OnMarket Bidding Closed Native Mineral Resources Holdings Ltd ASX: NMR

OnMarket | Native Mineral Resources Holdings Ltd | ASX:NMR

Fixed Priced IPOType of Offer
06 Oct 20Offer Open
14 Oct 20Pay By
$0.20Price
$4.0 - $6.0 millionSize of Offer
$2,000 Minimum Investment
Lodge CorporateLead Manager

The company has reached the minimum subscription and we will be closing the IPO early.


All applications and payments must be submitted by Wednesday 5:00pm (AEDT)

Key Highlights

Introduction

Native Mineral Resources Holdings Limited (ASX: NMR) is the 100% owner of Native Mineral Resources Pty Ltd and is an Australian based minerals exploration company established to explore for copper and gold deposits. NMR has interests in 10 highly prospective tenements located in the Palmerville Fault region in North Queensland and Mount Morgan in Central Queensland, with 4 prospective gold tenements in the Eastern Goldfields region in Western Australia. The Company’s projects include the Leane’s prospect at Palmerville where copper and gold mineralisation has been intersected and where drilling will commence immediately after listing.

The Palmerville Project covers several pastoral stations which are subject to access and conduct arrangements between landholders and exploration companies. In addition, there are five Environmentally Sensitive Areas within the Project, all of which are subject to a range of access conditions. Items of indigenous heritage are present within NMR’s tenements with exploration activities in some areas of the tenements subject to cultural heritage surveys prior to exploration commencing.

With the increasing trend towards green policy and the use of electric vehicles and renewable energy, the global demand for copper is forecast to increase substantially in the coming years.

The Projects

Palmerville Project

The Palmerville Project is the Company’s principal exploration asset and has nine tenements as shown in the figure below with the southern end of the holding located about 60 km northwest of Chillagoe, and extends northerly across the Mitchell River and, 50 km further north, across the Palmer River. Both the Mitchell and Palmer Rivers were a focus of alluvial gold mining during the Palmer River gold rush period in the late-19th century.

South of the tenements, the Chillagoe Formation is host to the large Red Dome and Mungana porphyry and skarn-associated gold-copper deposits, located about 15 km northwest of Chillagoe and 45 km southeast of the southern limit of the Palmerville Project. Combined, these deposits contain more than 2.6 Moz of gold and 250 kt of copper and exemplify the style of mineralisation targeted within the Palmerville Project. Chillagoe Formation also hosts significant zinc-rich and copper-rich limestone-hosted skarn-associated deposits, particularly at King Vol, Mungana, Griffiths Hill and the Red Cap.

Previous exploration over the Palmerville Project tenements has, in places, been quite extensive with soil, stream sediment and rock chip sampling, trenching, and drilling. Elsewhere, exploration is at an early stage. Over 65 mineral anomalies have been defined by previous exploration.

NMR has a good relationship with the landholder where its high priority exploration targets are located within the Palmerville Project area. The landowner has provided access to the airstrip located on the property, subject to standard commercial terms.  NMR may also extend the terms of the access agreement for an additional 3 years.

Eastern Goldfields Project

This Project comprises three prospect areas. The Music Well property consists of two tenements located approximately 260 km north of Kalgoorlie. Mt Vetters is located approximately 50 km north-northwest of Kalgoorlie, and Arcoona is located approximately 100 km northeast of Kalgoorlie. 

The Company has entered into an option agreement with Sullivan Creek Pty Ltd and BA Exploration Pty Ltd to acquire two exploration licences at Music Well and two exploration licences applications, at Mt Vetters and Arcoona.

The Company’s Eastern Goldfields Project is located within the Yilgarn Craton which makes up much of Western Australia and is Australia’s premier mineral province and is endowed with gold, nickel, iron ore, copper, zinc and tantalum. Major gold deposits occur at Kalgoorlie, Kambalda, Mount Magnet, Boddington, Laverton and Wiluna, and are hosted in greenstone belts.

Recent discoveries of granite-hosted gold deposits throughout the Yilgarn Craton opens the door to new prospective areas in the craton where there has been little previous exploration.  All three project areas are prospective for granite-hosted gold deposits.

Mount Morgan Project

The Mount Morgan Project is one tenement comprised of four (4) non-contiguous blocks surrounding the township of Mount Morgan located 30 km south of Rockhampton in Central Queensland.  A review of past exploration data in the district suggests the tenement is prospective for several styles of mineral deposit. The primary target is Mount Morgan style replacement deposits but there is also potential for intrusive related copper-molybdenum deposits, structurally controlled gold deposits, and intrusive related distal base metal deposits.

Offer Overview

Native Mineral Resources Holdings Limited is looking to undertake an IPO on ASX to raise between $4 million and $6 million via the issue of between 20 million to 30 million shares at an offer price of $0.20.  The company will have an indicative market capitalisation of approximately $17.4 million on completion of the offer at maximum subscription. 

