Western Mines joins the ASX

Western Mines Group is the newest explorer to list on the ASX, with its share price lowering slightly ahead of planned drilling programs in Western Australia.

The company, based in West Perth, is focused on exploring for gold, nickel and other metals in the Goldfields region.

Western Mines has a portfolio of eight projects including its flagship Mulga Tank nickel-copper-PGE asset, located in the underexplored Minigwal Greenstone Belt.

The business is led by managing director Caedmon Marriott and chairman Rex Turkington.

Western Mines listed on the ASX after raising $5.5 million from an initial public offering, which was priced at 20 cents and led by Melbourne-based Harbury Advisors.

Shares in Western Mines opened at 18 cents before closing at 19 cents – down 5 per cent on its issue price.

The company said it would use proceeds from the IPO to fund a targeted exploration campaign.

Its other core projects include the Melita gold and copper-lead-zinc asset, close to Leonora, and the Jasper Hill gold project, south of Laverton.