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Explorers at Forefront of ASX IPO September Listings

1 September 2023 14:11
IPO Fearure

It has been a slow start to the year in regards to Initial Public Offering (IPO) listings with global IPO declines during the first three quarters of 2023.

Several factors have contributed to this trend, including a tightening of investor expenditure, a deceleration in worldwide economic expansion, the implementation of more restrictive monetary policies, and the escalation of geopolitical tensions.

According to the latest findings from EY Global IPO Trends, the first half of 2023 saw a total of 615 global IPO listings, resulting in a cumulative capital generation of US$60.9 billion. These statistics indicate a decline of 5 percent and 36 percent in comparison to the corresponding figures from the preceding year.

Nevertheless, specific sectors have shown notable IPO activity, spurred by heightened global demand for mineral resources. A noteworthy example is Evergreen Lithium (ASX:EG1), which initiated trading midway through the year and garnered an impressive 20 percent return on its inaugural trading day.

Despite the sluggish start witnessed so far, there are indications of renewed momentum in the explorer IPO segment, with several junior companies planning to take the ASX plunge this month with their listing dates confirmed.

James Bay Minerals (ASX:JBY)

Inspired by Evergreen Lithium‘s success, James Bay Minerals is set to follow suit by making its debut on the 7th of September, with the Company determined to secure $6 million in capital through this venture, offering shares at a price of $0.20 each.

James Bay Minerals primarily engages in exploration and mining activities, boasting complete ownership of 224 square kilometres of promising lithium projects situated in Quebec.

The Company currently holds 104 Claims and has entered into three binding agreements that grant James Bay Minerals a 100 percent stake in an additional 333 Claims. Together, these 437 Claims constitute the extensive La Grande Project and the Troilus Project located in the Quebec Province of Canada.

The LaGrande Project covers an area of approximately 180 square kilometres with the Joule, Aero, Aqua and Troilus Prospects, having geology that is primarily unexplored.

The Troilus Project, covering an area of 43.5 square kilometres, is also in the initial stages of exploration. Encouragingly, James Bay Minerals has reported the discovery of lithium spodumene-bearing pegmatites on several adjacent mining properties.

Historic data of both areas have provided some insight into what the Company can expect, with the primary type of mineralisation anticipated to be lithium-bearing spodumene occurring in granite pegmatite and aplite dykes.

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Figure 1: Location of the James Bay Projects in Quebec

You can find the Company’s prospectus here.

Novo Resources (ASX:NVO)

Novo Resources has previously ventured into the realm of public listings, being listed on both the TSX (TSX:NVO) and OTCQX (OTCQX: NSRPF). However, their upcoming endeavour involves making their debut on the ASX on September 14, with the aim of raising $7.5 million through shares priced at $0.20.

Distinguished as a gold exploration company, Novo Resources possesses one of the most extensive land packages for prospective gold and battery metals within the Pilbara region of Western Australia.

A recent joint venture formed with De Grey Mining (ASX:DEG) has brought significant attention to this small-cap explorer. In its prospectus, the Company asserts that the timing is opportune for expansion into the Australian investor market, given the abundant prospects available for shareholders.

Novo holds land claims to 326 tenements encompassing an area of over 10,500 square kilometres in the Pilbara region, along with two additional tenements in the Bendigo region of Victoria.

Among the Company’s notable projects, the Nullagine Gold Project stands out, being strategically situated around 185 kilometres north of Newman, within the Mosquito Creek Basin. The Project’s advantageous location includes a 1.8 Mtpa CIL processing facility, an onsite laboratory, a 10 MW power station, and a fully permitted Tailings Storage Facility (TSF), complemented by a facility for processing products from mechanical sorting.

Promising outcomes have emerged from the Company’s preliminary exploration efforts across its Pilbara Projects. Specifically, the Egina Gold Camp, and more notably the Beecher Project within it, have been identified as highly prospective areas and are targeted for future exploration exploration.

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Figure 2: NOVO Egina Gold Camp Prospects

You can find the Company’s prospectus here.

