Dalaroo soars on ASX debut

Dalaroo Metals has had a strong finish to its first day of trading, closing up almost 50 per cent as the company gets ready to explore its Western Australian projects.

Dalaroo commenced trading after raising $5 million from an oversubscribed initial public offering, which was priced at 20 cents a share and led by CPS Capital Group.

The Welshpool-based explorer closed up 47.5 per cent on Tuesday to trade at 29.5 cents per share.

Dalaroo was established in March to acquire the Namban and Lyons River projects which are prospective for nickel, copper, PGE, zinc, and lead.

They cover a combined area of about 1,140 square kilometres in the Gascoyne and Wheatbelt regions.

Dalaroo acquired the projects from private companies Shenton Resources, Slambam Enterprises, and Serena Minerals.

Shenton and Serena have emerged as major shareholders in the newly listed explorer, with a combined 42 per cent shareholding.