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- Juno Minerals (JNO), a new company made up of Jupiter Mines’ demerged iron ore assets, has made its debut on the ASX
- JNO’s shares began trading on the stock exchange on Friday, with securities initially trading below the issue price of 25 cents.
- The business raised $3.9 million through its initial public offering (IPO) and has an extra $5 million in seed capital provided by Jupiter Mines
- It plans to use the cash to advance the Mount Mason Hematite Project in WA, with a target to start production in the first quarter of 2022
- Following it’s ASX debut, shares in JNO have fluctuated, which the Managing Director explained was due to the Jupiter link
- After a turbulent few days on the market, Juno ended Monday 29.4 per cent in the green at 22 cents per share
Juno Minerals (JNO), a new company made up of Jupiter Mines’ demerged iron ore assets, has made its debut on the ASX.
Juno’s shares began trading on the stock exchange on Friday, with securities initially trading below the issue price of 25 cents.
The company’s Managing Director Greg Durack claims the share price has been weighed down due to selling by Jupiter Mines’ shareholders.
Those shareholders received holdings as part of the demerger, which saw Jupiter’s iron ore assets, Mount Mason and Mount Ida, handed over to Juno.
Meanwhile, ahead of the ASX listing, JNO raised $3.9 million through its initial public offering (IPO) where shares sold at 25 cents each.
The business also has access to an extra $5 million in seed capital provided by Jupiter Mines.
It plans to use the cash to advance the Mount Mason Hematite Project in WA, with a target to start production in the first quarter of 2022.
The MD explained the asset has a mine life of 4.5 years and should deliver up to a million tonnes of hematite annually.
The project also has an indicated mineral resource of 5.9 million tonnes at up to about 60 per cent iron.
The company is hoping to ship iron ore from Esperance to China, although an offtake agreement is yet to be secured.
Significant work has been done by Jupiter Mines at the Mount Mason project, including a resource drilling campaign and technical studies.
The project was fully permitted in 2014, however, the Native Vegetation Clearing Permits have since expired. Work is underway to re-instate these permits.
Additionally, Juno explained its Mount Ida project is a larger site with a resource of magnetite – a lower grade of iron ore.
After a turbulent few days on the market, Juno ended Monday 29.4 per cent in the green at 22 cents per share.
