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Evergreen IPO Lighting the Way

13 April 2023 12:08
ASX: EG1

Evergreen Lithium continues to shine after its blockbuster $7 million dollar IPO on Tuesday, with the battery-metal-focused explorer trading as high as 45c today (10:54 am UTC +8 Hours) as eager investors take note of its promising lithium portfolio.

This represents an over 60 per cent jump from where the explorer began trading when it hit the boards and is a good sign for the overall market, with Evergreens’ early success demonstrating an upswing following a difficult start to the year in IPO’s, as evidenced by Evergreens being only the 10th company to list since January as opposed to the 35 that listed in the same period last year.

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(EG1’s share price since, 11:09 am UTC +8 Hours)

A large amount of Evergreen’s success comes from its strong lithium portfolio in a time where the battery-critical metal could not be more important, with lithium seeing year-on-year growth of 87.21 per cent and forecasts indicating this growth will continue, as Lithium continues to be pivotal to the growing EV industry.

Of Evergreen’s portfolio, Bynoe is truly a standout, sitting a stone’s throw away from Australian lithium giant Core Lithium’s 15mt @ 1.3% Li2O Finniss lithium deposit, with lithium anomalies uncovered at Bynoe highlighting the potential continuation of the Finniss lithium mineralisation onto the project.

Alongside its promising projects, the company boasts strong leadership in mining industry veterans Simon Lil and Peter Marks, who sit as Evergreens Non-executive Chairman and Director respectively and will bring considerable lithium exploration experience to the company as both also sit on the board of South Dakota-focused lithium explorer Iris Minerals.

The leadership team will bring a history of exploration success to Evergreen, with Lill also sitting as chairman of De Grey Mining which holds 100 per cent ownership of Hemi/Mallina discovery in Western Australia’s Pilbara, regarded as one of the State’s largest greenfield discoveries.

With a cash balance of 10 million dollars as of its IPO and a share price on the rise, Evergreen is looking to be a guiding light for other up-and-coming explorers in what has been a particularly choppy year on the market.

 

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