Lykos soars on ASX debut

Lykos Metals’ shares have risen 60 per cent on the company’s first day of trading, while fellow Western Australian explorer Nimy Resources is seeking to list next month.

Based in Perth, Lykos is focused on exploring a portfolio of battery and precious metals projects in Bosnia and Herzegovina.

The company raised $12 million through an initial public offering, which was priced at 20 cents a share and led by RFC Ambrian.

Lykos listed on the ASX this afternoon, with its shares closing at 32 cents.

That implies a market capitalisation of about $36.3 million.

Managing director Mladen Stevanovic said the business was well funded to begin a two-year exploration program, starting with its Sockovac project which is prospective for nickel.

“Bosnia-Herzegovina is an outstanding mining and investment destination and I look forward to getting boots on the ground,” Mr Stevanovic said.

Lykos is planning to estimate a maiden resource on at least one its projects within two years.

Its other assets are the Sinjakovo and Cajnice projects, which together are prospective for copper, cobalt, gold, iron, lead, silver, barite, lithium, rare earth elements, and zinc.

The Lykos board also includes executive director Milos Bosnjakovic and non-executive chairman Matthew Worner.

Meanwhile, Simon Lill-chaired Nimy Resources is seeking to raise $6 million through an IPO, which is priced at 20 cents and being led by Raven Corporate Management.

In Nimy's prospectus, Mr Lill said the proceeds would go towards exploring the company's Mons nickel project in the Mid West.

Its board also includes managing director Christian Price and executive director Luke Hampson.

The offer is scheduled to close on November 10, with Nimy seeking to list on November 22.