Leeuwin Metals’ ASX debut marks end of drought

Leeuwin Metals’ debut on the ASX has marked the end of a two-month initial public offering drought for Western Australian companies.

The Subiaco-based explorer is focused on developing critical metals projects for the advancement of renewable energy and electric vehicles.  

It has five projects, two in WA and three in Canada.

Leeuwin Metals listed on the ASX after raising $8 million from an initial public offering priced at 25 cents per share.

After its first day trading, Leeuwin’s shares closed down 4 per cent to 24 cents per share, having peaked at 27 cents at midday.

West Perth-based Discovery Capital Partners is acting as the company’s lead manager, with Steinepreis Paganin its legal adviser.

Leeuwin is led by Christopher Piggott, who has more than 15 years’ experience in the sector, including his most recent role as a senior geologist at ASX-listed Bellevue Gold.

Chartered accountant Simon Jackson, who has more than 25 years’ experience in resources company management, has been appointed Leeuwin’s non-executive chair.

Mr Piggott holds the largest share in the company, 13.42 per cent, through his private company Elderberry Resources.

Switzerland-based natural resources company Glencore backed the IPO after purchasing the second largest stake of 9.97 per cent.

Glencore and Leeuwin have established a technical committee to “leverage their expertise in Canadian nickel”.

The $8 million raised will be allocated towards exploring critical metals across five projects, with a primary focus on flagship asset the William Lake nickel sulphide project in Manitoba, Canada.

Also in Manitoba, the company’s Jenpeg lithium project is under application, where its exploring for a large-scale greenfields lithium opportunity within the area.

It also has an early-stage project in Ontario, where it plans to explore mapped pegmatites for lithium mineralisation.

Leeuwin’s Marble Bar project in WA is targeting long-chain triglyceride pegmatite.

Its Gascoyne project is focused on lithium and rare earth elements mineralisation.

Mr Piggott said the company looked forward to delivering value to investors.

“We are particularly excited by the high-quality of the project within the portfolio and the potential for significant discoveries to be made,” he said.

“We look forward to updating the market with news as we advance exploration across the projects.”