Legacy Minerals Holdings Ltd is a step closer to listing on the ASX after lodging its prospectus with the Australian Securities and Investments Commission (ASIC).
The gold and copper explorer intends to join the local share market in August this year following an initial public offering (IPO) to raise up to $7 million.
Legacy is offering prospective investors the chance to establish a holding at 20 cents per share, with between 25 million and 35 million new shares on issue.
Under the IPO, the resources company hopes to raise funds to support its exploration across its 100%-owned Lachlan Fold Belt precious and base metal assets.
The company’s raise is slated to close in mid-August, with shares predicted to commence trade later that month.
Building a Legacy
Legacy Minerals managing director Chris Byrne said: “The IPO is an important step in the evolution of Legacy Minerals and is an integral part of our long-term growth strategy.
“We are proud and excited to provide investors with the opportunity to share in our promising future, as we take advantage of strong conditions in the gold and copper markets.
“Legacy Minerals has a dynamic portfolio of projects targeting a diverse range of mineralisation types, which we believe provides the company with a sound platform for future growth.
“Our fundamental goal of an economic mineral discovery is enhanced by the effectiveness of low-cost exploration techniques across the Projects meaning more work is done on the ground.
“Our portfolio provides investors with exposure to opportunities for potential near-term resource definition (Harden & Bauloora), as well as a pipeline of further company-maker targets (Cobar, Fontenoy and Rockley).”
Lachlan Fold Belt portfolio
Legacy Minerals is exploring for high-grade gold and base metal deposits in the prolific NSW Lachlan Fold Belt.
The company’s asset portfolio spans 864 square kilometres and includes five wholly-owned gold and copper-centric projects located across the world-class mineral province.
Legacy is targeting multiple mineralisation styles — including porphyry, epithermal, Cobar-style, volcanic-hosted massive sulphide and low sulphide quartz vein mineralisation — across its precious and base metal assets.
Ultimately, the projects provide the company with significant exposure to the Lachlan Fold Belt, which hosts a number of tier-one ore bodies, including:
- Newcrest Mining Ltd’s (ASX:NCM) (OTCMKTS:CAHPF) (TSE:NCM) (FRA:NMA) Cadia Valley porphyry copper and gold asset;
- Evolution Mining Ltd’s (ASX:EVN) Cowal epithermal gold asset; and
- Glencore PLC’s (LON:GLEN) (OTCMKTS:GLNCY) (FRA:8GC) (JSE:GLN) CSA copper mines.
IPO funding
The funds from Legacy’s IPO will initially support drill campaigns across the company’s more advanced exploration projects.
Ultimately, the cash injection will help the company:
- Target high-grade gold and gold-silver mineralisation at its Harden and Bauloora tenements;
- Further develop the Cobar, Fontenoy, and Rockley projects to a drill-ready stage and;
- Strengthen its working capital reserves.
Speaking to the company’s prospects in early June, Byrne said: “With the sustained demand for gold and copper and the continued exploration and mining success within the Lachlan Fold Belt of NSW, we are confident that the company will receive strong support from investors.
“Legacy Minerals' advanced projects provide immediate exposure to potential gold and copper discoveries and our robust pipeline of projects afford further growth for the company in the future.”