Summit Minerals Limited (ASX: SUM) has commence trading on the ASX after completing an A$4.5 million initial Public Offering (Offer) which closed oversubscribed.
Executive Director Jonathan King said the IPO demand reflects growing investor awareness of the importance of critical minerals to Australia’s future and exploration potential in Summit’s West Australian and New South Wales assets.
IPO proceeds will be used to systematically explore Summit’s diverse range of prospective critical mineral exploration projects, with the initial focus being the company’s lithium assets.
“We are very pleased to have received this strong backing from the market and welcome all shareholders to their new company,” Mr King said.
“The secured funds will advance exploration across our critical mineral portfolio, with the initial focus on our lithium assets. We look forward to delivering a solid stream of material news flow and value to our shareholders.”
The Summit portfolio comprises five prospective mineral exploration projects focused on the energy and critical mineral space:
• Phillips River and Bridgetown Projects have prospective lithium targets along strike and close to the World-class Mt Cattlin and Greenbushes lithium operations in southern WA. The Phillips River project also lies on the same geology as the adjoining Bulletin Resources’ Phillips South lithium discovery.
• The Northern projects comprise three lithium and REE projects in central north WA. One tenement is adjacent to the recent Malinda lithium discovery and hosts a significant, GSWA-confirmed, REE-bearing pegmatite. Another tenement lies between the Pilgangoora and Wodgina lithium operations and exhibits very similar geology
• The third Northern project lies in the central Gascoyne’s emerging REE province with REE carbonatite and lithium pegmatite potential
• The Stallion Project located on the eastern margins of the Yilgarn Craton shows significant REE-enrichment throughout the host rocks
• The company’s NSW antimony project called Windfall, includes multiple historic antimony mines such as Munga Creek. Each historical mine hosts a walk-up drill target.
Barclay Wells Limited acted as Lead Manager for the Offer.
For further information please visit: https://summitminerals.com.au/