Talisman Metals PLC has become the first new company to join London's AIM market in 2026, though it was via the reverse takeover of Morocco-focused explorer Tadeen International into cash shell Ovoca Bio (AIM:OVB).
The enlarged group, which has a market capitalisation of approximately £4.9 million, was admitted following completion of a £1.16 million fundraising, comprising a £350,000 placing and £805,000 subscription at a price of 7.7p.
Shares fell to 6.95p in early trading on Wednesday.
Talisman is focused on copper exploration in Morocco, targeting deposits across the Tizert and Argana projects in the Atlas Mountains.
Total cash of £2.3 million will support exploration activities, working capital and costs associated with the listing.
CEO Timothy McCutcheon, who has led Ovoca since 2009, said completing the RTO "marks an important milestone for Talisman", which he said is "well positioned to move forward with a clear strategic focus, to further develop the potential of our exciting project portfolio."
Through Tadeen, Talisman holds ten exploration permits across its two Moroccan projects, covering 129.8 sq km.
Initial exploration at Tizert has returned encouraging copper grades, and the company plans to focus immediate efforts on the Fougnar target area.
Beaumont Cornish is the AIM Nomad and CMC Markets is acting as broker to the company.