West African gold explorer with two strategically located exploration licences and significant geological potential

OnMarket bidding closed Polymetals Resources Ltd ASX: POL

OnMarket | Polymetals Resources Ltd | ASX: POL

Fixed Priced IPOType of Offer
06 May 21Offer Open
11 Jun 21Pay By
$5 millionSize of Offer
$2,000 Minimum Investment
Beer & CoLead Manager

The lead manager has received $5 million in committments under the IPO. Closing at 5pm today (AEST). 

All applications must be funded by 5pm, Friday 11 June.

Key Highlights


Polymetals Resources Ltd (ASX: POL) has recently acquired 100% interest in Golden Guinea Resources SARL (Golden Guinea) which owns two exploration licences within the Siguiri Basin in Guinea, West Africa. The Siguiri Basin occupies the north-eastern corner of Guinea and hosts several large active gold mining operations and is notable for its widespread gold anomalism. The region is considered prospective and relatively immature from an exploration perspective and produces over 500,000 oz of gold/year. The largest operation is the AngloGold Ashanti Siguiri Gold Mine, located 37km west of the Golden Guinea licences, which has now produced more than six (6) million ounces over its 20-year life.

The two Golden Guinea exploration Licences, known as Alahiné (64.21km2) and Mansala (48.23km2), host many historic and current small scale gold mining operations conducted by local individuals known as artisans.  Previous field activities at Alahiné comprised of two soil sampling programs and one reverse circulation drilling campaign. Initial whole of licence soil sampling at Mansala conducted by the Company achieved similar results to Golden Guinea’s Alahiné work with significant gold anomalism defined.

The West African Craton while historically a significant producer over a long period has, over the past 20-30 years, evolved into one of the most productive and biggest gold producing regions in the world. Since 2017, the Western African Craton has exceeded gold production from the entire Yilgarn Province of Western Australia, an area similar in size and geological age.

Terms of the Offer

Polymetals Resources Ltd is looking to undertake an IPO on ASX to raise between $5 million and $7 million via the issue of between 25 million to 35 million shares under the Offer at an offer price of $0.20.  The company will have an indicative market capitalisation of approximately $17.69 million (at maximum raise) on completion of the offer. 

Guinea’s Siguiri Basin

The Siguiri Basin occupies the north-eastern corner of Guinea, otherwise referred to as Upper Guinea. It is host to several significant large active gold mining operations and is notable for its widespread gold anomalism which has been variously mined since ancient times and been subject to extensive modern exploration over the past 25 years.  The region is still considered prospective and relatively immature from an exploration perspective. The basin is the most productive Au mining area in Guinea producing over 500,000 oz of gold/year.

The Projects

The projects are located within the Siguiri Basin, North East Guinea, West Africa. Guinea, as a country, has significant areas held under mineral title predominantly for the bulk commodities bauxite (aluminium) in the northwest near the coast and, yet unexploited, iron ore, in the south east (Simandou).

The Siguiri Basin is both a “recent” physical drainage basin flowing inland to the northeast incorporating the Niger, Tinkisso and Sankarani Rivers and an ancient geological sedimentary basin entity which hosts the source of significant gold resources and shallow recent alluvial gold mineralisation derived by erosion of the mineralised basin sediments. The shallow gold resources have been exploited for many centuries by artisanal miners in both formal and informal operations and such exploitation continues today. In addition, several modern major mines are active today.

The project within the Siguiri Basin consists of two prospects with salient details as follows:

The Alahiné Licence (EL22123)

This licence encompasses an area of 64km2. A soil sampling program was successful in delineating broad zones of gold anomalism along the eastern side of the licence. Also, a significant number of single and multiple station Au-anomalous sites were identified more generally across the licence.

As defined by soil sampling during 2018 and 2019, there are three areas with significant gold anomalism extending over approximately 8 km in length. Additionally, twelve single station anomalies with >1000 parts per billion (ppb) gold and 8 anomalies with 500 to 1000ppb gold elsewhere in the licence must be further progressed. All soil samples were collected from depths of 200 to 300mm beneath the ground surface and are an accurate reflection of the natural abundance of gold in the soil at a given sample location.

There are also substantial areas of lateritic cover which may conceal zones of structurally hosted vein mineralisation and supergene enriched or basal laterite hosted gold, in which investigation works will follow.

Following a successful soil program, a reconnaissance program of 21 Reverse Circulation drill holes commenced on 12 December 2019 and was completed 24 February 2020. The program totalled 2406 metres to typical depths of 100-120 metres downhole.

Drill hole AHRC014 was the most significant hole drilled in the program. The near surface section of the hole (1 to 41m) contains low grade gold mineralisation with assays ranging from 0.99g/t to 0.62g/t. A second more strongly mineralised intercept from 89m to end of hole in fresh rock contains several mineralized zones including 12m at 3.09g/t from 89m and 14m at 1.09g/t from 135m.

The Mansala Licence (EL22694)

This licence encompasses an area of 48km2 to the south of Alahiné. The Company has undertaken a licence-wide program of soil geochemical sampling in a similar manner to that undertaken in the Alahiné Licence focused on defining the distribution of gold anomalism associated with transported regolith that broadly masks the deeply weathered terrain. This recent program (completed December 2020) has identified numerous significant gold anomalies which will be followed up and drill tested in the coming field season. Further interpretation of the large body of geochemical data acquired will likely produce additional drilling targets.


