Orpheus to descend on IMARC although IPO appears off the table

One-time IPO hopeful Orpheus Minerals is scheduled to present at the upcoming International Mining and Resources Conference (IMARC) held in Sydney although it is not slated to debut imminently, according to the ASX’s upcoming floats and listings.

While Orpheus was initially touted as a spin out of uranium assets from Argonaut Resources (ASX:ARE), according to recent quarterly reports Argonaut is working with relevant stakeholders to determine how best progress Orpheus’s portfolio of prospective uranium assets.

Mining.com.au is an official media partner of IMARC, which will showcase 500-plus mining leaders and resource experts throughout 7 concurrent conferences.

On 7 November 2022, Orpheus Managing Director Simon Mitchell told Mining.com.au on the sidelines of IMARC in Sydney the company’s then imminent IPO was amid an environment where uranium supply from stable jurisdictions – such as Australia – is in structural decline.

At the time he said uranium market fundamentals were sensational and that the sector was “really going to go off”.

However, some 3 weeks later Argonaut extended the general offer closing dates for the Orpheus IPO and while that was slated for 16 December 2022 – a week later than previously announced – the uranium hopeful remains unlisted.

Orpheus is an Australian unlisted public company incorporated on 21 August 2020 by parent company Argonaut. Following a strategic review of its assets, Argonaut decided to demerge its uranium exploration projects via an IPO, which is considered to be a partial, non-standard spin-out.

Argonaut received shareholder approval for the demerger on 30 September 2022.

Write to Adam Orlando at Mining.com.au

Images: Orpheus Minerals
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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.