Mining stocks dominate upcoming floats on Australian bourse amid cold IPO market

There are just 10 floats flagged on the Australian Securities Exchange (ASX) over the coming 2 months and all are active in the mining and natural resources sector.

Interestingly, while the amounts being raise raised range from just $5 million to $25 million, the largest forthcoming float Northstar Energy is the only non-mining stock. Northstar Energy is focused on the exploration and delineation of hydrocarbon resources at its Project Cosmos in Queensland.

So far in 2023, the IPO market has been in a lull and for many of those that have listed their stocks have underperformed to say the least.

However, as the engine room of Australia’s economy, mining companies are powering forward with IPOs, as global appetite for critical and battery minerals continues to soar unabated.

So far in 2023, the IPO market has been in a lull and for many of those that have listed stocks have underperformed

Last week, Patagonia Lithium (ASX:PL3) listed on the ASX on 31 March, raising $8 million.

Patagonia’s exploration licences are in prime locations within the Lithium Triangle, where 40% of the world’s lithium products are produced from brines at lower costs than hard rock lithium production. At admission on ASX, the company will have acquired the projects via its wholly owned Argentinian subsidiary (Patagonia Lithium Argentina, which together comprise various Argentinian mining exploration projects – the Formentera Project, the Cilon Project and the Tomas III Project.

Leeuwin Metals (ASX:LM1) floated on the Australian bourse on 29 March, raising $8 million at an issue price of $0.25 per share.

Leeuwin Metals is a mineral explorer securing critical metals vital for the advancement of electric vehicles and renewable energy. It has projects located in Canada and Western Australia, which are ‘highly prospective’ for nickel, copper, PGE, and lithium.

This month, EverGreen Lithium is poised to IPO on 11 April, with $7 million expected to be raised.

EverGreen has extensive landholding adjacent Core Lithium’s (ASX:CXO) ‘world-class’ Finniss Project and additional compelling tenure prospective for lithium in the Northern Territory and Western Australia.

Ashby Mining is expected to IPO on the ASX on 13 April and is seeking to raise $15 million.

Ashby is an aspiring Australian mineral resources company developing a gold production business in the Charters Towers region in Northern Queensland. It has secured rights to a land package covering over 600km-square, which contains historical mines, mineral resources, prospective exploration potential and a gold processing plant. The company will not own these assets until completion of the IPO and the creditor-approved deed of company arrangement relating to Maroon Gold.

Mining Green Metals is planning to list on 10 May, raising $5 million in capital.

Mining Green Metals has a suite of green metal projects (either owned or optioned) including lithium, PGEs, nickel, vanadium, and uranium in the attractive mining jurisdictions of Western Australia.

Western Australia Energy Resources (WAER) plans to raise $5 million in its float on 15 May, however now its listing date is to be advised by the ASX.

WAER is seeking to uncover economically significant mineral reserves to meet the world’s future energy demand. While the company’s initial exploration focus will be on nickel, it is also looking into the possibility of other commodities.

Also, Tiger Tasman Minerals will raise $8 million when it seeks to float on the ASX on 15 May.

Northstar Energy has one of the larger upcoming floats and is looking to raise $25 million when it plans to list in May although now the actual date is to be advised.

As previously mentioned, Northstar Energy is focused on the exploration and delineation of hydrocarbon resources in Queensland.

Meanwhile, NGX expects to list 17 May, with the mineral exploration company raising just over $9.56 million.

And mining company Innogy, which has the largest nickel exploration portfolio in Tanzania, expects to float on 25 May, raising $8 million.

Write to Adam Orlando at Mining.com.au

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Written By Adam Orlando
Mining.com.au Managing Editor Adam Orlando has more than 20 years’ experience in the media having held senior roles at various publications, including as Asia-Pacific Sector Head (Mining) at global newswire Acuris (formerly Mergermarket). Adam has worked in newsrooms around the world including Hong Kong, Singapore, London, and Sydney.