92 Energy makes strong ASX debut

Uranium business 92 Energy has closed up 40 per cent on its first day of trading, after raising $7 million under its initial public offering.

It marks the first uranium ASX-listing in more than a decade.

92 Energy opened at 35 cents this morning, up 75 per cent on its issue price, before closing at 28 cents.

The company had issued 25 million shares under its IPO, which was priced 20 cents and led by Pamplona Capital.

Based in Perth, 92 Energy is exploring for high-grade uranium in Canada’s Athabasca Basin, which is home to major uranium operations including Cigar Lake and McArthur River, operated by Toronto-listed Cameco.

92 Energy chief executive Siobhan Lancaster said it was an exciting time for the uranium sector.

“The timing is right, and we are delighted to be the first uranium exploration company to list on the ASX in more than 10 years,” she said on Thursday.

“The support we’ve received so far has been amazing.

“To close the offer early and to raise the maximum funds under the prospectus was a great outcome and we are looking forward to kicking off our northern hemisphere summer exploration and drill program.”

92 Energy, chaired by Richard Pearce, owns three projects in Canada – Gemini, Tower and Clover – which it purchased from Toronto-listed IsoEnergy in October last year.

IsoEnergy emerged as the company’s biggest shareholder, with a about a 16 per cent stake.