Exploration company with significant acreage across two prolific Nickel exploration regions in WA

OnMarket Bidding Closed DMC Mining Ltd ASX: DMM

DMC Mining Ltd IPO | ASX: DMM

Fixed Priced IPOType of Offer
24 Nov 21Offer Open
02 Dec 21Pay By
$0.20Price
$5 millionSize of Offer
$2,000 Minimum Investment
CPS CapitalLead Manager

The company has received commitments in excess of $5 Million offer size. OnMarket has a limited, firm allocation

Key Highlights

Introduction

DMC Mining Ltd (ASX: DMM) was established for the purpose of assembling a portfolio of highly prospective Nickel sulphide exploration projects in Western Australia. 96% of Australia’s Nickel production comes from Western Australia. The Company has recently entered into Acquisition Agreements to acquire several tenements located across the Fraser Range and Ravensthorpe regions in WA.

The Ravensthorpe Nickel Project is a nickel and gold exploration project adjacent to the First Quantum Minerals (FQM) open-pit nickel mine and the RAV8 sulphide nickel mine, located in the Esperance region of Western Australia, approximately 500km southeast of Perth. The Fraser Range Projects are a consolidation of 10 granted Tenements with a combined area of approximately 873km2, - being one of the largest strategic landholdings of held by any junior explorer in the Fraser Range.

The Ravensthorpe Project comprises of one granted exploration licences (E 74/669) covering an area of 21 Blocks (~61km2) within the Archaean volcano-sedimentary Ravensthorpe Greenstone belt located near the south coast of Western Australia.

The Fraser Range Project comprises ten exploration licences (E 28/2813, E 28/2814, E 28/2815, E 28/2816, E 28/2829, E 28/2830,E 28/2831,E 28/2883,E 63/1918 and E 69/3592), which collectively cover 291 Blocks (~873km2) in the Proterozoic Albany-Fraser Orogen, where it is on-lapped by the western margin of the Phanerozoic Eucla Basin in Western Australia.

Terms of the Offer

DMC Mining Ltd is looking to undertake an IPO on ASX to raise $5 million via the issue of between 25 million shares under the Offer at an offer price of $0.20.  The company will have an indicative market capitalisation of approximately $9.27 million on a fully diluted basis on completion of the offer.

The Projects

Subject to the successful completion of the Acquisition Agreements, the Company will hold:

  • one (1) granted exploration licence at the Ravensthorpe region of Western Australia, (Ravensthorpe Nickel Project); and
  • ten (10) granted exploration licences in the Fraser Range region of Western Australia, (Fraser Range Projects).

The Projects have been selected principally based on their potential to host economic nickel, copper and gold mineralisation.

Ravensthorpe Nickel Project (“RNP”)

The Ravensthorpe Nickel Project comprises EL 74/669, is approximately 61km2 in size and is a nickel and gold exploration project adjacent to the First Quantum Minerals (FQM) open-pit nickel mine and the RAV8 sulphide nickel mine, located in the Esperance region of Western Australia, approximately 500km southeast of Perth.

Despite the known geology and proximity to nickel mineralisation, there has been limited historical exploration within the Project. The Tenement is prospective for nickel sulphide mineralisation of a similar style to the RAV8 resources to the north, and also gold mineralisation, based on the existence of small historic gold workings in the far northeast of the Tenement. RAV8 sits immediately adjacent to the northern boundary of the RAV 8 nickel mine.         Tectonic Resources Limited mined RAV8 from 2000 to 2008. Reserves rose to 206,404 tonnes grading 5.49% nickel from164,933t at 5.83% Ni, resulting in a 17% increase in anticipated nickel in concentrate from about 19.9 million pounds to 22.4Mlb.

The Fraser Range Projects

The Fraser Range Projects are a consolidation of 10 granted Tenements with a combined area of approximately 873km2, - being one of the largest strategic landholdings of held by any junior explorer in the Fraser Range. Investment by the Company will be undertaken at the Fraser Range Projects to explore for nickel, copper, gold and other base metals.

The Tenements comprising the Fraser Range Projects are situated within the highly prospective Proterozoic Albany-Fraser Orogen (AFO).

The AFO hosts and is prospective for a range of mineral deposit styles, including:

  • magmatic nickel-(copper-cobalt) mineralisation;
  • orogenic gold mineralisation;
  • intrusion-related gold mineralisation; and
  • polymetallic sedimentary exhalative and volcanogenic massive sulphide mineralisation, as exemplified by the Trilogy lead-zinc-silver-copper-gold deposit.

Previous exploration across the Tenements of the Fraser Project has focussed largely on gold, particularly since the Tropicana Discovery in 2005, and on base metals since the discovery of Nova-Bollinger in 2012. Nova-Bollinger is a world class nickel-copper deposit in mafic/ultramafic reporting 13 Mt @ 2% Ni + 0.8% Cu + 0.07% Co.

