Ariana Resources PLC (AIM:AAU) said the initial investment of its Asgard Metals Fund is complete.
The fund is being developed as part of the mineral exploration and development company’s proprietary Project Catalyst strategy and will assess potential investments in discovery-stage mineral exploration companies.
The company told investors Panther Metals Limited, in which Asgard Metals Fund has a 3.2% stake, has now listed on the Australian Securities Exchange with a market capitalisation of A$10.9mln.
READ Ariana Resources vehicle to take stake in Panther Australia
The shares will be held in escrow for two years following the listing of Panther, which is developing the Coglia nickel-cobalt deposit near Laverton in Western Australia.
“The fund offers Ariana and its shareholders significant upside through the exposure to exciting, high-growth potential assets across multiple jurisdictions and commodities and we look forward to developing and increasing its role in Ariana's growth,” said Kerim Sener, the managing director of Ariana.
“This is an exciting time to be exploring for the commodities which will help the world transition to alternative energy, while at the same time recognising the ethical sourcing issues associated with commodities such as cobalt,” he added.