12/10/2021 - 16:00

Copper, gold explorers join ASX

12/10/2021 - 16:00

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The spinout companies of Hawkstone Mining and Liontown Resources have hit the ASX boards, joining Recharge Metals which listed yesterday.

Three more WA-based explorers have joined the ASX. Photo: Ivan Bandura

The spinout companies of Hawkstone Mining and Liontown Resources have hit the ASX boards, joining Recharge Metals which listed yesterday.

Liontown's Minerals 260 listed this morning, after raising $30 million from an initial public offering, which was priced at 50 cents a share and led by Bell Potter Securities.

The spinout had a solid start to its first day, closing up 20 per cent to trade at 60 cents.

In a prospectus lodged with the Australian Securities and Investments Commission on August 19, Minerals 260 chairman Anthony Cipriano said the company would use some of the IPO proceeds to explore its flagship Moora gold-PGE-nickel-copper project in Western Australia.

Drilling is expected to start later this month.

Minerals 260 owns other tenements in WA, as well as a 51 per cent share in the Koojan joint venture with ASX-listed Lachlan Star.

The spinout's board also includes managing director David Richards and directors Tim Goyder and Craig Williams.

“Drilling is planned to follow up on the numerous targets that were previously defined [by Liontown] within the Moora and Koojan project areas,” Mr Richards, also a director of Liontown, said.

Liontown, chaired by Mr Goyder, is now focused on developing its Kathleen Valley and Buldania lithium projects in WA.

Meanwhile, Diablo Resources had a quiet start to its first day of trading, with its shares closing down 15 per cent to trade at 17 cents.

The Hawkstone spinout listed after raising $6.5 million from an IPO, which was priced at 20 cents and led by PAC Partners.

West Perth-based Diablo is led by chairman Paul Lloyd, who is also the managing director of Hawkstone, and chief executive Lyle Thorne.

Mr Lloyd, in a prospectus lodged with ASIC on August 16, said Diablo would use some of the IPO proceeds to complete further exploration across three projects: Devil’s Canyon, Western Gold and Lone Pine.

The Diablo board also includes directors Barnaby Egerton-Warburton and chief technical officer Greg Smith.

Hawkstone had announced the spinout in June, having said it would focus on developing its lithium assets in the US.

As part of that move, the company will change its name to Arizona Lithium.

Yesterday, Recharge Metals listed after raising $5 million from an IPO, which was priced at 20 cents and led by PAC Partners.

Recharge is focused on exploring for copper, gold, nickel, cobalt, lead and zinc in WA.

Managing director Brett Wallace said the company would first focus on its Brandy Hill South project before starting drilling at Hyden and Bohemia.

Recharge closed down 5 per cent on its first day to trade at 19 cents a share.

The board also includes chairman Simon Andrew and director Felicity Repacholi-Muir.

Nedlands-based Equinox Resources, which owns the Hamersley iron ore project in WA, will list on the ASX tomorrow after earlier raising $9 million.

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