- Dalaroo Metals (DAL) enjoyed a successful first day of listing on the ASX, with shares jumping up by more than 47 per cent
- The materials stock began trading on the exchange on Tuesday, after raising $5 million via an initial public offering
- The company plans to use those funds to drill and survey its Namban and Lyons River projects in Western Australia
- Namban is considered prospective for nickel, copper and platinum group elements while Lyons River hosts base metals mineralisation
- Shares in DAL ended their first full day fo trade up 47.5 per cent at 29.5 cents each
Dalaroo Metals (DAL) enjoyed a successful first day of listing on the ASX, with shares jumping up by more than 47 per cent.
The materials stock began trading on the stock exchange on Tuesday under the ticker code DAL, with shares trading at 20 cents each.
It listed after raising $5 million via an initial public offering, which it said closed oversubscribed and early.
Dalaroo plans to use some of those IPO funds to further explore its Namban and Lyons River projects in Western Australia.
Namban comprises of 437 square kilometres of land near Chalice Mining’s Julimar discovery and is considered prospective for nickel, copper and platinum group elements.
Lyons River is located further north in WA’s Pilbara region and DAL believes the asset plays host to base metals mineralisation, including lead, zinc and copper.
The company will begin drilling Lyons River in early October, before geochemical surveys will be conducted at Namban in the following months.
Commenting on today’s result Managing Director Harjinder Kehal said he was pleased to have completed the company’s listing.
“We are committed to adding shareholder value and would like to thank everyone for the strong support and welcome our new shareholders,” Mr Kehal said.
“The remainder of 2027 and 2022 will be busy as we build on our post exploration work undertaken at both Namban and Lyons River projects.”
Shares in DAL ended their first full day of trade up 47.5 per cent at 29.5 cents each.