombian citizen
mine. In December, QMines announced Australia border. The main target at Mitre van den Elsen, Ronin has two project
an increased resource of 5.8mt @ 1.7% Hill is ionic clay-hosted rare earths of the in northern Colombia Vetas – near the
copper equivalent with a further upgrade type rarely seen outside of China. The Venezuelan border – and Santa Rosa
expected in the first half of 2022. Mitre Hill ELAs sit either side of Australian but they are largely shrouded in mystery
Rare Earths Ltd’s Red Tail and Yellow Tail with no commodities or exploration plans
deposits which already boast a JORC mentioned on the company’s website.
Recharge Metals Ltd 2012-compliant resource.
ASX: REC Rubix Resources Ltd
Revolver Resources Holdings Ltd
Listing date: October 11 ASX: RB6
IPO amount: $5 million ASX: RRR Listing date: December 23
Share price range since listing: 14.5-22.5c Listing date: September 23 IPO amount: $4.5 million
Address: L11 London House, 216 St IPO amount: $12.7 million Share price range since listing: 15.5-27c
Georges Tce, Perth WA 6000 Share price range since listing: 22-63c Address: L11, 216 St Georges Tce, Perth
Tel: +61 8 9481 0389 Address: L23, 240 Queen St, Brisbane, WA 6000
Website: rechargemetals.com.au QLD 4000 Tel: +61 8 9481 0389
Social Media: @RechargeMetals Tel: +61 7 3016 5000 Website: rubixresources.com.au
Email: [email protected] Website: revolverresources.com.au Email: [email protected]
Key personnel: Brett Wallace (managing Social Media: @RevolverRes Key personnel: Eddie King (executive
director), Simon Andrew (chairman) Email: [email protected] chairman), Colin Locke (director)
Focus: Copper, WA Key personnel: Pat Williams (managing Focus: Copper, nickel, PGE, zinc, gold,
Comment: director), Paul McKenna (executive QLD, WA
Recharge got to work immediately after chairman) Comment:
listing, launching a four-hole RC drilling Another to beat the pre-Christmas rush to
programme on its Brandy Hill South copper Focus: Copper, NSW market, Rubix has a portfolio split between
project in the Murchison during November. Comment: Queensland and WA. In Queensland, the
While assays from that programme were Revolver’s goal of reviving the prolific main focus is Paperback 25km east of the
still in the lab at the time of print, they did Dianne copper mine in Far North Century base metal mine. Century-style
show visible copper mineralisation and the Queensland is on track with geophysical stratiform mineralisation is the target for
company had already returned to drilling surveys and drilling proving equally Rubix but the company also plans to test for
with a second campaign of 15 RC holes successful during 2021. In December, MVT-style mineralisation as well. In WA, it
beginning in December. managing director Pat Williams told the has ELAs adjacent to the Lake Johnstone
market the company was delivering on nickel complex and at Collurabbie North
all its prospectus commitments including 220km east of Wiluna.
completion an initial resource for the
aUSTRaLIa’S PaYDIRT FeBRUaRY 2022 Page 53
IPos
Address: 1/77 Hay St, Subiaco WA 6008 Email: [email protected]
Solis Minerals Ltd Tel: +61 8 9481 8669 Key personnel: Ian Finch (executive
ASX: SLM Website: tambourahmetals.com.au chairman), Neil McKay (chief financial
officer)
Social Media: @TambourahM
Listing date: December 24 Focus: Gold, WA
IPO amount: $5.5 million Email: [email protected] Comment:
Share price range since listing: 18-23.5c Key personnel: Rita Brooks (executive Torque has enjoyed some success on
chair)
Address: 595 Burrard St, Vancouver, its Paris gold project along the Boulder-
British Columbia, Canada Focus: Gold and nickel, WA Lefroy fault zone, reporting hits of 9m @
Tel: +61 8 6117 4798 Comment: 11.52 g/t gold, 12m @ 1.21 g/t and 6m
Named after its Marble Bar gold project,
@ 34.6 g/t during a 41-hole, 3,746m RC
Website: solisminerals.com Tambourah’s attention has shifted drilling campaign in August-September.
Social Media: @SolisMinerals somewhat to the Julimar region where The company planned to restart drilling of
Email: [email protected] it has secured more than 1,110sq km deeper targets in January.
Key personnel: Jason Cubitt (chief of ground near Chalice Mining Ltd’s
headline-making Julimar discovery. The
executive) company undertook an airborne gravity Torrens Mining Ltd
Focus: Copper, Chile, Peru survey in November and expects to
Comment: conduct a follow-up ground MLEM survey ASX: TRN
TSX-V listed Solis chose to dual list on the in the first few months of this year. Listing date: January 7
ASX to help with funding for exploration IPO amount: $10 million
of its Mostazal copper project in Chile.
