Great Dirt Resources (ASX:GR8) began trading on the Australian Securities Exchange (ASX) on 10 November 2023 as the company launches exploration with a focus on battery-grade manganese.
Great Dirt completed a ‘strongly supported’ initial public offering (IPO), raising $5 million through the issue of 25 million shares at an issue price of $0.20.
The company yesterday (13 November) closed trade on the ASX slightly higher with a share price of $0.220, slightly higher than its $0.220 listing price, giving it a market capitalisation of $8.23 million.
Lead manager appointed for the IPO was Westar Capital, while investigating accountant was RSM Corporate Australia, and legal advisor AGH Law.
Funds raised from the float will be used to begin exploration at its 2 project areas – the Doherty and Basin projects.
Great Dirt is primarily focused on the exploration of battery-grade manganese in the Barraba region of New South Wales.
Historical records indicate that manganese production was initially documented in the Barraba area in 1941, likely originating from mines such as Doherty, Junior, and their surrounding areas.
The Doherty mine consistently yielded battery-grade and metallurgical-grade manganese, with an estimated total production of approximately 6,000 tonnes of battery and metallurgical-grade manganese.
Great Dirst says the Junior mine contained 2 sections of high-grade ore, which were mined to a depth of 80 feet. The ore extracted from this mine comprised both battery-grade and metallurgical-grade manganese, with a production volume estimated to be around 3,000 tonnes.
Exploration techniques during that era were likely rudimentary, and mining operations were primarily conducted manually, limiting the overall production capacity of the mines.
Write to Adam Orlando at Mining.com.au
Images: Great Dirt
