Askari Metals has solid start to trading

Askari Metals has closed up 12 per cent on its first day of trading, as the company gets ready to explore a handful of copper and gold projects in Western Australia and NSW.

Based in Perth, Askari is focused on drilling targets at its Burracoppin gold project and Horry copper project, both located in WA.

Burracoppin sits close to Ramelius Resources’ Edna May goldmine, located in the eastern Wheatbelt, while the Horry project is along strike of Cazaly Resources’ Halls Creek asset, in the Kimberley region.

Askari’s WA portfolio also includes the Mt Maguire gold and base metals project in the Pilbara and the Callawa copper asset in the Goldfields.

In NSW, the company will explore its Springdale copper-gold project.

Askari secured $5.75 million in funding through an initial public offering, which was priced at 20 cents per share and led by Peak Asset Management.

The IPO garnered strong support from Australian and North American investors, Askari said.

The company began trading on the ASX today, closing up 12.5 per cent on its issue price to 22.5 cents per share.

It joins a flurry of explorers recently listed on the ASX, including Arcadia Minerals, Monger Gold, Ozz Resources, and Torque Metals.

Askari executive director Gino D'Anna said listing would bring many opportunities to the business.

“The company has a very clear exploration and development strategy for our portfolio of projects, and we believe that the near-term catalysts will drive confidence in our approach and deliver shareholder value,” he said.

Mr D’Anna emerged as Askari’s biggest shareholder, with an an 11.3 per cent stake.

Meanwhile, Torian Resources’ subsidiary Monger Gold began trading on the ASX yesterday, soaring 40 per cent to close at 28 cents.

Monger Gold listed after raising $5 million through an IPO.

The offer was priced at 20 cents and led by Barclay Wells.

At least $3.2 million of those proceeds will go towards exploration activities at Monger Gold’s four projects in WA, chairman Peretz Schapiro said in the company’s prospectus.

“Many months of planning have already gone into preparing this program and as a result, we will be ready to hit the ground running upon listing,” he said.

Monger holds an 80 per cent interest in all four projects.

Its shares closed down 7 per cent on its second day to trade at 26 cents.