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Explorers Worth Watching in October’s IPO Lineup

13 October 2023 13:27

Following a noticeable slowdown in initial public offerings (IPOs) this year, a number of companies are gearing up to debut on the Australia Securities Exchange (ASX) this month, aiming to regain momentum as the year approaches its end.

We highlight a selection of mining exploration companies that we believe investors should closely watch.

CGN Resources (ASX:CGR)

CGN Resources limited is set to begin trading on the 12th of this month, having successfully raised $10,000,000 through the issuance of fully paid ordinary shares priced at $0.20.

CGN is a mining exploration company with its sights on unlocking the vast potential of copper, nickel, and specialty metals in the West Arunta Region of Australia.

Their flagship project, known as the Webb Project, is situated in the northern reaches of Western Australia, specifically within the Aileron province of the West Arunta Orogen. This site has already garnered attention for its promising indicators of iron oxide copper gold (IOCG)-style mineralisation and nickel sulphide mineralisation.

Significantly, this lease area remains largely unexplored for copper and nickel, presenting substantial growth prospects for CGN. The West Arunta region in Australia is rapidly gaining recognition as one of the most promising mining jurisdictions in the country. CGN Resources, having been one of the pioneering entities in this region, has secured a commanding tenure position right in the heart of this highly prospective terrain.

You can view the Company’s Prospectus here.

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Figure 1: Map of CGN Mining Lease and location in the highly prospective West Arunta Region

Chariot Corporation(ASX:CC9)

A noteworthy addition to this month’s roster of IPOs is Chariot Corporation, a mineral exploration company set to make its debut on the ASX on October 26th. The company has successfully raised $15,500,000 through the sale of fully paid ordinary shares priced at $0.45.

Chariot Corporation is dedicated to the exploration and development of high-grade, near-surface lithium opportunities in the United States of America.

It boasts two pivotal projects: the flagship Black Mountain Hard Rock Lithium Project located in Wyoming, and the Resurgent Claystone Lithium Project in Nevada. Both of these projects have yielded assay results that indicate the presence of high-grade lithium mineralisation at the surface.

In addition to these projects, Chariot Corporation has a portfolio of six exploration Pipeline Projects, each holding the potential for significant Hard Rock Lithium prospects.

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Figure 2: Chariot Corporation Project structure and overview

Chariot’s primary asset, the Black Mountain Project, encompasses 134 unpatented lode mining claims spanning 878 hectares and has already yielded promising lithium results. A total of eight samples, featuring grades exceeding 4% Li2O, have been collected, with the most impressive assay result reaching 6.68% Li2O.

The Company has already obtained drill permits approved by the US Bureau of Land Management, and drilling activities are expected to kick off shortly after the listing.

You can view the Company’s Prospectus here.

Golden Globe Resources (ASX:GGR)

Golden Globe Resources is a mining exploration Company planning to list on the ASX on the 20th of October, aiming to raise $6,000,000 in ordinarily fully paid shares trading at $0.20.

The Company specialises in gold exploration and holds access to promising resource targets in both Queensland and Western Australia. They’ve acquired four distinct projects, each displaying substantial prospective value.

These projects include Dooloo Creek and Alma in Queensland, Crossways in Western Australia, and Neila Creek in New South Wales. Each of these projects offers considerable potential for significant gold resources, including high-grade copper deposits.

You can view the Company’s Prospectus here.

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Figure 3: Golden Globe Resources Dooloo Creek Project and Alma Project in Queensland.

Great Dirt Resources (ASX:GR8)

Great Dirt Resources is poised to mark its debut on the ASX come October 23rd, securing an impressive $5,000,000 through the sale of fully paid ordinary shares, each priced at $0.20.

The Company is a mining exploration specialist, dedicated to the singular purpose of exploring, defining, and developing the untapped potential within its priority projects situated in a tier one mining jurisdiction.

Among its top-priority ventures are the Doherty and Basin Projects, both located in New South Wales, Australia. These projects hold significant promise, particularly in the realm of high-grade manganese, including the coveted battery-grade variety.

Interestingly, the EL9527 tenement, housing both of these projects, historically supplied manganese to battery manufacturers during the 1940s-1960s. Great Dirt Resources firmly believes that the historical work on this mining lease merely scratched the surface of its full potential, with the presence of high-grade ore floaters outside of known mining areas suggesting the existence of unidentified manganese mineralisation.

What sets the Company apart is its strategic advantage in accessing the battery-grade manganese market, a domain with strict grade and chemical suitability criteria that few producers can directly meet.

Great Dirt Resources has laid out an ambitious exploration plan extending into the end of this year and throughout 2024, all with the objective of uncovering the full extent of these projects’ potential.

You can view the Company’s Prospectus here.

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Figure 4: Great Dirt Doherty and Basin priority Projects

Newmont Corporation (ASX:NEM)

Newmont, a global mining powerhouse currently listed on the Canadian (TSX:NGT) and New York (NYSE:NEM) stock exchanges, is looking to broaden its public listing horizons, with the Company all set to make its debut on the ASX on the 27th of October.

Newmont operates across multiple continents, with a significant presence in Africa, Australia, North and South America. As the world’s foremost gold producer, it stands at the forefront of this industry. However, Newmont’s interests extend beyond gold, encompassing the production of copper, silver, lead, and zinc as well.

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Figure 5: Map of Newmont global reach

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