Great Boulder Resources Ltd (ASX:GBR)’s Cosmo Metals spinout has been given the all-clear to list on the ASX.
The local share market debutant will be admitted to the official list on January 31 after raising $5.1 million in its initial public offering (IPO).
Cosmo will form a dedicated base metals vehicle, responsible for advancing Great Boulder’s Yamarna assets after shareholders approved a demerger.
The Yamarna property, 130 kilometres northeast of Laverton in WA’s Eastern Goldfields, is a multi-commodity project with significant potential for magmatic copper-nickel-platinum group element (PGE) mineralisation.
“An exciting achievement”
Speaking on the progress of Cosmo’s listing, Great Boulder managing director Andrew Paterson said: “This is an exciting achievement for everyone involved in transitioning Yamarna into a standalone battery metals-focused exploration company, Cosmo Metals.
“I look forward to continuing to contribute alongside a very talented board of experienced professionals and would like to personally wish James all the best as he endeavours to extract the full potential out of these high-quality assets.”
What gives Cosmo the edge?
Great Boulder believes Cosmo carries a number of key advantages as it readies for its ASX listing.
These include:
- A dominant land position in a highly prospective belt: Cosmo hosts a 460 square-kilometre landholding in the world-class Yamarna mineral province, with proven potential to host globally significant discoveries;
- Developing a large scale nickel-copper-cobalt system: historical drilling has intersected shallow copper-nickel-cobalt sulphide mineralisation at multiple prospects;
- Drill ready targets: The company boasts an extensive pipeline of untested extensional and regional targets at the Mt Venn and Eastern Mafic prospects;
- Well-credentialed board and management team: Cosmo’s leadership has a track record of discovering and financing significant mineral deposits. The team, led by managing director James Merrillees, includes Ziggy Lubieniecki, who is credited with the discovery of the more than 6-million-ounce Gruyere gold deposit neighbouring the Yamarna Project;
- Exposure to global decarbonisation and battery megatrends: The GBR spinout aims to produce high-value base metal concentrate products;
- Multicommodity potential: Cosmo is developing underexplored regional gold targets with high potential for ‘Gruyere’ style gold, and significant PGE, chromite and vanadium potential yet to be explored;
- Exploration works and drilling commenced in December 2021: GBR believes this will provide Cosmo with strong news flow upon listing; and
- Attractive valuation and leverage to exploration success: – Cosmo will carry a $5 million enterprise value at listing, limited free float and the minimum entry price of $0.20 per share.