Dual Oz-Brazil explorer Oceana Lithium hits the ASX tomorrow

Oceana Lithium (ASX:OCN) will hit the Australian bourse tomorrow to commence trading on the first day of the 2023 financial year. 

According to its prospectus, the company will commence trading at 12PM AEST sharp with an undiluted market cap of $12.8m.

Total shares on offer come Friday will sit at 64.4m; the IPO price saw shares at 20c. 

Key projects

The company has two key projects: the Solonopole lithium project in Brazil, and the Napperby project in the NT. 

Solonopole will be the company’s flagship project, with a 17km strike length of pegmatite outcrop present on-site.

The company notes Solonopole has been the target of artisanal miners, but not modern-day drill rigs, meaning the area remains largely untested and unexplored beyond shallow depths.

Meanwhile, Napperby (like Solonopole) is already known to consist of lithium and tantalum mineralisation, with additional pegmatite outcrops located on-site. 

A summary view of where in Brazil the company's acreage is located (Oceana)

Company to hit the ground running 

Immediate works on the cards at Solonopole see the company launching fresh geochem testing, magnetic surveys, and first-pass drilling at key target prospects. 

Meanwhile, it will do the same at Napperby, just without the drills: geos will progress rock-chip and soil sampling in the NT. 

Strong management credentials

Executive Director Sebastian Kneer comes from Galaxy Resources, where he was the chief geologist for hard rock lithium exploration in both Oz and Canada. 

Brian Talbot also joins the team from Galaxy Resources. 

Non executive director Simon Mottram, a Brazilian resident, is set to facilitate local connections at Solonopole.

Mottram’s counterpart Dr. Qingtao Zeng will do the same here at home, marketing Australian lithium products overseas.

While management has some shining stars, existing investment partners are worth noting too.

Yu Hua International, the company Tesla relies on to make batteries, has invested in Oceana.

The location of Oceana's NT interests

Oceana Lithium was a Market Index client at the time of publishing. All coverage contains factual information only and should not be interpreted as opinion of financial advice.