We wouldn’t describe demand for new junior resource listings as effervescent, but this duo has made it to the starting line despite June being more of a time to shed dud scrip rather than take on new speccie plays.
There’s a Syrah segue to Alderan, in that Syrah’s founding chairman Tom Eadie is on the board and former Syrah MD Tolga Kumova holds 13% via a family vehicle.
But there’s not a flake of the grey stuff in sight: Alderan’s target is a primarily porphyry copper ground in Utah, which has a rich history of both mining and Mormonism.
Alderan’s Frisco project includes mineralisation of both copper-gold-silver and copper-molybdenum-gold, so there’s a few marketing options there should commodity fashions change.
Golden Mile, meanwhile is also hedging its bets as a multi-commodity play but its headline investor appeal lies with that other battery ingredient of the moment, cobalt.
“It’s no surprise that when people who have got cobalt in a project then they are talking about cobalt,’’ says CEO Tim Putt.
Strictly speaking, there are few pure play cobalt deposits globally, with the metal produced as a by-product of copper or nickel production.
Golden Mile’s Quicksilver nickel-cobalt ground is just down the road from laterite nickel producer Ravensthorpe, which just happens to be the biggest local cobalt producer.
Putt says he was looking at copper-cobalt projects in the Congo in the early 2000s, long before cobalt was sexy. Even then, he says, the cobalt credits were valuable enough to carry many a project.
Golden Mile raised $4.5m at 20c apiece. While oversubscribed, the shares have ebbed below the issue price since listing last Monday. Sigh!
Not to be confused with the doomed Star Wars planet Alderaan, Alderan raised $8.5m, also at 20c but the stock has more than doubled.
May the force be with you!