Board and management have ‘skin in the game’ with the capital structure of the company being clean and simple.  The Directors and Management’s shares will be escrowed for 24 months from the date of official quotation with the bulk of the options to be escrowed for three years at an exercise price of $0.25.

Vision and Strategy

Native Mineral Resources’ vision is to create significant shareholder value through the exploration for and development of any discovered copper and gold deposits in Queensland and gold deposits in Western Australia. The Company’s strategy is to:

  • systematically explore and develop the Company’s Tenements;
  • target large-scale, copper mineralised systems within the Palmerville Fault region;
  • use modern exploration methods and best practice in undertaking cost effective exploration programs; and
  • advance discoveries to the development stage while continuing to explore and advance other project opportunities as they arise.

Growth Strategy

Native Mineral Resources is focussed on exploring its Tenements for major copper and gold discoveries by using modern exploration methods to drive mineralisation targeting. These methods include:

  • state-of-the-art geophysical methods to identify and define mineralisation targets
  • detailed ground based geological, geochemical, and geophysical surveys over anomalous zones identified by previous exploration and new anomalies defined by exploration completed by the Company; and
  • conduct drilling programs to test mineral occurrences and anomalies.

The above methods will support the identification and exploration of copper and gold mineralised prospects more cost effectively and quickly due to optimised targeting.

The Company also intends to conduct a drilling campaign of 2,000 metres on the Leane’s prospect located on EPM 11980 which forms part of its Palmerville Project.  This drilling is a follow-up to historical drilling at the prospect and is focused on testing below the zone of oxidation in the core of the prospect and to step out to define the lateral extent of mineralisation, which has already been identified in the prospect area.  

Management and Board

Native Mineral Resources Holdings Limited is led by an experienced Board and management team with a broad range of mining, project development, financing and technical skills in the resources industry.  These include:

James Walker, Independent and Non-Executive Chair

James is an experienced leader in scaling high growth companies and commercialising technology in new markets, with roles as a Non-Executive Director and Chief Executive of ASX-listed companies or Chief Financial Officer at a UK, AIM-listed technology company as well as executive roles in other growth companies.

Blake Cannavo– Managing Director & CEO

Blake is an accomplished Chief Executive and Operating Officer with more than 24 years’ experience in the mining and construction sectors with companies including Fortescue Metals Group Limited, Lihir Gold Limited and Aquila Resources Limited.  He has been responsible for delivering a diverse range of projects valued up to ten billion AUD in the Asia Pacific region, South Africa the UK and Europe.

Philip Gardner– Non-Executive and Independent Director

Philip brings a long and diverse range of experience to his position as Non-Executive Director of the Company. As a CPA and Fellow of the AICD, he has the technical skills to provide balance to the board’s strong industry-specific competencies.

David Pensini – General Manager

David has 30 years’ experience in the government and the private sector and brings specialist expertise in the areas of project, construction and environmental management.

Emma Dooley – Chief Financial Officer

Emma is a CPA qualified accountant with over 10 years of multi-industry experience. She has held positions across all parts of the finance function, with a focus on financial reporting and management. Emma has a wealth of experience in commercial analysis and is interested in the development and implementation of process and system improvements.

Marika White – Company Secretary

Marika is Executive Director of Emerson Operations Pty Ltd and has over 20 years’ experience in the governance, investor relations, public relations and compliance fields, previously holding an in-house corporate secretariat role with Saudi Aramco, the world’s largest oil company.

Key Offer Statistics

See ‘Summary of Offer’ section 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 7 of the prospectus, Native Mineral Resources Holdings Limited is subject to a range of risks, including but not limited to exploration and evaluation, limited trading history, Tenement risk, changes in commodity prices, land access, title and environmental risk.

 

 

Section 734(6) disclosure: The issuer of the securities is Native Mineral Resources Holdings Limited ACN 643 293 716. 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. Bids over $10,000 may be scaled back more heavily. Duplicate bids under the same investment profile, investor name or residential address may be cancelled.

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IPO OnMarket Bidding Closed

Native Mineral Resources Holdings Ltd ASX: NMR

Native Mineral Resources Holdings Ltd
Australian based copper and gold mining exploration company

 

The company has reached the minimum subscription and we will be closing the IPO early.


All applications and payments must be submitted by Wednesday 5:00pm (AEDT)

 

Native Mineral Resources Holdings Limited (ASX: NMR) is an Australian based minerals exploration company established to explore for copper and gold deposits.  The Company has interests in 10 highly prospective tenements located in the Palmerville Fault region of North Queensland and Mount Morgan in Central Queensland, and 4 prospective gold tenements in the Eastern Goldfields region in Western Australia. The Company’s projects include the Leane’s prospect at Palmerville where copper and gold mineralisation has been intersected.

$0.20Price
$4.0 - $6.0 millionSize of Offer
06 Oct 20Offer Open
14 Oct 20Pay By
IPO Closed Oct 2020

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