A flash of light suddenly appears before us in one of the darkest stretches the ASX IPO market has seen for years.
That’s right: Four new companies are listing on the Aussie bourse in September.
Three list this week, starting with Novo Resources. Then there’s one next week. Beyond that, there’s a bit of a wait again for more activity, with two set to launch in October.
Most of our September listings are in the materials space (lithium and gold), with one in logistics.
Novo Resources (NVO)
Novo Resources (NVO) is a Canadian company already listed on the Toronto Stock Exchange (TSX) now coming to Australia to dual-list on the ASX.
The company’s trades go live today at 20 cents each for an initial raise of $7.5 million.
Novo, despite its Canadian origins, has all of its assets in Australia. The company is exploring for gold in WA’s Pilbara. Its flagship project is the Becher gold project – Novo also holds gold tenements in Bendigo, Victoria.
The company noted in its prospectus that it remains open to possible joint ventures to expand landholdings. Novo’s key managers are CFO Ronan Sabo-Walsh and General Manager of Exploration Kas De Luca.
Mr Sabo-Walsh has worked in Canadian corporate financing and has experience with Australian resources listed on his webpage. As for Ms De Luca, she joined Novo from Newcrest Mining where she was Regional Exploration Manager for Asia Pacific.
James Bay Minerals (JBY)
Canada-focused lithium explorer James Bay Minerals (JBY) is seeking to list on the ASX to fund activities on-site its 224 square kilometres of North American acreage.
The company’s trades are set to go live on Tuesday, September 12 at 20 cents each for an initial raise of $6 million.
All of the company’s landholdings are in the James Bay region of Quebec – an established lithium hotspot of global interest. The company’s key assets are the Le Grande project 190 kilometres east of the town of Radisson comprising 357 claims; and the Trolius project covering 80 claims in the Lac Assinica section of James Bay.
Sayona Mining’s (SYA) Moblan lithium project is located just five kilometres south.
James Bay Minerals’ key managers are Executive Director Andrew Dornan and Non-Executive Chair Gerard O’Donovan.
Mr Dornan has worked in the resources industry for 18 years previously holding management roles at Rio Tinto and Pilbara Minerals. Prior to these, he worked for Fortescue Metals Group.
Mr O’Donovan, meanwhile, is a lithium development expert with 15 years of experience. He is currently the CEO of ASX-listed Battery Age Minerals (BM8) – formally Pathfinder Resources. He has also previously worked as a project manager for Pilbara Minerals.
Freightways (FRW)
Here’s an interesting one. New Zealand-based logistics provider Freightways (FRW) is set to commence trading on Thursday, September 14 2023.
However, while outlining in its recent annual report its intention to list on the ASX, and, an announcement on the New Zealand stock exchange to the same effect – how much money the company is raising is not yet available on the ASX website.
Furthermore, the company has not yet released a prospectus for Australian investors. However, its New Zealand Stock Exchange (NZX) release suggests the company is today becoming incorporated as a foreign-exempt entity in Australia.
Freightways’ New Zealand operations are overseen by two key managers – CEO Mark Troughear and CFO Stephan Deschamps.
Freightways saw 29 per cent revenue growth in FY23 results and seven per cent growth of net profit after tax.
Far Northern Resources (FNR)
Queensland-based Australian minerals explorer Far Northern Resources (FNR) is set to list on Thursday, September 21 with shares at 20 cents each for a total initial raise of $6 million.
The company is exploring for both base metals and gold in the Northern Territory of Australia, and Queensland. The company is seeking funds to develop its tenements across the two states.
In November last year, Far Northern acquired 100 per cent of privately held Bridge Creek Mining, which owned 3 NT leases prospective for gold. An existing resource of 70,560 ounces of gold on those tenements already exists, and Far Northern is seeking to increase the JORC Resource at this target.
The company also holds a 73.6 per cent controlling interest in the Empire gold project, based in QLD. An existing resource of 22,500 ounces of gold. This is also on the table for a boost.
Finally, the company also has its hands on the Rocks Reef project, 100 per cent owned. That gold play is in a region rife with quartz veining.
Key managers for Far Northern are CEO Cameron Woodrow and CFO Matthew Bashfrod.
Mr Woodrow is the Founding Director of the company and comes from a background in banking across Europe and Australia. He has formerly worked for Credit Suisse in London and boasts an existing network in the Australian mining industry.
Mr Bashford is a QLD-based private accountant with over 28 years of experience in the public and private sectors as a CFO.