Lithium, rare earth and base metals explorer MetalsGrove Mining (ASX: MGA) has listed on a rather turbulent day for commodities, with the S&P/ASX 200 Energy and Materials indices both down more than -4% at noon.
The battery metal hopeful successfully raised $6.4m 20 cents per share for an indicative market cap of around $10.5m.
MetalsGrove shares were trading at 16 cents as it debuted at 1:00 pm AEST.
MetalsGrove is a diversified explorer focused on green metal exploration for the battery and renewable energy market.
The company operates five projects across WA and the Northern Territory, including:
Woodie Woodie North Project (manganese and rare earth)
Upper Coondina Project (lithium, tin and tantalum)
Bruce Project (gold, copper, lithium and rare earth)
Edwards Creek Project (copper, zinc and lead)
Box Hole Project (zinc and lead)
MetalsGrove projects are relatively early-stage, so investors can expect activities such as mapping, rock-chip sampling and geophysical surveys to be carried out in the lead up to potential drilling activities.
Upper Coondina: No serious lithium exploration has been carried out in the area. Surface sampling has returned a number of highly anomalous lithium assays
Bruce: Geological mapping confirmed potential for pegmatite-hosted rare earth mineralisation
Edwards Creek: high grade copper intercepts from historic drilling in the 80s.
Box Hole: CSIRO generated 3D geological models to assist in exploration targeting. Prospective for large tonnage lead-zinc mineralisation, potential for rare earth.
The fresh funds will support the company's efforts to progress to drilling to increase mineral resources.
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