The company had planned to start drilling TechGen Metals Ltd Share price range since listing: 16.5-17c
in January with a 2,900m diamond Address: Level 11 London House, 216 St
programme targeting both porphyry and ASX: TG1 Georges Terrace, Perth WA 6000
manto-style mineralisation. The company Listing date: April 7 Tel: +61 8 9481 0389
also has IOCG prospective ground in Website: torrensmining.com
neighbouring Peru. IPO amount: $6 million
Share price range since listing: 13.5-37.5c Social Media: @MiningTorrens
Star Minerals Ltd Address: AMP Tower, Level 28, 140 St Email: [email protected]
Georges Terrace, Perth WA 6000
Key personnel: Bill Bloking (chairman),
ASX: SMS Tel: +61 8 6557 6606 Steve Shedden (managing director)
Website: techgenmetals.com.au Focus: Gold, copper, cobalt, SA,
Listing date: October 27 Social Media: @TechGenMetals Victoria
IPO amount: $5 million Email: [email protected] Comment:
Share price range since listing: 16-23c Key personnel: Maja McGuire (chair), While its 30/70 JV with Coda Minerals Ltd
Address: L1, 85 Havelock St, West Perth Ashley Hood (managing director) in South Australia is the most advanced,
WA 6005 Focus: Copper, gold, WA Torrens is throwing most of its own
Tel: +61 8 9226 1860 Comment: energy at the Mt Piper gold project, 30km
south-east of the Fosterville gold mine in
Website: starminerals.com.au TechGen has gone for a classic junior central Victoria. A maiden drill programme
Social Media: @MineralsStar explorer mix of copper, gold and base delivered a best hit of 5.4m @ 3.2 g/t
Email: [email protected] metal tenements across major WA gold from the Northwood Hill prospect
while rock chip sampling at the Goldie
Key personnel: Ian Stuart (chairman), mineral districts, in this case the Yilgarn prospect returned samples of up to 30.45
Greg Almond (chief executive) Craton, Ashburton Basin and the g/t gold over a strike length of 120m in a
Paterson Orogen. The most advanced
Focus: Gold, WA project appears to be the Blue Rock 150m-wide corridor. The company said it
Comment: Valley asset in the Ashburton where 7 RC would continue with systematic sampling
A simple investment proposal; two holes have been drilled for 1,153m. and mapping in the first quarter of 2022.
projects in WA’s Murchison district
with prospectivity for copper-gold. At
Tumblegum South, the company is intent Torque Metals Ltd Tulla Resources plc
on adding to the existing inferred resource
of 600,000t @ 2.2 g/t. That work was ASX: TOR ASX: TUL
undertaken by Bryah Resources Ltd Listing date: June 3 Listing date: March 18
which spun out both assets into Star.
IPO amount: $7 million IPO amount: $78.3 million
Share price range since listing: 18-33.5c Share price range since listing: 38.5-69c
Tambourah Metals Ltd Address: 4 Glencoe Road, Ardross WA Address: 2/2 Grosvenor Street, Bondi
ASX: TMB 6153 Junction NSW 2022
Tel: +61 8 6323 6826 Tel: +61 2 9095 4266
Listing date: August 12 Website: torquemetals.com Website: tullaresources.com
IPO amount: $8 million Social Media: Social Media: @TullaResources
Share price range since listing: 18-35c Email: [email protected]
Page 54 FeBRUaRY 2022 aUSTRaLIa’S PaYDIRT
Key personnel: Kevin Maloney is focused on NSW and the Bulla Park, Mt best interval of 1m @ 10.85 g/t gold bodes well
(executive chairman), Michael Anglin Jack, Cawkers Well and Nantilla projects in for the company with follow-up drilling due to be
(non-executive director) particular. A diamond drilling programme at completed this month.
