Miramar soars on ASX debut

Aspiring goldminer Miramar Resources has made a strong ASX debut with its share price doubling ahead of plans to begin exploration in Western Australia.

Its listing followed a heavily-oversubscribed initial public offering, which raised $8 million at an issue price of 20 cents.

That IPO opened and closed within only a few hours, executive chairman Allan Kelly recently told Business News.

Miramar closed up 108 per cent on its first day, with its shares trading at 42 cents.

The company, established by Mr Kelly during the COVID-19 lockdown, will soon begin its search for gold in the Eastern Goldfields and Murchison regions.

Mr Kelly said Miramar would “hit the ground running”, with an initial focus on its Gidji joint venture – about 15 kilometres north of Kalgoorlie.

Miramar has eight gold projects in total.

"It is a great time to be a West Australian-focused gold exploration company," Mr Kelly said.

"We have compiled a portfolio of under-explored but highly prospective exploration projects in two world class gold provinces and within close proximity to a number of existing gold mining and processing facilities.

"It's fantastic to see that investors have enthusiastically embraced our strategy."