27/10/2021 - 12:09

Bryah backed Star Minerals lands on ASX

27/10/2021 - 12:09

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The Australian Stock Exchange welcomed WA’s latest gold debutant Star Minerals to its boards this morning following a $5 million IPO.

Bryah backed Star Minerals lands on ASX
Tumblegum South was previously owned by Bryah. Photo: Bryah Resources

The Australian Stock Exchange welcomed WA’s latest gold debutant Star Minerals to its boards this morning following a $5 million IPO.

Star made a steady start to the day trading at 20 cents and held around the same price through to the afternoon session.

The company’s flagship is the former Bryah Resources asset Tumblegum South project, situated 40 kilometres south of Meekatharra in Western Australia.

Star believes there is 42,500 of gold up for grabs at the resource.

Star Minerals managing director and former Fortescue Metals principal geologist Greg Almond said he was delighted to bring the mine-ready asset to the market.

“Our point of difference to other gold IPOs is that we have an actual gold resource and a pathway to gold production,” Mr Almond said.

“The market has recognised that and it has been an important factor in the successful fund raising.”

A first round of reverse circulation drilling is tipped to start at the project next week.

“Initial funds will be focused on completing drilling, environmental and engineering work in order to get Tumblegum South ready to mine.

“The initial operation will be of low capital intensity, and that process will provide a cash influx to fund further exploration activities.”

Star joins the exchange with Bryah and Magnolia as Sydney-based Magnolia Capital as its largest shareholders.

Bryah holds a 21 per cent stake in the new lister and both companies will share Ian Stuart as their chair.

Blackwall Legal provided legal advice to the listing.

Star shares are trading at 20 cents.

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