Total
0
Shares
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Pearl Gull (PLG) debuted on the ASX yesterday, coinciding with the brutal crash in iron ore stocks as the commodity price fell below $100 per tonne for the first time in more than a year
  • The company’s focus is a high-grade iron ore development on Cockatoo Island in the northwest of Western Australia 
  • The Perth-based iron ore exploration company raised $4 million at 20 cents per share in an oversubscribed IPO
  • A diamond drilling program is underway at the company’s Switch Pit target and will then move to its North Bay target
  • Shares closed their second day on the market at 17.5 cents

The ASX debut of iron ore player Pearl Gull Iron coincided with Monday’s plunge in the iron ore price and the impact on stocks reliant on the commodity. 

Against this backdrop the exploration company, which has a mining lease on Cockatoo Island off the northwest coast of Western Australia, saw trade open at 17 cents yesterday, 15 per cent below the 20 cents listing price. 

Director Johnathon Fisher said while it was a ‘horrible day for iron ore stocks’, Pearl Gull leaders were pleased to see the company listed on the ASX.

‘We are in it for the long haul,” he said. 

“Jitters in the spot price don’t concern us. We believe we have a potentially world-class iron ore project, and we are focussed on the grade of the product.”

Pearl Gull raised $4 million through its Initial Public Offering to support its diamond drilling at the Switch Pit target on the island. It will then move focus to its North Bay target.

Cockatoo Island has been mined for iron ore since the 1950s and is known for its premium grade iron ore.

Shares closed their second day on the market at 17.5 cents.

PLG by the numbers
More From The Market Herald

" Piedmont Lithium (ASX:PLL) increases Carolina mineral resource

Piedmont Lithium (PLL) has updated the global mineral resource estimate (MRE) for the company’s flagship Carolina Lithium Project in the US state of

" Quantum Graphite (ASX:QGL) wraps up drilling at Eastern Conductor

Quantum Graphite (QGL) has wrapped up a drilling program and rehabilitated drill holes at the Eastern Conductor in South Australia.

" Piedmont (ASX:PLL) completes initial investment in IronRidge

Piedmont Lithium (PLL) has invested 9.9 per cent in IronRidge Resources (IRR).
PepinNini Minerals (ASX:PNN) - Managing Director, Rebecca Holland Kennedy

" PepinNini Minerals'(ASX:PNN) Managing Director resigns

PepinNini Minerals’ (PNN) Managing Director has resigned from the leadership role.