PERTH (miningweekly.com) – Battery minerals-focused Cosmo Metals is expected to start share trading on the ASX on January 31, after a successful initial public offering (IPO) raised A$5.1-million.
Cosmo is a spin-off from fellow-listed Great Boulder Resources (GBR), holding the Yamarna base metals project, in Western Australia.
GBR in September last year flagged the demerger of the Yamarna project, which it said at the time, would allow GBR to focus on its flagship high-grade Side Well gold project and the shallow, large-scale Whiteheads gold project.
GBR shareholders in November last year approved the demerger and spin-out of Cosmo.
“This is an exciting achievement for everyone involved in transitioning Yamarna into a standalone battery metals-focused exploration company, Cosmo Metals. I look forward to continuing to contribute alongside a very talented board of experienced professionals and would like to personally wish James all the best as he endeavours to extract the full potential out of these high-quality assets,” said GBR MD Andrew Paterson on Friday.
GBR and its shareholders will retain upside exposure to Yamarna through a 49.5% cornerstone equity holding in Cosmo Metals.