WA-focused explorer Kairos Minerals has become a multi-listed trader after joining the United States’ OTCQB venture market.
The company started trading at market opening on April 6 under the ticker “KAIFF”. Created in 2010, the OTCQB is the middle tier of the over-the-counter market for US shares. It consists mainly of early-stage and developing American and international companies and Kairos says the move will provide exposure to US investors without having any impact on its ASX listing.
The company is also listed on the Frankfurt Stock Exchange (FSE) under the “YAJ” ticker. The German-based exchange remains one of the biggest in the world and Kairos believes maintaining the listing will allow it to continue to have an avenue for potential capital raising in Europe.
Kairos Minerals managing director Dr Peter Turner said: “Cross-trading on the OTCQB will increase liquidity and significantly enhance the ability of U.S. based investors to access and trade Kairos shares during a period in which we are actively progressing our key lithium and gold projects in Western Australia. Dual trading on OTCQB will also, we believe, serve to diversify the share register and increase exposure to a broader range of investors”.
In order to be eligible to trade on the OTCQB, Kairos had to be up to date in its financial reporting, pass a minimum bid price test and will now also need to undergo an annual company verification and management certification process.
The company is targeting large-scale lithium and gold discoveries in Western Australia’s premier mining districts.
Its wholly-owned flagship 1.1-million-ounce Mount York gold project appears to have significant potential to grow with further drilling already scheduled. The ore bodies were partially mined by Lynas Gold NL between 1994 and 1998 at shallow depths.
Management is currently focused on prefeasibility work which it argues should progress rapidly and will be underpinned by its resource expansion and metallurgical investigation. The company also recently discovered spodumene-bearing pegmatites adjacent to its gold operation and is evaluating its potential to become a fully-fledged lithium project.
Additionally, Kairos is exploring its 100 per cent-owned Roe Hills project, located 120km east of Kalgoorlie in WA’s Eastern Goldfields. The project covers 354 square kilometres of the Yilgarn Craton in an emerging lithium province, which the company has confirmed to host spodumene-bearing pegmatites in addition to more traditional greenstone-hosted gold and nickel mineralisation.
The company’s tenements lie between Breaker Resources’ 1.7-million-ounce Bombora gold deposit 20km to the north and Silver Lake Resources’ half-million-ounce Aldiss project to the south - all within the same north-south-trending greenstone belt.
Kairos is poised to drill-test a recently-discovered 1km-long light and heavy rare earths anomaly which has produced early results going up to 553 parts per million total rare earths oxide.
Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au
