- Eastern Metals has debuted on the ASX under the ticker code EMS, after raising $6 million through its IPO process
- The company issued 30 million shares at 20 cents each, along with 10 million unlisted options, exercisable at a price of 30 cents per share over three years
- Eastern Metals’ flagship assets were acquired from Kidman Resources — now owned by Wesfarmers
- They include the Arunta Project in the Northern Territory, and the Thomson and Cobar Projects in New South Wales
- Shares in Eastern Metals shares opened at 23 cents this morning, and finished the day marginally higher at 24 cents
Eastern Metals (EMS) began trading on the ASX today after raising $6 million through its IPO.
The company issued 30 million shares at 20 cents each, along with 10 million unlisted options, exercisable at a price of 30 cents per share over three years.
Eastern Metals brings together three projects located across the Northern Territory and New South Wales.
Two were developed by Kidman Resources — now owned by Wesfarmers — and are classified as Advanced Exploration Projects under the Valmin Code. Those projects are the Arunta Project near Barrow Creek in the NT, and the Cobar Project in NSW.
Arunta is home to the Home of Bullion deposit, which hosts a total Identified Mineral Resource of 2.5 million tonnes averaging 1.8 per cent copper, 2 per cent zinc, 36 grams per tonne (g/t) of silver, 1.2 per cent lead and 0.14g/t of gold. It also is prospective for lithium.
Cobar, on the other hand, hosts the Browns Reef deposit. Eastern Metals has set an exploration target for the deposit of between 27 and 37 million tonnes, averaging 1.3 to 1.4 per cent zinc, between nine and 10g/t silver, 0.6 to 0.7 per cent lead, and 0.2 to 0.3 per cent copper.
The third asset is the Thomson Project, about 250 kilometres northwest of Cobar, which features several copper, gold, lead, zinc and silver targets.
Managing Director and CEO Wayne Rossiter said the assets contained drill-ready targets and he hoped drilling would get underway next month.
“With the maximum of $6 million raised, we are now fully funded to carry out our exploration programs across our Arunta, Cobar and Thomson Projects and we look forward to keeping the market updated as we progress,” Mr Rossiter said.
Shares in Eastern Metals shares opened at 23 cents this morning, and finished the day marginally higher at 24 cents.