IPO

Upcoming ASX IPOs: Leo Lithium, rare earths and base metals explorers

Mon 20 Jun 22, 3:14pm (AEST)
IPO 13 - IPO wood alphabets in scattered letters on the table
Source: iStock

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Key Points

  • 3 IPOs scheduled for this week
  • Leo Lithium - demerged lithium assets of Firefinch - set to list on Thursday
  • Rare earths explorer Odette Six Metals listing on Thursday

Every Monday, Market Index reviews the upcoming IPOs for the week.

All times are quoted in Australian Eastern Standard Time. All listing dates and time are subject to change.

Monday 

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Tuesday

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Wednesday

Coolabah Metals

  • Copper, gold and base metal explorer

  • Raising $6m at 20 cents

  • Lists at 11:00 am

  • $11m market cap

  • Lead manager to receive 500,000 options

Coolabah Metals (ASX: CBH) operates three separate early stage projects in NSW and Queensland, including:

  1. The Nymagee Project (NSW) is prospective for copper and gold

  2. The Coolabah Project (NSW) has previous geochemistry highlighting significant copper anomalism

  3. The Gunpowder Creek Project (QLD) is prospective for copper-lead-zinc deposits

The company has proposed the following near-term exploration activities:

  • Nymagee: Follow-up infill soil sampling of anomalous areas, field mapping and an airborne gravity survey

  • Coolabah: Contractor for 1,000 line km airborne EM survey has been commissioned to test for base metals

  • Gunpowder: Mapping and sampling of historic gold workings

Thursday

Leo Lithium

  • Lithium junior

  • Raising up to $100m at 70 cents

  • Lists at 11:00 am

  • $780-840m market cap

  • Demerged lithium assets of Firefinch

Leo Lithium (ASX: LLL) operates the Goulamina Lithium Project through a joint venture with Chinese lithium giant Ganfeng. Both companies hold a 50% interest in the project.

Goulamina mine location
Source: Leo Lithium

Notable highlights for the Goulamina project include:

  • One of the world's largest spodumene projects, with anticipated annual spodumene concentrate production of 506,000 tonnes in Stage 1, ramping up to 831,000 in Stage 2

  • Top 7 global hard rock Mineral Resource at 108m tonnes at grades of 1.45%

  • High quality concentrate, test work validating 6% spodumene grades

  • Stage 1 capital cost of US$255m, operating costs of US$312 a tonne

  • Post-tax NPV of US$2.95bn (according to updated Definitive Feasibility Study)

Subject to offtake, Ganfeng has the right to receive 50% of Goulamina's life of mine spodumene and will receive rights to the remaining 50%.

The Board and Ganfeng approved a final investment decision for Goulamina on 4 January and production is targeted for early 2024.

Odette Six Metals 

  • Rare earth explorer

  • Raising $8m at 20 cents

  • Lists at 12:00 pm

  • $18-20.5m market cap

  • Lead manager offered 2.5m options

Odette Six Metals (ASX: OD6) has a 100% interest in the following projects:

  1. Splinter Rock Project (WA)

  2. Grass Patch Project (WA)

Odette 6 project locations
Source: OD6

Splinter Rock is considered as an advanced-stage exploration project, prospective for clay rare earth elements (REE). Historical air core drilling intersected enriched REE zones, suggestive of a potential large-scale mineral system.

Odette is currently designing research and development programs to determine the geometallurgical characteristics of clay REE in the region.

Grass Patch is almost entirely covered with wheat and sheep farming. It's an early-stage exploration project with limited effective historical data.

Friday

None

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Written By

Kerry Sun

Finance Writer & Social Media

Kerry holds a Bachelor of Commerce from Monash University and was Vice President of the University Network for Investing and Trading (UNIT). He is an avid swing trader, and drawn to breakouts and technical set ups. Outside of writing and trading, Kerry is a huge UFC fan, loves poker and bouldering.

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