IPO Watch: One time Pilbara gold darling Artemis spins copper property right into a +40pc debut

Keep in mind Artemis Sources (ASX:ARV)?

Related by the hip to TSX-listed conglomerate gold play Novo Sources in a JV, the ASX-listed gold junior rode the Pilbara gold wave of 2017 to a heady 562.50% return that yr.

The conglomerate gold hype pale, and it’s now extra modestly priced at 8.3c a share for a market cap of ~$108 million.

It’s again within the information at the moment after its spinout Greentech Metals (ASX:GRE) made a splash on debut.

After elevating $5 million at 20c within the ASX’s first 2022 IPO — of many if 2021 is something to go by — the brand new firm was up 40% or 8c at 3pm AEDT on its first day of commerce, earlier than settling at 27.5c on the shut for a 37.5% acquire. Artemis owns 14.84% of the listed entity, value ~$1.9 million.

Greentech, Artemis share value charts


Whundo copper

Whereas Artemis was primarily targeted on gold exploration, GreenTech is, as its title suggests, enthusiastic about battery metals.

It has a collection of the extremely wanted metals sitting throughout its West Pilbara portfolio.

Chief amongst these prospects is the Whundo copper mine, which accommodates an indicated JORC 2012 useful resource of two.7Mt at 1.14% copper and 1.14% zinc, together with the Ruth Effectively deposit, which holds 152,000t at 0.5% copper and 0.6% nickel.

Whundo accommodates a 4km lengthy hall related to beforehand mined deposits, with drilling deliberate to check for down dip extensions to identified sources on the Whundo and West Whundo open pits.

Drilling can even consider and improve identified mineralisation on the Yannery and Ayshia copper-zinc prospects round 1500m away in addition to VTEM and MLEM targets recognized throughout the Whundo pattern.

On the 5km lengthy Ruth Effectively mission, upcoming exploration will embody drill testing of three VTEM/MLEM plates modelled at 100m deep in proximity to the prevailing Ruth Effectively sources.

The Osborne Nickel mission, a JV with Artemis which GreenTech is farming right into a 51% share of, can even be of curiosity. It’s positioned instantly subsequent to Azure Minerals’ (ASX:AZS) rising Andover nickel-copper discovery with millionaire prospector Mark Creasy.

Traders received’t wait lengthy to see their cash go into the bottom, with government director Thomas Reddicliffe saying an RC rig has been secured to start drilling this month.

“GreenTech is extraordinarily happy with its IPO capital elevating. The Firm has consolidated a extremely potential bundle of initiatives in Western Australia, focussing on commodities that can tackle the robust demand from the EV and renewable vitality sectors,” he mentioned.

“GreenTech is well-funded to undertake in depth and high-impact exploration applications over the following two years, with a right away focus on the Whundo Copper-Zinc mission, and to discover for brand spanking new nickel deposits on this extremely potential area.”

GreenTech additionally owns the Werrianna, Nickol River and Elysian gold initiatives within the Pilbara, in addition to the Windimurra and Mawson South nickel and Dundas gold initiatives within the Goldfields.

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