Queensland copper-gold explorer Qmines (ASX: QML) has made its debut on the Frankfurt Stock Exchange this morning, five days after listing on the Australian boards and following strong support from several European funds during its initial public offering.
The company has completed a dual listing with a view to increasing investor awareness and diversifying its shareholder base as it seeks to become Australia’s first zero carbon copper and gold developer.
Executive chairman Andrew Sparkes, who acquired $50,224 worth of QMines shares post listing, said the strategy is in response to rising global demand for quality copper companies.
“We are pleased to announce this [dual listing] move as the European investment community is making significant investments in the green energy sector globally,” he said.
“The appetite for opportunities in battery metal and alternative energy companies in the northern hemisphere is very robust and access to the large European investor network is the first step in putting QMines onto the global stage.”
QMines owns a suite of four advanced projects in Queensland over a total area of 978 square kilometres.
Its flagship Mt Chalmers copper-gold development, located 17km north-east of Rockhampton, is a high-grade historic mine which produced 1.2 million tonnes at 3.6 grams per tonne gold, 2% copper and 19g/t silver in the 84 years to 1982.
The project has an existing JORC inferred resource of 3.9Mt at 1.15% copper, 0.81g/t gold and 8.4g/t silver for for 101,900 ounces contained gold, 44,900t copper and 1.061 million ounces silver.
It includes three exploration targets at Woods Shaft, Botos and Mt Warminster generated from surface mapping and historic drilling data.
More than half of QMines’ total IPO proceeds of $11.5 million have been allocated to an aggressive exploration and development program at Mt Chalmers.
First assay results are being prepared from a maiden drilling program completed this month over 11 holes for 1,574m to a maximum depth of 237m and an average depth of 143m.
A Rockhampton-based drilling contractor has been engaged to commence phase one of a follow-up reverse circulation program this month over approximately 3,000m.
QMines also owns the Silverwood (base metals), Warroo (historic copper-gold) and Herries Range (gold) projects, southeast of Brisbane.
Warroo has hosted copper and gold mineralisation over 216sq km of ground which includes the old Warroo gold mine which operated between 1910 and 1913 to produce 1206oz gold, 21t copper and 901oz silver.