Business model and growth strategy

The principal business model is to explore the Company’s Exploration Licences efficiently, aiming to delineate significant and economic gold reserves which can support the development and operation of a large and long-life gold mine. Continued focus will be directed to expanding the Company’s ground position within the area. The Company is production focused and aims to define gold reserves from its exploration activities which may support a mine development.

The Company aims to define gold reserves which may support the development of a large and long-term gold mining operation and will be seeking to expand its ground position within the Siguiri Basin and will maintain a business development production focus not only within Guinea but also within the West African region, Asia and Australia.

The Board will also consider acquisitions within the Siguiri Basin that allow the Company to increase its landholdings and expand its exploration footprint. In addition to this, the Company will continue to monitor Australian acquisition targets that align with the Company’s business model and strategic objective.

Management and Board

Polymetals Resources Ltd’s Board and Senior Management have diverse business and operational experience within the mining industry, particularly with regard to precious metals exploration and production. These include:

Mr David Sproule – Non-executive Chairman

Mr David Sproule has been self-employed in the Australian mining industry for most of the previous 35 years and has specialised in value creation within the minerals industry, founding and managing, a private group which developed 8 Australian gold projects over 25 years. An “owner build” model was applied to all operations significantly reducing typical mine development costs. The projects collectively returned +1,350% in fully franked dividends on initial shareholder investment.

Dr Christopher Johnston – Independent Non-executive Director

Dr Christopher Johnston has 40 years’ experience in the Australian mining industry and received his industry training in Australia with BH South Limited and the Electrolytic Zinc Co of Australasia Limited. Dr Johnston has explored in most states of Australia for gold, silver and base metals for companies including Burdekin Resources NL, St Francis Mining Limited, Tritton Resources Limited and more recently as NSW Exploration Manager for Black Oak Minerals Limited (previously Polymetals Mining Limited).

Mr Christopher Schroor – Independent Non-executive Director

Mr Christopher Schroor is a founding director of the Azure Development Group, a multifaceted Property Development and Investment Company which has delivered over $500 million of projects since its inception in 2014. Mr Schroor has been responsible for all capital raising and financing aspects of Azure.  In 2014 Mr Schroor established a Joint Venture in Thailand with Siam Commercial Bank, Kasikorn Bank, True Telecommunications, SuperNAP International and the Thai Royal Family office, to design and deliver SuperNAP Thailand, Asia’s first Tier IV Data Centre.

Mr Alexander Hanly – Chief Executive Officer

Mr Alexander Hanly is experienced in capital delivery and operational management for publicly-listed companies within the mining, oil & gas and manufacturing industries throughout Australia. Mr Hanly’s previous work in project management and mechanical engineering has maintained a focus on value-driven initiatives and best practice. Mr Hanly has led schedule dependent delivery of sustenance and growth capital spend through a process-orientated and collaborative management approach. Mr Hanly’s focus will be the efficient management of the Company to add significant shareholder value.

Vincent J. Fayad – Company Secretary & Chief Financial Officer

Mr Vince Fayad has over 35 years’ experience in corporate finance, international M&A, accounting and other advisory related services in Sydney-based mid-tier accounting firms.  Mr Fayad is the principal of his own firm Vince Fayad & Associates, providing accounting and advisory. Currently, Vince is an Executive Director and Interim CEO for Astro Resources NL (ASX:ARO). One of ARO’s projects is a gold project in Nevada, USA.

Mr Henry Tebar – Exploration Manager

Mr Henry Tebar has +25 years of global exploration and project management experience which extends across multiple commodities. Mr Tebar’s most recent experience has been with gold and gold / copper exploration within China, Mongolia, Central Asia, Indonesia, Australia and Papua New Guinea. Mr Tebar has spent many years involved in project generation.

Mr Aguibou Bah – Country Manager

Mr Aguibou Bah is a Guinean national, economist and mining industry executive with +35 year experience, contributing 12 years in Business Administration and Marketing within Liberia & Sierra Leone.  Previously Country Manager for TSX listed Cassidy Gold – Kouroussa Gold Project, Guinea. Mr Bah has extensive experience with West African logistics, trading and government liaison. Mr Bah has a strong focus on building productive relationships with local communities and believes this is the foundation for execution of projects in the region.

Key Offer Statistics

Use of Funds

Funds raised from the Offer will be applied as follows:


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, Polymetals Resources Ltd is subject to a range of risks, including but not limited to control by the Chairman, limited operating history, access to future funding, regulations changes, business in Guinea, exploration and permits and development risk.


Section 734(6) disclosure: The issuer of the securities is Polymetals Resources Ltd ACN 644 736 247. 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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IPO OnMarket bidding closed

Polymetals Resources Ltd ASX: POL

Polymetals Resources Ltd
Gold explorer with two strategically located exploration licences and significant geological potential


Polymetals Resources Ltd (ASX: POL) owns two exploration licences within the Siguiri Basin in Guinea, West Africa. The Siguiri Basin occupies the north-eastern corner of Guinea and hosts several large active gold mining operations and is notable for its widespread gold anomalism. The region is considered prospective and relatively immature from an exploration perspective and produces over 500,000 oz of gold/year. The nearby AngloGold Ashanti Siguiri Gold Mine, has produced more than six (6) million ounces over its 20-year life.


The licence area is host to many historic and current small scale gold mining operations. The results of inititial soil sampling confirmed that 18 km2 or 16% of the area surveyed reported gold values in excess of 40ppb Au. 

$5 millionSize of Offer
06 May 21Offer Open
11 Jun 21Pay By