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)|
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.
- 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
- 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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