Pioneer Lithium (ASX:PLN)

Pioneer Lithium, a junior exploration company based in Canada, is also gearing up for its listing on September 18. The Company aims to initiate its public offering by issuing 25 million shares at a price of $0.20 per share, with the aspiration of raising $5 million in funds.

Despite being a relatively recent establishment, having been incorporated just last November, Pioneer Lithium possesses a portfolio of significant projects and tenements situated in the well-established and lithium-abundant mining jurisdiction of Ontario, Canada. The Company hopes to exploit these assets for future exploration activities.

Should Pioneer Lithium’s capital raise prove successful, the completion of the offering would result in an implied market capitalisation of $9.4 million for the Company.

A pivotal lithium project within Pioneer Lithium’s portfolio is the Root Lake Project, where the Company holds a 90 percent ownership stake. This project encompasses a total of 94 contiguous land claims located in Ontario. Pioneer Lithium’s land holdings in this area are adjacent to the Root and McCombe pegmatite field owned by Green Technology Metals Limited (ASX: GT1), which has yielded promising results.

Green Technology Metals Limited has reported a High-Grade Inferred Mineral Resource Estimate (MRE) for the Root Lithium Project. The estimate comprises 12.6 million tonnes with a grade of 1.21% Li2O and 62 ppm Ta2O5, and it includes an additional 8.1 million tonnes with a grade of 1.32% Li2O from the Root Bay deposit. This is in addition to the previously reported 4.5 million tonnes with a grade of 1.01% Li2O from the McCombe deposit.

Notably, Pioneer Lithium’s land claims within the Root Lake Project area appear to be underexplored, with the most recent exploration activities occurring in 1950.

Among the Company’s other significant projects is the Lauri Lake Project, encompassing 21 claims, located in Ontario.

Additionally, Pioneer Lithium wholly owns the LaGrande Project situated in Quebec, with this project comprising three distinct claim clusters: La Grande-River with 20 claims covering 1,022 hectares, LaGrande-Quatre West with seven claims covering 357 hectares, and LaGrande-Quatre East with 65 claims spanning 3,308 hectares.

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Figure 3: Pioneer Lithium Projects in Canada

You can find the Company’s prospectus here.

Far North Resources (ASX:FNR)

Far North Resources is positioned as another promising mining explorer preparing for its ASX listing scheduled for September 21, with the Company issuing shares at a price of $0.20 each.

Based in Queensland, this Company’s interests primarily revolve around exploration endeavours in the domains of gold and copper. Its operations span across Australia, encompassing three distinct projects.

In the past three years, Far North Resources has been notably dedicated to exploration within the confines of mining lease 20380, which is currently held by Premier Mining.

The Company presently holds a substantial 73.6 percent ownership stake in this lease.

Furthermore, Far North Resources has unveiled strategic intentions to acquire the remaining 26.4 percent portion by issuing 4 million shares as part of its listing process.

The mining lease in question is situated within the expansive Empire Project, which is a centerpiece of the Company’s operations.

Positioned 34 kilometres to the west of Chillagoe, a renowned mining town with a history of exploration for skarn-hosted deposits within the Palaeozoic Chillagoe Formation, the Empire Project holds significant potential.

A notable achievement within the Chillagoe region was the successful development of the Red Dome gold-copper deposit, which underwent mining operations for a span of ten years until 1997 when the depletion of ore reserves was encountered.

The exploration efforts undertaken within Mining Lease (ML) 20380 have yielded substantial results, leading to the establishment of a JORC 2012 resource. This resource, indicated and inferred at a 0.02g/t cut-off grade, amounts to over 22,000 ounces.

Far North Resources has also initiated preliminary exploration activities at EPM 26743, situated within the Rocks Reef Project. Initial reports indicate the presence of pegmatites, aplites, and schists, occasionally accompanied by meta-sedimentary pendants and inclusions.

Furthermore, the Company boasts complete ownership of the Bridge Creek Project, with this project encompassing a specific section of the Howley Anticline’s axis, extending approximately 12 kilometres along the northern strike from the Cosmopolitan Howley Gold Mine.

Map Empire Location

Figure 4: Location of Far North Resources Projects in Australia

You can find the Company’s prospectus here.

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