The Fraser Range is not just prospective for magmatic nickel-copper sulphide and orogenic gold. IGO Limited have identified several VMS occurrences, the most prospective being Andromeda (29.9m @ 1.36% Cu, 2.51% Zn, 19.9ppm Ag, and 0.36ppm Au).

Magmatic nickel and copper sulphide orebodies frequently occur in clusters globally. Thus far there are two discoveries and a large number of mineral occurrences.

The Fraser Range Project tenement packages are largely under explored and potential remains for several differing styles of mineralisation to occur. The Proterozoic mobile belt of the Albany Fraser Orogen, adjacent to the Archaean Yilgarn Craton margin, represents a favourable model for the formation of magmatic base metal deposits, volcanogenic massive sulphide deposits, and structurally hosted hydrothermal gold deposits.

Proposed Exploration Program

The Company proposes to apply funds raised from the Offer, together with existing cash reserves, over the first two years following admission of the Company to the Official List of ASX for exploration activities as outlined in the tables below.

Business Model

DMC Mining Ltd’s business model is to systematically test each of the Projects using highly skilled and experienced exploration personnel and advisers; and, in doing so, determine as soon as practicable whether the Projects have potential for hosting economic mineralisation.

Exploration work will initially be focussed on the Ravensthorpe Project and the tenements in the north west of the Fraser Range Projects. When a suitable exploration target is identified, the focus will be on establishing a mineral resource in the indicated category reported in accordance with the JORC Code shortly thereafter.

Management and Board

DMC Mining Ltd is led by a skilled Board, comprising Directors who have a wide range of experience, with a proven track record of successful mineral exploration, discovery and development. These include:

Mr David Sumich – Executive Chairman

Mr. Sumich is a Mining Executive with over 25 years’ experience in the mining industry, including 10 years as CEO/Managing Director of ASX listed exploration companies and also as Chairman of ASX listed Globe Metals and Mining Ltd.  Mr Sumich has led multiple successful IPO’s and capital raisings, including Globe Metals and Mining which culminated in a final equity capital raising of A$50mill direct placement to East China Mineral Exploration & Development Bureau ("ECE") for 50.1% equity, and also the former DMC Mining Limited, whereby he oversaw feasibility studies on the project and finally orchestrated the $A50mill on-market cash takeover of the company. Recently, Mr Sumich was part of the Development and Production Team of Rio Tinto at the Marandoo Iron Ore expansion in the Pilbara, Western Australia.

Mr William (Bill) Witham – Non-Executive Director and Technical Director

Mr Witham is an experienced company director with a successful track-record in the mining & metals industry. He is skilled in mineral exploration, corporate finance, and government relations. He has strong technical experience in copper, lithium, uranium, and gold commodities, in particular.

Mr Witham has held senior executive roles across the Australian and African resources sector for over two decades and has worked directly in Namibia, Botswana, Cameroon, Congo, Gabon, Egypt, Niger and South Africa. He has further experience in member-based organisation leadership, including with the Chamber of Minerals & Energy WA (Government Relations and Policy), National Party WA (Corporate Director) and South Coast Natural Resource Management Inc. (Chair). He is currently CEO of Australia – Africa Minerals and Energy Group (AAMEG), the peak body supporting Australian mining companies in Africa.

Mr Bruce Franzen – Non-Executive Director and Company Secretary

Mr Franzen is a certified practicing accountant with over 30 years’ local and international experience within large, complex organisations in the resources sector. Bruce has substantial executive-level and board experience executing finance and commercial roles related to exploration and development of large capital resource projects. He has recently held a senior finance leadership position with major Canadian gold producer, Kirkland Lake Gold, where he was focused on underground mining operations at the world renowned Fosterville gold mine in Victoria. Bruce has also held past senior finance positions for large companies such as Woodside Energy, Inpex and Origin Energy.

Key Offer Statistics

Use of Funds

Funds raised from the Offer will be applied as follows:

For further information on the Key Offer Statistics and Use of Funds, please see the prospectus.

Risks

You are encouraged to read the Prospectus carefully as it contains detailed information about the Company and the Offer. Like all investments, an investment in the Company carries risk. As set out in Section 5 of the prospectus, DMC Mining Ltd is subject to a range of risks, including but not limited acquisition risk, limited operating history, additional requirements for capital, exploration risks, tenure, access and grant of applications and operating and development risks.

 

Section 734(6) disclosure: The issuer of the securities is DMC Mining Limited ACN 648 372 516. The securities to be issued are ordinary shares. The disclosure document for the offer can be obtained by clicking on the link above. The offers of the securities are made in, or accompanied by, a copy of the disclosure document. Investors should consider the disclosure document in deciding whether to acquire the securities. Anyone who wants to acquire the securities will need to complete the application form that will be in or will accompany the disclosure document (which can be done via the electronic application form which will become available by clicking the bid button above).

OnMarket has a limited allocation. The offer may close early and the 'Pay By' dates may change. Duplicate bids under the same investment profile, investor name or residential address may be cancelled.

 

 

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