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electrification|Mining|PROJECT|Drilling
electrification|Mining|PROJECT|Drilling
electrification|mining|project|drilling

REE explorer Resouro lists on ASX

14th June 2024

By: Mariaan Webb

Creamer Media Senior Deputy Editor Online

     

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Canada-based, Brazil-focused Resouro Strategic Minerals on Friday started trading on the ASX in Sydney, following an A$8-million initial public offering (IPO).

Resouro raised the cash by issuing 16-million CDIs at A$0.50 each, with a ratio of one CDI for one share, resulting in a post-IPO market capitalisation of A$46.1-million.

By late afternoon, Resouro traded at A$0.67 a share.

“The board sees Resouro’s listing on the ASX as a great opportunity to capture the true value of the company’s assets and is highly complementary to the current listing on the TSX-V,” said CEO Chris Eager.

The company’s main asset is its 90% ownership in the Tiros rare earth element (REE) and titanium project in Minas Gerais, Brazil.

Eager said Tiros was being advanced at a time when demand for REE continued to grow in response to the electrification and decarbonisation of the global economy.

“Tiros is an exciting asset located in a Tier-1 mining jurisdiction.

Brazil, hosts some of the world’s largest REE reserves, making it a potential major supplier globally. We look forward to accelerating our drilling programme to enhance our understanding of the magnitude and grade potential of the Tiros project,” he said.

Edited by Creamer Media Reporter

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