Explorers Lead May’s ASX IPO Charge

1 May 2023 13:09

It’s been a slow start to the year in terms of IPO, with only 10 companies listing since January, a stark comparison opposed to the 35 that listed in the same period last year.

But following a massive win on the market by Evergreen Lithium, who saw its share price soar 60 per cent immediately after its $7 million dollar IPO, the ASX is set to heat up once more with seven new companies set to hit the boards this month.

Western Australia Energy Resources

First off the rank is mineral exploration company Western Australia Energy Resources, which will be listing at 10:30 AEST on the 10th of May and looking to crack into Western Australia’s mining pedigree with its massive 940 square kilometres Jimberlana Nickel Project in the Wildflower states Eastern Goldfields.

The Company has already planned a range of exploration activities for its Project, located just 60 kilometres from the 4.8 million ounce gold Norseman Project. A primary goal for the Company is to boost confidence in the Bronzite Ridge nickel laterite deposit, which presently houses an Inferred Resource of 9.25 Mt containing 0.810% Ni and 0.051% Co.

Alongside increasing confidence in this MRE, the Company plans to explore strike extensions for historical drill results and inspect areas of the expansive tenement for their potential to host not only gold and nickel but also an extended suite of battery and strategic metals such as lithium and rare-earth elements.

The Company said that following the listing it will begin acquiring data to assist in evaluating potential development pathways for the Project to provide shareholder value.

You can find the Company’s prospectus here.

Mining Green Metals

Just being beaten out by Western Australia Energy Resources is Mining Green Metals, who also list on the 10th but half an hour later at 11:00 AEST.

Boasting three critical mineral projects across Western Australia, the Company is looking to become a big player in the upcoming green energy transition to net zero with a portfolio perspective for lithium, PGEs, nickel, vanadium and uranium.

The explorer’s flagship Coates PGE-Copper-Nickel-Vanadium Project is located just 20km from Chalice Mining’s Julimar Project, and showed elevated levels of copper, nickel, chromium, palladium and/or platinum over a ~200m zone in a four-hole drill program conducted last year, co-funded by the WA governments highly competitive EIS drilling hole program.

You can find the Company’s prospectus here.

Dragonfly Biosciences

Next up on the 15th of May is Dragonfly Biosciences Limited, which is looking to crack into the growing cannabidiol market with its range of CBD oil products.

It is the proprietor of the UK’s leading cannabidiol brand Dragonfly CBD, with a product line consisting of a number of CBD-based products including oils, face creams and moisturisers, with the Company receiving Global Health and Pharma Magazines Best Organic Producer for 2022.

The Company boasts a “seed to shelf” quality assurance, with its vertical integration, certified organic land and licensed dedicated CBD extraction facility with an Unrivalled UK distribution model and growing international footprint.

You can see the Company’s prospects here.

Tiger Tasman Minerals

Also listing on the 15th is Tiger Tasman Minerals which is looking to ride the battery metal boom resulting from the energy transition and move to decarbonisation with its five projects across Australia targeting copper, lithium, nickel, manganese, silver, gold and industrial grade magnetite.

Its flagship pre-development Iron Skarn Poly-Metallic Project comprises 12 square kilometres of Queenslands Barringha region and hosts an inferred mineral resource estimate for its Iron Skarn Prospect for both magnetite and silver, with the Company already planning work to update and increase this resource.

The explorer’s flagship exploration project is Copper Canyon, which lies north of the >20Moz Au-Cu Telfer deposit in Western Australia’s Paterson province and hosts the potential for structurally controlled mineralisation along the Waukarlycarly embayment and associated trending fault zones, with the Company now planning for geophysical work to assist in the determination of drill targets.

You can find the explorer’s prospectus here.

Augustus Minerals Limited

Listing a few days later on the 17th is August Minerals Limited, which is also looking to drill into Western Australia’s exploration potential with its Ti Tree shear project.

The company’s tenement is located in the Gascoyne province and covers approximately 3,905 square kilometres of the renowned region and has extensive yet untested multi-element mineralisation and surface anomalism along the Ti Tree and Mingabar shear zones with over 85 kilometres of strike.

The project holds exploration potential for Copper-Gold, Ni-Cu-PGE, Rare Earth and lithium and comes with four high-priority drill targets: Crawford Bore, Lyons Central, Minnie Springs and Mt Phillips.

You can see Augustus’ prospectus here.

NGX Limited

On the 24th, leading African graphite explorer and developer NGX Limited will be listing at 11 am AEST as it looks to drill into Africa’s rich mining history with a number of promising graphite projects and capitalise on the ground level of the growing battery metal market.

The explorer is a subsidiary of Sovereign Metals Limited (ASX: SVM) and currently has a total of 45 square kilometres of exploration land to its name in Malawi Africa split between four projects, Nanzeka, Mabuwa, Duwi and Malingunde with Duwi and Malingunde hosting total resources of 85.9Mt at 7.1% total graphitic carbon and 65Mt at 7.2% TGC for contained graphite of 4.68Mt respectively.

Following the listing, the Company’s primary focus will be uncovering the potential of the Nanzeka Project, which has high-grade flake graphite mineralisation over a strike length of 3 kilometres with graphite mineralisation surface exposures of widths up to 150 metres.

You can find NGX’s prospectus here.

Innogy Limited

Innogy Energy is another company aiming to tap into Africa’s battery metals potential and is set to list on the ASX on the 25th, with a Tanzanian exploration portfolio spanning 5,300 square kilometres.

While its portfolio is prospective for lithium, cobalt, copper and gold, the Company’s major exploration focus will be uncovering nickel-sulphide mineralisation in Tanzania’s world-class setting with its Northern, Western and Southern Frontier Projects which comprise 4,700 square kilometres of the portfolio’s total.

Particularly intriguing is the Northern Frontier Project which lies just 60 kilometres from the world’s most significant, development-ready nickel-sulphide deposit Kabanga, which hosts an in-situ resource of 1.52 million tonnes of contained nickel, 190,000 tonnes of copper and 120,000 tonnes of cobalt.

You can find Innogy’s prospectus here.

Chilwa Minerals

Chilwa Minerals will be listed on the 26th and is one of the more niche investment opportunities of the month, with the Company placing its focus on mineral sands in Malawi.

The Company holds an advanced-stage heavy mineral sands project in Malawi’s eastern Zomba district with drill-ready targets for ilmenite, zircon, and garnet with the Project hosting a resource estimate of 94Mt at 5 – 12% THM for 6.14Mt contained HMS, with the Project also showing potential for REE mineralisation.

Following the listing, Chilwa Resources is already making plans for the first 12 months, with an ambitious over 17,000-meter drill program in place. The main objective of the program is to upgrade and expand the Project.

You can view Chilwa’s prospectus here.

Ashby Mining

Finally, Ashby Mining will list on the 29th bringing an extensive pipeline of gold mining projects to the boards.

The company’s priorities are to restart a number of exiting mines and undertake a number of project studies including resource definition drilling and feasibility studies to evaluate the restarting of BlackJack, Hadleigh Castle and Far Fanning, with the latter being the top priority.

Alongside restarting these mines, the company also plans (subject to feasibility) to fire up the Black Jack gold processing facility, which once restarted could process up to 340 thousand tonnes of mill feed per year.

On top of this, Ashby will work to uncover and develop an extensive project pipeline with a number of near mine and advanced projects.

You can find the company’s prospectus here.


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