Elk Range Mining Limited (ASX:ELK) has started trading on the Australian Securities Exchange (ASX) after completing a fully subscribed A$10 million initial public offering (IPO), providing funding to begin exploration at its Idaho Gold Project in the US.
The company issued 50 million new shares at A$0.20 each, raising A$10 million before costs. The funds will support Elk Range’s initial exploration strategy, led by a maiden drilling program at the Friday Gold Mine scheduled to begin in the September quarter of 2026.
Fully funded for initial exploration
Elk Range enters the ASX as a gold exploration company focused on the district-scale Idaho Gold Project in central Idaho.
IPO proceeds will be directed towards drilling at Friday, geological and geochemical programs across the wider project area, permitting, technical studies and working capital.
Chief executive officer Edward Keys said the listing marked the beginning of a new phase for the company, with attention now turning to execution.
“Our focus now shifts firmly to execution. With funding secured, an experienced team in place and significant groundwork already completed, we are well positioned to commence exploration activities and advance the Idaho Gold Project,” Keys said.
Idaho Gold Project
The Idaho Gold Project comprises the high-grade Friday Gold Mine, Buffalo Gulch and Deadwood gold deposits and the Orogrande Processing Facility.
The assets sit within the Orogrande Shear Zone in central Idaho and include existing infrastructure and historical underground development that Elk Range intends to use as a platform for further exploration.
The Friday Gold Mine will be the immediate focus, with the company preparing to start its maiden drilling campaign during Q3 2026.
Next steps
Over the coming months, Elk Range plans to begin drilling at Friday while continuing geological mapping, sampling and target generation across the broader Idaho Gold Project.
The company will also advance permitting and operational readiness activities and provide market updates as exploration progresses.
The near-term program is expected to establish a regular flow of exploration results and project updates following the ASX listing.
About Elk Range Mining
Elk Range Mining is a gold exploration and development company focused on projects in Idaho, US.
Its portfolio includes the Friday Gold Mine, Orogrande Processing Plant and the Buffalo Gulch and Deadwood projects, giving the company a combination of established infrastructure and exploration-stage gold assets.