Quality base metal projects in Tier 1 jurisdictions in WA and QLD

Live Fuse Minerals Ltd ASX: FSE

Fuse Minerals Ltd IPO | ASX: FSE

Fixed Priced IPOType of Offer
01 Dec 23Offer Open
05 Mar 24Pay By
$0.20Price
Min $6 millionSize of Offer
$2,000 Minimum Investment
Unified Capital & Defender Asset ManagementLead Manager

The Fuse Minerals IPO has been extended to facilitate further due diligence and investment from retail and institutional investors. The supplementary prospectus is available here.

Existing applicants can manage their investment via their dashboard here.

Key Investment Highlights

Introduction

Fuse Minerals Ltd (ASX: FSE) is a minerals exploration company who is advancing their quality base metals projects in three locations in Western Australia and Queensland. The three Projects demonstrate a common theme of holding demonstrated base metals mineralisation. Mt Sydney Project with drill ready targets and Eastern Isaac Project have copper potential, along with nickel, zinc, lead and silver, with the addition of gold on the Eastern Isaac tenure. The Mt Sandiman Project holds silver, lead, zinc drill targets as well as indications of uranium potential.

The Company was founded with the vision of creating a company capable of discovering mineral deposits and aims to be a discoverer of deposits, focusing skills in the exploration space, demonstrating presence of commodities with the potential for deposit scales likely to be of interest to Tier 1 mining companies and looking to partner with those experienced miners and project developers to take discoveries through to operating mines.

Following Admission, the Company intends to undertake exploration activities on each of the Projects:

Mt Sydney Project - 1,119 km2 area on Western Australia’s Pilbara Craton – Paterson Province boundary, reverse circulation and diamond drilling on drill ready targets to be conducted;

Mt Sandiman Project -  a 268 km2 area on the margin of Western Australia’s Gascoyne Province and Carnarvon Basin heritage, survey and reverse circulation drilling of targets to be conducted; and

Eastern Isaac Project - a 637 km2 area within the Bowen Basin and Connors Arc of Central Queensland, reverse circulation and diamond drilling to be commenced.

Terms of the Offer

Fuse Mining Ltd is looking to undertake an IPO on ASX to raise between $6 million and $10 million via the issue of 30 million and 50 million shares under the Offer at an offer price of $0.20. 

The Projects

Fuse Minerals Ltd’s three Projects consist of the Mt Sydney Project and Mt Sandiman Project located in Western Australia and the Eastern Isaac Project located in Queensland. An independent geologist report considers that the Company’s portfolio of projects offers investors exposure to several prospective, early-stage exploration opportunities. Work by previous explorers and by Fuse demonstrates potential for the projects to host economic mineral deposits. Further exploration and evaluation work on each of the projects is warranted. The Projects include:

Mt Sydney Project

The Mt Sydney Project comprises one granted tenement and one tenement application covering 1,119 km2, located approximately 400 km southeast of Port Hedland in the Pilbara Mineral Field of Western Australia. ConsMins’ Woodie Woodie managanese operation lies immediately to the west and Cyprium’s Nifty Copper Mine lies 30 km to the east. Rumble Resources’ recent multiple Braeside Zn-Pb-Ag discoveries lie 25 km north along strike.

The project sits within the Fortescue Basin at the eastern boundary of the Pilbara Craton, at the abutment of intensely folded and faulted overlapping sediment associated with the Paterson Orogen. The Fortescue Basin sediments have been intensely deformed by multiple orogenic events and host several significant mineralised structures, connected to a crustalscale detachment fault, that have received little attention from previous explorers. Fuse’s sampling of outcropping gossanous mineralisation at these locations has returned assays up to 21.1% Cu, 27.2% Pb, 0.43% Zn and 640 g/t Ag.

In addition, large mafic/ultramafic bodies have intruded along stratigraphy and into structures, creating potential for magmatic styles of mineralisation. A significant VTEM anomaly is located on the lower edge of one such large intrusion - the Wills prospect – from which samples of outcropping mineralisation have returned assays up to 6.07% Cu and 0.15% Ni.

