Daly Resources (ASX:DLY) has begun trading on the ASX after completing a $12 million IPO.
The company issued 48 million ordinary shares at $0.25 each, with Sandfire Resources (ASX:SFR) emerging as the major shareholder.
It is now well capitalised to advance planned exploration across its fluorite, copper, and zinc portfolio in Australia’s Northern Territory.
Immediate focus centres on the Huckitta Fluorite-Copper Project, which sits adjacent to Tivan’s (ASX:TVN) Sandover Fluorite Project.
Huckitta covers approximately 3,600km² in a prospective mineralised corridor and offers both fluorite and sedimentary-hosted copper potential.
Executive Chairman Mike Edwards reveals the project has returned historical rock chip sampling of up to 95.1% fluorite, indicating its potential to host a ‘high-grade’ fluorite system.
“Fluorite is emerging as a highly valuable product which has been classified as a critical mineral with essential applications in [artificial intelligence] infrastructure and semiconductor technology alongside uses in nuclear fuels, defence, and metals production,” Edwards says.
Following the listing, Daly is trading at an $11.5 million enterprise value.
Daly Resources is an Australian explorer focused on developing its 100%-owned tenure in the Northern Territory, particularly its Huckitta Fluorite and Copper Project.
Write to Paula Fabe at Mining.com.au
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