Sun Silver gleams on ASX debut with Nevada project
Nevada-focused Sun Silver on Wednesday listed on the ASX, following an oversubscribed A$13-million initial public offering (IPO).
The company’s stock more than doubled on its first day trading on the bourse, closing at A$0.43 a share.
“The very high level of investor demand saw us close the IPO three weeks ahead of schedule,” commented Sun Silver executive director Gerard O’Donovan.
Sun Silver brings to the market the Maverick Springs project, with plans for early-stage studies to assess the feasibility of silver paste and solar energy opportunities in North America.
“The Maverick Springs project is a standout asset, located in the heart of one of the world’s premier mining jurisdictions, and with a globally significant resource of 292-million ounces of silver equivalent, sees Sun Silver emerging with one of the most significant silver resources on the ASX,” said O’Donovan.
The global silver industry is in the middle of a supply squeeze driven by surging industrial demand for the metal and particularly because of its role in the production of solar panels.
Citing the International Energy Association, O’Donovan said that solar was on track to become the dominant form of renewable energy by 2027, which would bolster demand for the metal.
“There could be no better time to be exploring and developing a large silver asset with huge upside, and we are looking forward to getting on the ground at Maverick Springs as quickly as possible to get our work programmes under way, with a focus on further increasing the existing resource and moving the project towards development and initial production.”
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