Battery metals spin out for Great Boulder

Great Boulder Resources has announced plans to demerge its Yamarna project near Laverton into a newly listed entity, which will seek $5 million ahead of a stock market float.

The new entity, to be named Cosmo Metals, will hold the copper-nickel-cobalt project, which will allow Great Boulder to devote greater attention towards its Side Well and Whiteheads gold projects.

Great Boulder managing director Andrew Paterson and Gold Road founder Ziggy Lubieniecki will serve on the board, with Great Boulder having already identified candidates for an independent board and management team.

Cosmo’s IPO is scheduled to open before the end of the calendar year.

Great Boulder managing director Andrew Paterson called the move an exciting transaction for shareholders.

“I look forward to working alongside the talented team in a non-executive director capacity; however, my core focus will continue to be developing Great Boulder’s highly prospective gold assets and creating value for Great Boulder shareholders,” he said.

Elsewhere on the ASX today, Heavy Minerals has finished its first day of trading after completing its $5.5 million IPO earlier this year.

The company holds several prospective industrial minerals projects with its primary focus being its Port Gregory garnet project near Geraldton.

Drilling at the project is set to being in the coming weeks with an exploration target of between 3.5 million and 4.5 million tonnes of garnet.

Shares in the company were trading at $0.17 each at closing, giving the company market cap of approximately $9 million.