Woomera Mining Ltd ASX: WML

OnMarket | Woomera Mining IPO [ASX: WML] interview with MD, Gerard Anderson (4:17 mins)

Fixed Priced IPOType of Offer
24 Jan 18Offer Open
15 Feb 18Pay By
$0.20Price
$4-7 millionSize of Offer
$2,000 Minimum Investment
Sequoia WealthLead Manager
39
6155

Update: Firm commitments in excess of the $4 million minimum subscription have been received.

Woomera Mining Limited (ASX:WML) is a mining company focussed on the exploration of lithium in the Pilbara and Raventhorpe areas of Western Australia; and cobalt and copper in the Musgrave and Gawler Craton regions of South Australia.  

The Company holds a number of strategically positioned tenements, including the Pilbara tenements within the Pilgangoora Province which are immediately adjacent to some of Australia’s most successful lithium and gold explorers. The Company has also entered into a binding heads of agreement with OZ Minerals to enter into a JV to fund exploration activities over the Musgrave Project.  

The issuer of the prospectus is Ausroc Metals Limited, an Australian publicly listed company (ASX: ARK). Upon completion of the Proposed Acquisition, the Company will acquire the entire issued capital of Woomera Exploration Limited and will change its name to Woomera Mining Limited.  For more information, please refer to the Prospectus.

Offer overview

Woomera Mining Limited is looking to raise between $4 million and $7 million, and will have an estimated market capitalisation of $25.4 million at maximum subscription.  The key purpose of the offer is to:

  • fund a preliminary exploration program on the Pilbara lithium asset (OZ Minerals is funding the initial Musgrave asset exploration costs);
  • fund the preliminary exploration costs and maintenance costs of the other tenements;
  • complete the part-cash/part-scrip consideration for the acquisition of Volt Lithium and Liquid Lithium;
  • fund the expenses of the Offer; and
  • meet the ongoing administrative costs / working capital of the company for the next 2 years. 

Business Model

The Company’s business model is to develop, add value and monetise:

  • Cobalt and copper projects in South Australia; and
  • Lithium projects in Western Australia,

and to undertake those activities either as sole explorer, funder and manager of the relevant operations or through farm-in agreements and joint venture arrangements with larger mining companies.

Key Investment Highlights

The key investment highlights and key investment benefits are:

  • exploration of the highly prospective Musgrave Province with several Ni-Cu-CoPGE targets identified and awaiting drilling under the OZ Minerals HOA;
  • IOCG (Carulinia and Nawa) and Cu-Ni (Labryinth) opportunities in the Gawler Craton;
  • excellent exploration position in the Pilgangoora area which hosts several major lithium deposits (spodumene-bearing pegmatites); and
  • tenements positioned near the Mt Cattlin lithium mine which lie on the boundary of the Ravensthorpe greenstone belt where the Geological Survey of Western Australia has noted that structurally controlled lithium hosted pegmatites are widespread.

Market Demand

Woomera Exploration’s tenements provide the Company with strong exposure to several strategic and expanding metals markets, namely copper, nickel, cobalt and lithium. These metals are critical to current and emerging industries and the Company believes they will experience increasing demand in the long-term.

The unique properties of copper mean that it remains the preferred metal in power transmission and generation, building wiring, telecommunication, and electrical and electronic products.   Nickel usage from 2010 up to 2015 grew at an annual growth rate of 5.0%. Asia is now by far the largest regional market for nickel currently representing over 70% of total world demand.  Lithium is most widely consumed in the form of lithium carbonate due to the compound’s application in a wide range of end uses (including glass, ceramics, and batteries).

Cobalt is a metal of the future with growing demand in technology, health and energy industries of the modern world. Cobalt is integral to the defence, aerospace and energy industries of the major world economies

Uses of Cobalt

Board and Management

Woomera’s Board has significant expertise and experience in the mining industry including:

  • Mr Gerard Anderson, Managing Director - a geologist with over 42 years’ experience in exploration, mine and resource geology and has held senior management positions in both Boddington Gold Mine and Bronzewing Gold Mine among others;
  • Mr Neville Martin, Non-Executive Chairman with over 40 years’ experience in corporate law and mining oil and gas law, was the former Chairman of Adelaide Energy Ltd;
  • Mr Donald Triggs, Executive Director with over 30 years’ experience consulting to the resources utilities and was the former General Manager of ASX listed company Primary Resources Limited; and
  • Mr David Lindh OAM, Non-Executive Director with over 40 years’ experience. He is currently Chairman of NSX listed Nucannaco Science Ltd and former Chairman of ASX listed Centrex Metals Ltd.

As set out in Section 10 of the Prospectus, Woomera Mining Limited is subject to a range of risks, including but not limited to exploration and development, operational risks, tenements, environmental environment and government regulation.

 

Section 734(6) disclosure: The issuer of the securities is Ausroc Metals Limited ACN 073 155 781 (to be renamed Woomera Mining Limited). 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).‚Äč

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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