Mamba makes strong ASX debut

Metals-focussed Mamba Exploration has had a strong start to trading, with its share price closing up 52 per cent ahead of a planned exploration program in Western Australia.

Mamba’s listing followed a $7 million initial public offering priced at 20 cents, which closed oversubscribed last month.

Its IPO, led by Canaccord Genuity, involved several project acquisitions including Mamba’s (now flagship) Darling Range nickel-copper-PGE project, which sits 30 kilometres east of Chalice Gold Mine’s high-grade Julimar prospect.

Mamba listed at 32 cents, before reaching a high of 34 cents and closing at 30 cents, giving the company a market capitalisation of about $20.4 million.

The Cottesloe-based business now plans to explore its Darling Range project, as well as its Calyerup gold project in WA’s Great Southern region, as indicated in the company’s prospectus. That will precede exploration at Mamba's Ashburton and Kimberley projects, planned for the June quarter.

Non-executive chairman Justin Boylson thanked everyone involved in Mamba’s listing.

“To complete the IPO and listing in this short time frame has been a credit to the whole team,” he said.

Meanwhile, Victoria’s 3D Resources has lodged an IPO in relation to its WA gold spinout.

3D Resources says the Cosmo Newberry project, owned by subsidiary Cosmo Gold, is one of the few remaining underexplored greenstone belts in the state.

Non-executive chairman Ian Hastings said listing on the ASX would provide a platform for growth and position the business to benefit from a strong gold sector.

Cosmo Gold will issue a minimum 25 million shares priced at 20 cents each to raise $5 million, with an ASX listing targeted for March 24.

The IPO is underwritten and led by RM Corporate Finance.