Novo Resources (ASX:NVO) had a stellar debut to dual list on the Australian Securities Exchange (ASX) today (11 September 2023) trading 20% higher to $0.24 as of 5.30pm AEST.
The Canadian mining company, which is already listed on the Toronto Stock Exchange (TSX), started trading today at $0.20 each for an initial raise of $7.5 million.
While Novo is already listed in Canada, the junior is searching for gold in the Pilbara of Western Australia and holds gold tenements in Bendigo in Victoria.
Meanwhile, several other junior exploration companies will float on the Australian bourse over the coming weeks, breathing some life into a stagnant IPO market.
Another Canada-focused explorer, James Bay Minerals (ASX:JBY), is tomorrow seeking to list to fund lithium exploration across its North American landholding.
James Bay Minerals is also expected to list at $0.20 a share in a float to raise $6 million.
As the name suggests, all of the company’s assets are in the James Bay region of Quebec, a well-endowed global lithium mining jurisdiction. At listing, James Bay Minerals will have 100% ownership of 22,438ha of prospective lithium projects within the region.
Queensland-based minerals exploration company Far Northern Resources (ASX:FNR) is set to IPO on 21 September to also raise $6 million.
Capital from the listing will help fund the company’s exploration for both base metals and gold in the Northern Territory and Queensland.
Far Northern in late 2022 acquired privately held Bridge Creek Mining, which owned Northern Territory leases prospective for gold. An existing resource of 70,5600oz of gold on those tenements exists with Far Northern seeking to increase the JORC resource.
The company also holds a majority interest in the Empire Gold Project in Queensland, as well as the Rocks Reef Project.
Write to Adam Orlando at Mining.com.au