A large proportion of the project has only received very widely spaced initial reconnaissance exploration from previous workers. The geological setting and tectonic history of the area have created the potential for several styles of economic deposits, as evidence by the large nearby mineral systems of Woodie Woodie, Nifty and Rumble’s multiple deposits.

Fuse’s focus on targeting geophysical anomalies in appropriate structural positions has provided encouraging early results and, with several drill-ready targets and most of the project yet to be explored in detail, there exists considerable potential for a new discovery.

Mt Sandiman Project

The Mt Sandiman Project comprises two tenements covering 286 km2, located 180 km east of Carnarvon in the Gascoyne Mineral Field of Western Australia.

The project sits at the boundary of the Carnarvon Basin where it onlaps the Gascoyne Province of the Capricorn Orogen, between the Yilgarn and Pilbara Cratons. The underlying granitic schists, gneisses and migmatites of the Archaean Morrissey Metamorphic Suite have been intruded by Proterozoic granites, folded and rifted and were then overlain by siliciclastic and carbonate-rich sediments of the Carnarvon Basin.

Previous explorers have highlighted small workings on the project based on thick barite veins, as well as extensive barite induration of nearby sediments, indicators of significant hydrothermal mineral systems. The tectonic history and nature of sedimentation at the basin margin has created a location with obvious potential for several styles of mineralisation, particularly carbonate-hosted Mississippi Valley Type Pb-Zn.

Sampling on the project has returned elevated concentrations of lead and zinc in sulphides associated with the barite veining, with assays up to 3,080 ppm Pb and 212 ppm Zn. Geophysical surveys have generated several additional targets that Fuse will pursue as a priority.

The Mt Sandiman tenements are underexplored, and the conceptual targets generated by the Company offer genuine potential for a greenfield discovery.

Eastern Isaac Project

The Eastern Isaac Project comprises four granted Exploration Permits for Minerals and one application, covering 637 km2, located around the town on Nebo approximately 80 km southwest of Mackay in the Emerald Mineral Field of Queensland, Australia.

The project permits are located in the northern New England Orogen and are prospective for several styles of epithermal and porphyry mineralisation.

The Gotthardt and Valkyrie permits lie in the Bowen Basin, famous for its extensive coal resources, and are sited around significant felsic complexes that have intruded the Bowen Basin sediments. There are historical copper workings present on the flanks of both complexes. Drilling by recent explorers has confirmed potentially economic Cu mineralisation in the hornfelsed zones and sediments surrounding the intrusions. Additional prospectivity for gold (rock chips up to 7.4 g/t Au) and Pb-Zn-Ag soil anomalies have been identified on the Gotthardt permit and gold (rock chips up to 1.4 g/t Au) on the Valkyrie permit.

Company Strategy

Fuse Minerals’ strategy is to secure and explore tenure in areas considered to have high prospectivity for the discovery of mineral deposits in commodities, and of a scale, that will be attractive to Tier 1 mining companies. The Company considers its Projects align with this strategy. By looking to attract established mining companies via successful discovery, the Company will seek to monetise Projects with minimal Shareholder dilution via joint ventures and sale. With the ultimate aim of generating ongoing revenues.

Following Admission, the Company intends to undertake exploration activities on each of the Projects including:

  • reverse circulation and diamond drilling on drill ready targets at the Mt Sydney Project;
  • working up additional drill targets on the Projects by undertaking surface exploration activities including soil sampling and geological mapping, ground geophysics and geophysical modelling;
  • heritage survey and reverse circulation drilling of targets at the Mt Sandiman Project; and
  • reverse circulation and diamond drilling on the Eastern Isaac Project.

Although the Company’s immediate focus will be on exploration of the Projects, as with most exploration entities, it will pursue and assess other new tenure and business opportunities in the resources sector over time, which complement its business.

Management and Board

Fuse Minerals Ltd has a highly credentialed board and management team with combined governance, corporate and technical expertise which includes Nyunggai Warren Stephen Mundine as a non-executive, independent director and chairperson. Others include:

Todd Wayne Axford – Managing Director

Mr Axford is a founder of the Company and has more than 25 years' experience across Australasia and Africa as a mining and exploration geologist. Mr Axford has held various technical manager roles in, and provided competent person sign-off for, ASX-listed entities, including Cobre, Alt Resources, Rimfire Pacific Mining, Torian Resources, Stratum Metals, and Australasian Resources. Mr Axford is a founder, managing director and principal geologist of geological services company Geko-Co, as well as a director of GTTS, a minerals and metals project generation company.

