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Capitalising on a Processing Plant and Gold Assets in mineral rich Queensland region
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Investment Highlights
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Focus on developing a gold production business in the premium geological location of Charters Towers QLD
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Secured rights to a gold processing plant and a portfolio of tenements containing historical mines, mineral resources and highly prospective exploration potential
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Strong board and operations leadership with top tier resources business experience and expertise to execute on plan
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Pre-IPO opportunity with prospectus being lodged in February 2023, and planned listing expected to take place Q1 2023
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IPO raising minimum A$12.5M and maximum A$15M. Offer is underwritten to A$10M by CLSA Australia, Lead Manager for the IPO
Company Overview
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Premium Gold Producing Geological Location
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High Growth Potential
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Multiple Under-Explored Brownfield Open Pit Mines
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Existing Infrastructure and Historical Mining – known gold mineralisation and metallurgy
Ashby Mining is an aspiring Australian mineral resources company developing a gold production business in the Charters Towers region in Northern Queensland.
The Company has secured rights to a land package covering over 600km2 which contains historical mines, mineral resources, highly prospective exploration potential and a gold processing plant, with plans to commence gold production.
Our Vision
Ashby aims to be a mining company that creates long-term value for shareholders through the development of a multi-generational growth company in a world class gold mining district.
Target production is 40-60k ounces of gold per annum within 5 years using a centralised treatment facility at the Blackjack processing plant.
Responsible Mining
Ashby believes a strong ESG proposition is not only critical to business strategy, but when executed properly creates value directly linked to cash flow.
A leadership team that is passionate about building a modern environmentally responsible and technology enabled business. By adhering to strong ESG principles the business can deliver on its priority outcomes.
Projects
Black Jack Gold Processing Facility
A fully permitted gold processing plant located 8 km from Charters Towers.
Potential to process up to 340,000 tonnes of mill feed per year.
The project also contains historic open pit and underground gold mines and Mining Leases.
Far Fanning Gold Project
Far Fanning is a permitted Mining Lease where historic underground and open pit mining halted in 2004.
The core focus of this project is the Far Fanning gold mine and Mining Lease.
The project is located 45 km NE of Charters Towers.
Historical production at the mine was 47,200 ounces gold from 664,000 tonnes of ore at average 2.2 g/t gold.
Inferred JORC resource of 2.33Mt at 1.8g/t Au for 138,000 ounces gold.
Hadleigh Castle Gold Project
Hadleigh Castle is a permitted Mining Lease where historic underground and open pit mining halted in 2005.
The core focus of the project comprises the historical open pit gold mine and a prospective exploration target.
The project also encompasses a significant expanse of the “Rishton Mine Corridor”, a largely under explored major regional trend that is host to numerous known gold deposits and historical mines.
Inferred JORC resource for near-surface and underground of 2.4 Mt at 3.2 g/t Au for 247,000 ounces of gold.
| Notable Investors |
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Nebari Gold Fund |
TransAsia Private Capital |
RIVI Opportunity Fund |
Collins St Convertible Notes Fund, managed by Collins St Asset Management |
Transaction Overview
Short-term converting loan of up to A$3.0M, automatically converting into shares and options in the IPO.
- Maximum term of 26 weeks if not converted prior to the maturity date
- Interest 12% pa, accrued until IPO (converts to shares at IPO)
- A once-off payment in shares equal to 20% of the principal loan amount provided. Share payment is issued contemporaneously with conversion into the IPO
- Free listed options on a 1 option for every 2 shares basis
Offer is covered by general underwriting, however the underwriter is not obliged to release funds until acceptance to the Offical List. The Company has the right to introduce investors to sub-underwriters, which subscription funds are to be made immediately available by the Underwriter. The Company is looking to bring forward access to the Offer funding.
ASX Listing
Ashby Mining will be raising A$12.5M-A$15M through an IPO with the minimum A$12.5M secured through combination of a A$2.5M firm bid plus A$10M in underwriting, including $A2.5M from Board and Management.
Prospectus being lodged in February 2023 and listing is expected to take place Q1 2023.
Use of funds
15%IPO Costs including initial listing fees
12%New Switchboard for Black Jack Mill
52%Enviromental bond for Far Fanning
21%Working Capital / Loan Payments
Team
- Management
- Directors
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Jason Keily
Chief Executive Officer - Designate
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Nick Harding
Company Secretary
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Marty Noakes
Processing Facility Project Manager
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Georg Radeck
Far Fanning Project Manager
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Ian Mathieson
Non-Executive Chairman
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Mark Fisher
Non-Executive Director
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Gregory Anderson
Non-Executive Director
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Genesio Cirosta
Non-Executive Director
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Peter Main
Non-Executive Director Designate
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+61 2 9993 4475