Stelar Metals Limited (ASX:SLB) has commenced trading on the Australian Securities Exchange (ASX) following the successful completion of its IPO.
The company raised $7 million via the issue of 35M shares at A$0.20 per share in the IPO, giving an indicative market capitalisation of A$10 million upon listing.
Stelar Metals is actively targeting battery metals in its portfolio of five highly prospective copper and zinc projects located in prospective mining regions – the Gawler Craton, Stuart Shelf and Adelaide Fold Belt.
“We are thrilled to be listing on the ASX today and thank all our investors, new and existing, who have supported us to date and see the value of our projects. This is a major step in the journey of the company,” CEO, Colin Skidmore, said.
“I would also like to thank the board and management team who enabled our IPO and ASX listing. We look forward to the commencement of our exploration programme and to the future, as we focus on delivering value to shareholders and will continue to assess other projects that are a strategic fit to our portfolio of assets.”
Mr Skidmore said the South Australian projects provide the company with significant exposure to battery metals at a time of growing market demand.
He said commodity prices for copper and zinc are projected to continue to increase beyond 2030– to date, exploration has not kept up with demand as the transition to clean energy through electrification becomes an imperative.
Cornerstone IPO investor, Terra Capital, has taken a substantial (>5%) position on IPO. The IPO was also strongly supported by retail shareholders. Stelar Metals’ largest shareholder is Non-Executive Chairman. Stephen Biggins, who, as Managing Director of Core Lithium, has successfully led Core from discovery to fully financed construction of its lithium mine.
The combined expertise of Stelar Metals’ management team and board of directors accumulates to approximately 100 years of exploration and discovery knowledge.
Stelar Metals’ project portfolio includes:
- The ex-BHP and ex-Rio Evelyn Dam Project (EL 5792) and Torrens Project (EL 6572 and EL 6264), which are prospective for large-scale iron oxide copper-gold (IOCG) target types within the Olympic Province in the Gawler Craton.
- The Linda Zinc Project (EL 6263) features zinc mineralisation initially discovered by BHP similar to the nearby high-grade Beltana Zinc Mine
- The Gunson Project (ELA 2021/00073), which is adjacent to a series of historic open pit copper mines and deposits at Mount Gunson; and
- The Baratta Project (ELA 2021/00037) which is prospective for Zambian-style sediment-hosted copper as well as zinc-lead mineralisation.
Mr Skidmore said Stelar Metals will use IPO funds to commence a detailed exploration programme in Q2-2022 that includes mapping and geochemistry at the Linda Zinc Project, airborne geophysics at the Torrens Project and deep diamond drilling at the Evelyn Dam Project.
“We are excited about executing our upcoming exploration plans, shaped by our Board and management team’s considerable knowledge, experience and exploration success in South Australia. We expect to hit the ground running and look forward to uncovering the potential of our portfolio of battery metals projects,” Mr Skidmore said.
Cadmon Advisory was Lead Manager for the IPO and Ventnor Capital acted as Corporate Advisor.
For further information please visit: https://stelarmetals.com.au/
