Shares in MetalsX spin out NiCo Resources were up 80 per cent on its ASX listing today, after the nickel company’s IPO raised more than $12 million.
NiCo resources listed for 20 cents this morning, with the most recent sale at 36.5 cents.
NiCo Resources is a mineral development and exploration company that operates in Western Australia and South Australia.
It was spun out of Metals X’s nickel assets.
This includes sites such as Wingellina in WA and Claude Hill in South Australia, part of their Central Musgrave Project (CMP).
Managing director and chief executive Rod Corps said the company hoped to develop Wingellina.
“Wingellina is one of the largest undeveloped nickel deposits and the board believes that with the increasing demand for both Nickel and Cobalt associated with the battery minerals sector requires a substantial increase in environmentally and ethically sustainable nickel production.”
“NiCo Resources is well placed to be able to partner with some of the largest end users in the world to create a long term suppl option for the rapidly growing EV sector.”
Board members have experience in executive and board positions from other companies such as Metals X and Westgold Resources.