07/10/2020 - 15:33

Siren shares up on ASX debut

07/10/2020 - 15:33

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New Zealand-focused explorer Siren Gold has had a positive start to its ASX debut, with the company’s share price soaring 80 per cent.

Siren shares up on ASX debut
Siren's shares were up 80 per cent on its IPO price. Photo: Gabriel Oliveira

New Zealand-focused explorer Siren Gold has had a positive start to its ASX debut, with the company’s share price soaring 80 per cent.

It comes after Siren raised $10 million from its initial public offering, which was priced at 25 cents per share and closed heavily oversubscribed last month.

The company began trading at 35.5 cents per share, before reaching a high of 47 cents and closing at 45 cents. Its market capitalisation stands at $48 million.

Siren, based in Perth and led by Brian Rodan, has 815 square kilometres worth of tenements on New Zealand’s South Island.

The company is looking to reopen the Reefton Goldfield, which was previously explored and mined – the most recent being OceanGold's Globe-Progress mine, which closed in 2015.

That mine produced 610,000 ounces of gold since commercial operations began in 2007.

Siren is looking to develop its Reefton gold project, which is primarily made up of the Big River, Alexander River and Reefton South projects.

The company used the proceeds raised from its IPO (led by Morgans Financial) to begin drilling at Alexander River in September, where Siren said it had high grade outcropping fines within a 1,200-metre long quartz reef.

Siren is planning a drilling program for the Big River project for later this month.

Established in 2017, Siren is the fifth WA-based gold explorer to list on the ASX this year, with several more – including Miramar Resources, North Stawell Minerals, Pathfinder Resources and SSR Mining – looking to list before the end of the year.

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