Koba Resources Limited (ASX: KOB), a new Australian resources company with a portfolio of high-grade cobalt projects in the USA, has commenced trading on the Australian Securities Exchange (ASX) following completion of an oversubscribed IPO which raised A$9 million.
Koba’s assets include a 100%-interest in the highly prospective Blackpine, Colson, Panther and Elkhorn Cobalt-Copper Projects, which are all located in one of the western world’s premier cobalt districts – the Idaho Cobalt Belt. These projects are all located in close proximity to Jervois Global’s (ASX: JRV) Idaho Cobalt Operation, where first production is scheduled for the second half of 2022.
Koba Managing Director and CEO, Ben Vallerine, said the company’s listing on the ASX came at an opportune time, as demand for cobalt was rapidly escalating in parallel with the world’s increasing take-up of electric vehicles as part of transition to green energy.
“Koba’s listing on the ASX today will allow the company to execute its exploration strategy. Our portfolio is rich in potential, with cobalt as our primary target there is terrific exposure to the high-growth cobalt market,” Mr Vallerine said.
“Strategically, Koba’s projects all contain high-grade cobalt mineralisation, and at each of them cobalt is the primary mineral of economic importance, which is unusual, as globally almost all cobalt is produced as a by-product in nickel and/or copper mines.
“We have witnessed a significant spike in cobalt prices over the past 15 months; driven by increasing demand. So Koba is listing at an opportune time, which will allow it to capitalise on the surging demand for cobalt by fast-tracking the progression of its high-grade cobalt projects in the USA.
Mr Vallerine was most recently Exploration Manager for Caspin Resources Limited. Prior to that he was the CEO and Exploration Manager for Renegade Exploration.
For further information please visit: https://kobaresources.com.au/
