The Conversation (0)
Leeuwin Metals Ltd (ASX: LM1) (LM1 or the Company) is pleased to announce the successful completion of its initial public offering (IPO), led by Discovery Capital Partners. The Company raised $8 million AUD (before cost) through the IPO, and the funds will be allocated towards exploring critical metals across the Company's portfolio of projects in Canada and Australia. The work programs will primarily focus on the William Lake Nickel sulphide project in Manitoba, Canada.
HIGHLIGHTS
- Leeuwin Metals Ltd commences trading today on the ASX following an oversubscribed IPO raising A$8m.
- Glencore, one of the world's largest globally diversified natural resource companies, made a cornerstone investment by taking 9.97% of LM1’s shares on issue.
- Leeuwin has a clear focus to unlock the potential of its William Lake Nickel Sulphide Project, located in the world class Thomson Nickel Belt, Manitoba Canada.
- Additional projects include:
- The Jenpeg Lithium Project, host to Spodumene Island in Manitoba, Canada; and
- Complimentary projects prospective for lithium and rare earth elements in Western Australia and Ontario, Canada.
- Funds raised will be primarily used to explore for critical metals, with work programs commenced to deliver a strong pipeline of news flow.
The IPO received strong support from a diverse group of investors, including institutions, sophisticated 708 investors, retail investors, the board and cornerstone investment from Glencore, one of the world’s largest globally diversified natural resource companies. Additionally, Glencore and LM1 have established a technical committee to leverage their expertise in Canadian Nickel.
The Board and Management would like to thank everyone who has supported the Company to date.
Managing Director, Christopher Piggott, commented:
“We are very pleased to have the strong support of such a wide group of well informed, sophisticated investors and look forward to delivering value for our shareholders. We are particularly excited by the high-quality of the projects within the portfolio and the potential for significant discoveries to be made. We look forward to updating the market with news as we advance exploration across the projects.”
ABOUT LEEUWIN METALS LTD
Leeuwin Metals Ltd is a mineral explorer committed to securing critical metals vital for the advancement of electric vehicles and renewable energy.
We have five projects, three located in Canada and two in Western Australia which are highly prospective for Nickel, Copper, PGE, and Lithium.
The Company is led by a skilled team with expertise in project generation, discovery, development, operations, and transactions.
PROJECTS
Figure 1 Project location map, on the left Manitoba & Ontario, Canada and on the right Western Australia.
William Lake Nickel Sulphide Project – Manitoba, Canada
The William Lake Project is the flagship asset where the Company is exploring for high grade nickel, copper and PGE mineralisation hosted in sulphides. The project has over 500km2 of tenure and has all year-round access with excellent infrastructure provided by sealed roads via a provincial highway, connectivity to hydroelectric renewable energy, and direct access to a port to the north for exports to Europe, and to the United States rail network to the south.
The project is located in the Thompson Nickel Belt which is a world renowned, highly fertile nickel belt with several existing nickel mines currently in production and historic production of over 2.5 million tonnes since the first discovery in 1956. The project was previously explored by Falconbridge in the 1990’s to the mid 2000’s. Previous results from the William Lake project include: 1
- WL92-32: 17.09m @ 1.48% Ni from 398.9m to EOH
- WL95-121: 1.18m @ 6.16% Ni and 1.21g/t Pd from 282.9m
- WL96-165: 6.4m @ 2.85% Ni from 382.6m
Work programs underway include resampling of historical core for PGE’s, Surface geophysics and planning for drilling in Q2 2023 with advanced drill-ready targets.
Click here for the full ASX Release
This article includes content from Leeuwin Metals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.