- Augustus Minerals (AUG) lists on the ASX following a $10 million IPO which saw the issue of 50 million shares at 20 cents apiece
- The company has a wide focus on exploring for lithium, rare earths and copper across its large tenement package in WA’s Gascoyne Region
- Equipped with a “highly experienced” board and management team, Augustus has built an array of high-quality targets across its tenement package over the past five years
- The company says it’s encouraged by discoveries in recent years adjacent to its own project area, including those made by Delta Lithium (DLI), Voltaic Strategic Resources (VSR), and Dreadnought Resources (DRE)
- Shares in AUG are up 17.5 per cent and trading at 23.5 cents at 12:10 pm AEST
Augustus Minerals (AUG) has listed on the ASX following a $10 million initial public offering (IPO).
The money was raised through the issue of 50 million shares at 20 cents apiece, which the company reported was “oversubscribed and well supported”.
“The successful listing and raising of $10 million, which was oversubscribed, is a testimony to the quality of the asset, its location and the potential that it could unlock through active discovery,” AUG Managing Director Andrew Reid said.
Headquartered in Perth, Augustus has a wide focus on exploring for lithium, rare earth and copper across its large tenement package in the Gascoyne region of Western Australia.
The company believes it holds an “exceptional selection” of mineral targets in one of the hottest geological regions for critical mineral discoveries.
Over the past five years, Augustus has generated an array of high-quality targets with similar geological host rocks and conditions to nearby discoveries, which it aims to explore with a focused systematic scientific program over the coming months.
The company’s Ti-Tree Shear project contains 20 exploration licences over 3600 square kilometres, with recent discoveries of lithium-bearing pegmatites to the south in Delta Lithium (DLI), Voltaic Strategic Resources (VSR), and to the north in Dreadnought Resources (DRE).
Augustus is equipped with a “highly experienced” board and management team, led by Mr Reid and Andrew Ford.
Managing Director Mr Reid previously served as Chief Operating Officer at Hastings Technology Metals (HAS), while General Manager of Exploration Mr Ford also spent time in the same role at Hastings.
Both led Hastings on its way to developing only the third, excluding China, rare earths mine in the world.
Shares in AUG were up 17.5 cents and trading at 23.5 cents at 12:10 pm AEST.