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- WA’s Widgie Nickel (WIN) opened trade at 24c this morning – its fourth day of trade on the ASX
- The new nickel player is a spin-off of Neometals Ltd (ASX: NMT) which acquired the Mt Edwards Nickel Project at the known nickel-producing Widgiemooltha Dome 80km south of Kalgoorlie in 2018
- Widgie’s 100 per cent-owned Mt Edwards mine has a mineral resource inventory of 162,000 tonnes of contained nickel across 11 deposits
- The company raised $24 million pre-IPO, with shares issued at 20c
- Shares are trading in the grey at 24 cents at 2:20 pm AEST
Widgie Nickel (WIN) shares opened at 24 cents this morning, just days after the company debuted on the ASX to tap into demand for nickel.
The company is a spin-off from Neometals Ltd (NMT), established to further the 100 per cent-owned Mt Edwards Nickel project 90km south of Kalgoorlie.
The project consists of 240 square kilometres of nickel and new economy metal prospects and has a nickel sulphide resource base of 10.2 megatonnes (Mt) at 1.6 per cent Ni for 162.6kt of contained nickel. Four historic mines at the project in the past produced 31,000t of nickel.
Widgie Nickel MD Steve Norregaard said $24 million was raised through an entitlement offer.
“The successful entitlement offer has ideally positioned Widgie to methodically work towards unlocking the significant latent potential the Mt Edwards Nickel Project possesses, which was evidenced by the promising drilling results at Munda,” he said.
“Widgie intends to commence an ongoing drilling campaign within the next month to continue to unlock this value.
“We are now fully funded and looking forward to the future.”
Mr Norregaard said he hoped the project would be in nickel production within two to three years.
The company has a market cap of $60.03 million and shares were trading in the grey at 2:25pm AEST.
