Pathfinder lists on ASX

Argentina-focused Pathfinder Resources had a soft start to its first day of trading, with its shares closing down 7.5 per cent from its IPO price.

Pathfinder, based in West Perth, is seeking to develop its recently acquired King Tut gold-cobalt project in Argentina’s well-known La Rioja Province mining region.

The region is home to Barrick Gold’s Veladero mine, which produced 550,000 ounces of gold in 2019.

Pathfinder raised $6 million – the maximum – from its initial public offering (IPO), which was priced at 20 cents per share and led by Philippines-based ARQ Capital.

Shares in Pathfinder hit a high of 19 cents today before closing down to 18.5 cents.

Formerly known as Winmar Resources, Pathfinder intends to immediately begin an exploration program at King Tut, with a focus on establishing an initial JORC compliant resource and the potential size and scale of the project area.

Chairman Shannon Green said King Tut could be a significantly larger mineralised system.

“The board believes the King Tut project, which is located in one of Argentina’s best-known gold mining regions, potentially offers significant exploration upside and a transaction which the board considers has the ability to deliver significant value for shareholders,” he said.

King Tut will be the company’s flagship operation.

Mr Green said Pathfinder would consider further merger and acquisition activity where appropriate.