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- Summit Minerals (SUM) debuts on the ASX after raising $4.6 million through an oversubscribed initial public offering (IPO)
- The critical minerals explorer owns rare earth element and lithium assets in WA and NSW and has applications for the Bridgetown project, which is near the world’s largest lithium mine
- Summit plans to use the IPO money for exploration across all of its projects, with an initial focus on lithium
- On the company’s first day of trade, SUM shares closed at 15 cents
Summit Minerals (SUM) has made its debut on the ASX as the latest materials stock chasing critical minerals.
The company completed an oversubscribed initial public offering (IPO), which raised $4.6 million, including oversubscriptions.
A total of 23.05 million shares were issued at 20 cents per share.
Summit Executive Director Jonathan King said he was very pleased to have received strong support from the market and welcomed all shareholders to the newly-listed company.
Based in Western Australia, Summit Minerals is a critical minerals explorer with assets in WA and New South Wales.
Summit’s projects include the Windfall antimony project in NSW, which reportedly has the highest recorded antimony grade in Australia of up to 63 per cent.
In WA, its projects include the Gascoyne rare earth element (REE) and lithium project, which comprises two exploration licences, the Stallion REE project, and the Phillips River and Bridgetown lithium projects.
The Bridgetown lithium project is made up of two applications that lie just seven kilometres south of Talison’s Greenbushes operations — the world’s largest operating lithium mine.
“The secured funds will advance exploration across our critical mineral portfolio, with the initial focus on our lithium assets. We look forward to delivering a solid stream of material news flow and value to our shareholders,” Mr King said.
Summit Minerals will use the money raised for exploration activities across its Australian project portfolio, though the company said its initial focus would be on its lithium assets.
Upon listing, Summit has 34.927 million shares on issue, an enterprise value of $2.18 million and a market cap of $6.98 million.
On the company’s first day of trade, Summit Minerals’ shares closed at 15 cents.
