Trigg left bruised after first day on the ASX

Trigg Mining has closed trade 30 per cent lower than its initial public offering valuation, as the sulphate of potash explorer finally debuted on the ASX following several delays.

Trigg’s shares finished at 14 cents each, down 6 cents from its IPO offer of 20 cents, which valued the company at $4.5 million.

It initially aimed to list before the end of June 2018, but the company put its sharemarket hopes on ice due to “recent weakness in equity markets”.

In April this year the company dusted off its plans to list, with the intention of starting trade on September 9, but this was delayed to September 25.

Trigg has two projects in its portfolio, comprising of the Laverton Links and Lake Throssell sulphate of potash (SOP) projects in the Laverton region of WA.

Today, Trigg said it would use the funds raised from its IPO to commence exploration at its Laverton Links project.

Managing director Keren Paterson said the company was delighted to complete the $4.5 million IPO and the ASX listing.

“It is a significant milestone in the journey of the company,” she said.

“With SOP already identified across half of Trigg’s 2,640 square kilometres of tenements…the team is eager to continue its exploration efforts across the tenure, including those areas as yet unexplored, and establishing an initial mineral resource.”

Trigg’s first day wobbles come as Western Australia becomes increasingly crowded with SOP hopefuls in recent years.

Kalium Lakes, Australian Potash, Agrimin, Salt Lake Potash, BCI Minerals, and Reward Minerals are all vying to become producers within the next four years.

Today, Kalium Lakes officially commenced construction at its $216 million Beyondie project, and it is set to be Australia’s first SOP producer by the end of next year.