Focus: Gold, lithium, WA Bulla Park defined an overall mineralised zone
Comment: of 1km by 500m (open to the south) containing Widgie Nickel Ltd
stratabound copper and lead-zinc-silver
Tulla’s flagship asset is its 50% interest mineralisation including hits of 33m @ 0.45%
in the Norseman gold project, being copper and 22m @ 1% lead and 20 g/t silver. A ASX: WIN
brought back into production by Pantoro second programme was planned to start at the
Ltd with first gold expected in August. The Mt Jack copper-gold project in January. Listing date: September 22
Norseman belt also has lithium potential IPO amount: $224 million
and in December the JV partners struck a Share price range since listing: 18.5-29c
farm-in agreement with Mineral Resources Western Gold Resources Ltd Address: 1/1292 Hay St, West Perth WA
Ltd over the battery metal. MinRes can earn 6005
up to 65% of the lithium rights at Norseman ASX: WGR
by funding the project through to first Tel: +61 8 9322 1182
production. It must spend $2.5 million in the Listing date: July 19 Website: widgienickel.com.au
first 18 months of the agreement. IPO amount: $7 million Social Media: @WidgieNickel
Share price range since listing: 13-25c Email: [email protected]
Victory Goldfields Ltd Address: 97 Outram Street, West Perth Key personnel: Steve Norregaard
WA 6153 (managing director), Andrew Parker
ASX: 1VG Tel: +61 8 9201 1552 (chairman)
Listing date: July 14 Website: westerngoldresources.com.au Focus: Nickel, lithium, WA
IPO amount: $5 million Social Media: Comment:
Share price range since listing: 17-36c Email: admin@westerngoldresources. A new home for Neometals Ltd’s nickel
assets. Widgie has had a quiet start to date,
Address: Level 25, 108 St Georges Tce com.au launching its maiden drilling programme
Perth WA 6000 Key personnel: Gary Lyons (chairman), in November. The initial focus is on the
Tel: +61 8 6557 8656 Warren Thorne (managing director) north-east margin of the Widgiemooltha
Website: victorygold.com.au Focus: Gold, WA Dome where it holds the Widgie Townsite,
Widgie 3 and Gillett West resources. Drilling
Comment:
Social Media: @VictoryGoldAU Western Gold will be hopeful recent high- is set to test extensions of the Gillett West
Email: [email protected] grade intercepts from drilling on its Gold Duke mineralisation with 20 holes planned for a
Key personnel: Trevor Matthews project near Wiluna, WA can be repeated total of 6,115m.
(executive chairman) in 2022. RC results reported on January 11
Focus: Gold, WA showed continuity along strike and at depth of
high-grade mineralisation at the Eagle deposit Winsome Resources Ltd
with a southern extensional hole returning 6m
Comment: @ 11.66 g/t gold (including 2m @ 27.04 g/t). A ASX: WR1
Victory appears fully committed to gold follow-up programme is planned as part of the
exploration in the Murchison with the initial 22,000m the company committed to in Listing date: November 30
company holding 7,520ha of licences and November. IPO amount: $18 million
a further 1,060ha of ELAs around Cue. A Share price range since listing: 26-46c
3,821m RC programme was completed Address: 5/123a Colin St, West Perth,
in November across the Coodardy, Emily Western Mines Group Ltd WA 6005
Wells and Nemesis projects with assays
still in the lab at the time of print. ASX: WMG Tel: +61 419 853 904
Website: winsomeresources.com.au
Listing date: June 28 Social Media: @WinsomeResources
West Cobar Metals Ltd IPO amount: $5.5 million Email: administration@
Share price range since listing: 15.5-24.5c
ASX: WC1 winsomeresources.com.au
Address: Level 3, 33 Ord Street, West Key personnel: Chris Evans (managing
Listing date: October 1 Perth WA 6005 director), Justin Boylson (chairman)
IPO amount: $5.5 million Tel: +61 475 116 798 Focus: Lithium, Canada
Share price range since listing: 11-25c Website: westernmines.com.au Comment:
Address: 11/216 St Georges Tce, Perth Social Media: @westernmines Former Altura Mining and Mali Lithium
WA 6000 Email: [email protected] executive Chris Evans is back, this time
Tel: +61 8 9481 0389 Key personnel: Rex Turkington hunting the battery metal in Canada.
Website: westcobarmetals.com.au (chairman), Caedmon Marriott The company has three projects in the
Social Media: @West_Cobar_Met (managing director) James Bay region of Quebec. The lead
project is Cancet were the company has
Email: [email protected] Focus: Nickel, gold, WA an exploration target of 15-25mt @ 1-2%
Key personnel: Robert Klug (chairman), Comment: Li2O. The focus in the first half of 2022 is
David Pascoe (chief executive) With its traditional gold/nickel portfolio, Western on resource definition with a scoping study
Focus: Copper, Gold, NSW Mines Group should be a straightforward story, expected to be launched before the end of
particularly if high-grade gold continues to be
the year.
Comment: found on the Rock of Ages project in WA. A
As the name suggests, West Cobar Metals
aUSTRaLIa’S PaYDIRT FeBRUaRY 2022 Page 55
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