Stephen Francis Pearson – Non-Executive Director

Mr Pearson is an exploration geologist with more than 15 years' experience across multiple commodities. Together with Mr Axford, Mr Pearson is a director of GTTS. Prior to this, Mr Pearson was engaged as a consulting exploration geologist at various locations throughout Australia. Mr Pearson is currently a contract exploration manager for numerous ASX listed and private companies throughout Australia.

Nyunggai Warren Stephen Mundine AO – Non-Executive, Independent Director and Chairperson

Mr Mundine AO is a highly respected and influential businessman, political strategist and advocate for empowering the Indigenous people of Australia to build businesses and sustainable economies. He has more than 40 years’ experience working in the public, private and community sectors. He has advised successive Australian governments since 2004 and his appointment as Chairman of the Prime Minister’s Indigenous Advisory Council from 2013 to 2017 follows a long career in the public, business, policy, arts and community sectors. In addition to his role with Fuse, he is currently chairman and managing director of Nyungga Black Group, chairman of the Australian Indigenous Education Foundation, Governor for the Committee for the Economic Development of Australia, director of Aura Energy (ASX:AEE), and director – Indigenous Forum at the Centre for Independent Studies.

Vernon William Tidy – Non-Executive and Independent Director

Mr Tidy has over 38 years' industry and assurance experience and was formerly an audit partner with EY. In that capacity, Mr Tidy was the leader of EY's Perth office’s mining and metals industry group, responsible for all service lines to that industry. Mr Tidy has previously acted as a non-executive director and chair of Oakland Resources Limited (ASX:OKL) from July 2010 to May 2013 and non-executive director and later acting chair of Avanco Resources Limited (ASX:AVB) from July 2015 to August 2018. Mr Tidy has also been involved in multiple initial public offerings and back door listings.

Catriona Glover – Company Secretary

Catriona is a lawyer with over 20 years’ experience in corporate and commercial law with a focus on corporate governance and company secretarial advice for both listed and unlisted companies. Catriona has provided legal, corporate governance and company secretarial advice to several companies in a wide range of industries including mining, education, manufacturing, technology and not-for-profit organisations.

Christopher John Yong – Chief Financial Officer

Mr Yong, formerly a Company Secretary for the Company, has over 30 years' accounting and finance experience, including 23 years with listed companies as a director, CFO and Company Secretary. Mr Yong was formerly a director and CFO of Volant Petroleum Limited (ASX:VOL) and World.Net Services Limited (ASX:WNS). Mr Yong is also currently the managing director of Reset Group Pty Ltd, which provides accounting, taxation, financial management, corporate secretarial outsourcing and advisory services.

Thomas Michael Bartschi – Exploration Manager

Mr Bartschi has over 10 years’ experience within field geology, operational management & safety systems across New South Wales, Queensland and Western Australia in gold, base metals, lithium and iron ore. Mr Bartschi is also a founding director of GTTS, together with Mr Axford and Mr Pearson.

Key Offer Statistics

See ‘Summary of Offer’ section of the Prospectus for further information.

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, Fuse Minerals Ltd is subject to a range of risks, including but not limited to limited operational history, exploration and development, future capital requirements, farm-in joint venture, previous exploration and resource estimation risk.

 

Section 734(6) disclosure: The issuer of the securities is Fuse Minerals Limited ACN 653 658 765. 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). 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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Fuse Minerals Ltd ASX: FSE

Quality base metal projects in Tier 1 jurisdictions in WA and QLD

 

Fuse Minerals Ltd (ASX: FSE) is advancing their quality base metals projects in three locations in WA and QLD. The three projects include drill ready targets and hold demonstrated potential to host copper, nickel, silver, lead, zinc, uranium and gold deposits. Strategy to unlock a tier 1 resource and partner to develop the resource while maximising shareholder value.

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