{"id":10920,"date":"2024-06-16T23:53:15","date_gmt":"2024-06-16T23:53:15","guid":{"rendered":"https:\/\/economicherald.net\/?p=10920"},"modified":"2024-06-16T23:53:15","modified_gmt":"2024-06-16T23:53:15","slug":"resouro-off-like-a-rocket-on-first-day-of-trading-on-asx","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=10920","title":{"rendered":"Resouro off like a rocket on first day of trading on ASX"},"content":{"rendered":"<p>Special Report: Resouro Strategic Metals made a strong debut on the ASX last week, clocking a more than 30% lift at close of play on Day 1.<\/p>\n<p>With a 90 per cent stake in the large-scale, high-grade Tiros titanium oxide and rare earths project in Brazil, <a href=\"https:\/\/stockhead.com.au\/?s=resouro\"><strong>Resouro Strategic Metals (ASX:RAU)<\/strong><\/a> raised $8 million with shares priced at $0.50 at its well supported IPO.<\/p>\n<p>By close of play on Day 1, Resouro\u2019s trading price was up to $0.67, a 34% climb that has given the company a market cap of $10.72 million.<\/p>\n<p>South American-focused critical minerals projects are a hot space on the ASX, with <a href=\"https:\/\/stockhead.com.au\/?s=BRE\"><strong>Brazilian Rare Earths (ASX:BRE)<\/strong><\/a> capitalising on its rising share price by announcing a $66 million placement two days ago.<\/p>\n<p>The offer was priced at $3.30 a share \u2013 a 9.6% discount to the last close but more than double its $1.47 float price six months ago.<\/p>\n<p>Today\u2019s retail investor interest in Resouro follows on from robust demand from new and existing Australian institutional investors in the Taylor Collison managed IPO.<\/p>\n<p>\u201cWe are delighted with the outstanding response to Resouro\u2019s ASX listing,\u201d said CEO Chris Eager.\u00a0\u201cThe Board sees Resouro\u2019s listing on the ASX as a great opportunity to capture the true value of the Company\u2019s assets and complimentary to the current listing on the TSXV.<\/p>\n<p>\u201cOn behalf of the Board and senior management, I would like to thank all investors for their strong interest in the Company. I would also like to personally welcome new shareholders to the Company and thank existing shareholders for their continued support throughout the Offer process.<\/p>\n<p>\u201cResouro\u2019s leading project, Tiros, is an exciting asset located in a Tier-1 mining jurisdiction. Brazil hosts some of the world\u2019s largest rare earth elements reserves, making it a potential major supplier globally. We look forward to accelerating our drilling program to enhance our understanding of the magnitude and grade potential of the Tiros project.<\/p>\n<p>\u201cTiros is being advanced at a time when demand for rare earth elements continues to grow in response to the electrification and decarbonisation of the global economy which we believe will continue as countries seek to achieve their net-zero carbon emission targets.\u201d<\/p>\n<p>\u00a0<\/p>\n<h2>All systems go<\/h2>\n<p>Resouro is putting the funds towards developing Tiros, <a href=\"https:\/\/stockhead.com.au\/resources\/titanium-and-rare-earths-play-resouro-set-to-fire-away\/\"><strong>one of the world\u2019s largest undeveloped titanium projects<\/strong><\/a> which also hosts consistently high-grade rare earth elements, including valuable magnet metals, close to surface.<\/p>\n<p>The company is continuing exploration with an aim to define a JORC compliant Mineral Resource later this year, as well as undertaking chemical and metallurgical testwork for scoping study requirements.<\/p>\n<p>It will also start preliminary economic evaluation and preliminary technical studies based on the exploration results.<\/p>\n<p>\u00a0<\/p>\n<h2>Stand-out potential<\/h2>\n<p>So far results have been highly encouraging with intercepts from near surface showing the <a href=\"https:\/\/stockhead.com.au\/resources\/resouro-steps-out-with-more-world-class-results-ahead-of-asx-ipo\/\"><strong>consistency of world-class grades across large distances<\/strong><\/a> and outside where Resouro is doing highly encouraging resource definition drilling.<\/p>\n<p>Just months after the company reported\u00a0<a href=\"https:\/\/stockhead.com.au\/resources\/resouro-picks-up-momentum-after-scoring-more-world-class-results\/\"><strong>very high grade and wide intercepts from the Central Block<\/strong><\/a>, which makes up just 9% of the 450km2 project, Resouro found similarly impressive results 18km to the north and 35km to the south of that area in April.<\/p>\n<p>Since then infill and scout hole drilling has underscored the ore body\u2019s <a href=\"https:\/\/stockhead.com.au\/resources\/resouro-strategic-metals-amplifies-pre-ipo-momentum-with-high-grade-ndpr\/\"><strong>homogeneous high quality at shallow depth<\/strong><\/a>.<\/p>\n<p>Tiros is in the Minas Gerais State, one of the leading mining jurisdictions in Brazil, with the project surrounded by established infrastructure and with skilled labour closeby.<\/p>\n<p>CEO Eager has a strong record in other small cap miners, having been behind Asia Energy (IPO at 75p peaked at 910p) and Monterrico Minerals (IPO at 52p peaked at 600p before a takeout at 350p) on the AIM market.<\/p>\n<p>\u00a0<\/p>\n\n<p><span class=\"mce_SELRES_start\">\ufeff<\/span>\u00a0<\/p>\n<p><em>This article was developed in collaboration with Resouro, a Stockhead advertiser at the time of publishing.<\/em><\/p>\n<p>\u00a0<\/p>\n<p><em>\u00a0This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.<\/em><\/p>\n<p><span class=\"et_bloom_bottom_trigger\"><\/span><\/p>\n<p>The post <a href=\"https:\/\/stockhead.com.au\/resources\/resouro-off-like-a-rocket-on-first-day-of-trading-on-asx\/\">Resouro off like a rocket on first day of trading on ASX<\/a> appeared first on <a href=\"https:\/\/stockhead.com.au\/\">Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"<p>Special Report: Resouro Strategic Metals made a strong debut on the ASX last week, clocking a more than 30% lift at close of play on <a href=\"https:\/\/economicherald.net\/?p=10920\" class=\"read-more-link\">[more&#8230;]<\/a><\/p>\n","protected":false},"author":0,"featured_media":10921,"comment_status":"","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-10920","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - 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