Polymetals Resources Ltd - ASX IPO

Polymetals Resources Ltd - ASX IPO
Asset Categories: Securities, Pre-IPO
Sale Type: Asking Price
Price Guide: AUD Raising A$5M (Post Money Valuation of A$15.688M)
Status: Closed

Summary:

Polymetals Resources Ltd is an Australian company, focussed on mineral exploration with a specific initial focus on gold exploration. Polymetals’ 100% owned subsidiary Golden Guinea Resources SARL (Golden Guinea), a private entity incorporated in Guinea, owns two exploration licences within the Siguiri Basin, Guinea, West Africa.

Key Investment Details

  • West Africa’s Siguiri Basin in Guinea is world renowned for its significant gold endowment.
  • Polymetals’ exploration licences are located within the Siguiri Basin 37km east of Anglo Gold Ashanti’s Siguiri Gold Mine which has produced +6.6m ounces of gold of a 14moz resource.
  • The licences have a very high level of gold anomalism with over 18km2 (16%) of the total area covered by +40ppb gold.
  • Phase 1 drilling shows promising grade intersections to depth, characteristic of economic deposits of the type recognised regionally.
  • Significant discovery potential with drilling to commence immediately post listing.

Asset Description:

Investment Highlights

  • POL recently acquired 100% of Golden Guinea Resources SARL (Golden Guinea) which owns two exploration licences within the Siguiri Basin in Guinea, West Africa.
  • The Siguiri Basin occupies the north-eastern corner of Guinea and hosts several large active gold mining operations and is notable for its widespread gold anomalism.
  • The Basin produces 10% of West Africa’s gold and is considered highly prospective but relatively immature from an exploration perspective.
  • Golden Guinea’s two exploration Licences are Alahiné (64km2) and Mansala (48km2) both hosting many current and historic small scale artisanal gold mining operations.
  • Previous field activities at Alahiné included two soil sampling programs and one reverse circulation drilling campaign. Drill intercepts shown.

Board and Management

  • Mr Alex Hanly – Chief Executive OfficerHas a Bachelor of Mechanical Engineering and Masters of Business Administration.
  • Mr Vince Fayad – Chief Financial Officer
  • Has over 35 years’ experience in corporate finance, international M&A, accounting and other advisory related services in Sydney-based mid-tier accounting firms.
  • Mr David Sproule – Non-Executive DirectorHas a Bachelor of Metallurgical Engineering from the Western Australian School of Mines and has been self-employed in the mining industry for most of the previous 35 years.
  • Dr Chris Johnston – Non-Executive DirectorHas a first-class honours graduate in Geology from Auckland University and has 40 years-experience in the Australian mining industry. 
  • Mr Chris Schroor – Non- Executive DirectorHas a Bachelor of Applied Science in Construction Management from the Queensland University of Technology and a Masters of Business Administration.

Offer and Use of Funds

Offer

  • Share Price: A$0.20
  • Minimum Raising (Post Money Valuation): A$5M (A$15.688M)
  • Maximum Raising (Post Money Valuation): A$7M (A$17.688M)

Use of Funds

  • Follow-up RC drilling at key Alahiné areas defined from previous RC drilling campaign
  • RC drilling on new anomalous zones within Alahiné and maiden drilling at the Mansala licence
  • Expenses of the offer
  • Administration Costs

 

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