Capella Metals Ltd managing director Cain Fogarty joined Proactive's Stephen Gunnion with more details about the company's pending listing on the Australian Securities Exchange focused on exploration in the Mount Isa region of Australia.
Fogarty said Capella Metals aims to raise between $4.5 and $7 million from the listing, which will be targeted at exploring its large-scale discovery targets, including high-grade copper-gold deposits and uranium exploration assets. Exploration assets include Surprise, an existing mine with historical copper finds requiring modern drilling and assay for gold.
Capella Metals boasts one of the largest land holdings in the Mount Isa region, neighboured by Glencore's Mount Isa operations and Paladin's Valhalla uranium project. The two key discovery targets are Conglomerate Creek and Carlton Hills, with drilling and geophysical programmes planned for these areas. It aims to begin drilling at Surprise immediately post-listing, with major activities spaced throughout the year.
The company anticipates a supply deficit for both copper and uranium, expecting investor interest in these commodities to reward shareholders. The prospectus for the listing is scheduled to launch by the end of the week, with the offer expected to open in approximately two weeks, followed by a sequence of milestones aiming to distinguish Capella Metals from other explorers in the region.