CAPITAL MARKETS

Equinox shines in market debut

IRON ore play Equinox Resources has made a strong debut on the ASX today.

Staff reporter
Equinox's Hamersley iron ore project

Equinox's Hamersley iron ore project

The stock rose as high as A32c and closed at 26.5c, 32.5% above the 20c issue price in its initial public offering.

Equinox raised $9 million via the issue of 45 million shares at 20c each.

Pathfinder Resources and Cazaly Resources spun-out their interests in the Hamersley iron ore project to Equinox.

Pathfinder, which held a 70% stake in Hamersley, will hold 36.6% of Equinox, while Cazaly holds 15.7%.

The two are also entitled to receive a $1 per tonne royalty on iron ore produced from the project.

Equinox is run by Daniel Taylor, with Hugh Callaghan and Mena Habib as non-executive directors and Rod Baxter as chairman.

 "The excellent support we have seen from investors in the IPO validates our belief in the strong potential of the Hamersley iron ore project," Taylor said.

"With the IPO now completed, we are well-funded to hit the ground running with a clear focus on progressing the project as soon as practicable."

Hamersley comprises a single 10.4sq.km mining lease 60km from Tom Price, with total resources of 343 million tonnes grading 54.5% across near-surface detrital iron mineralisation and deeper channel iron mineralisation.

Hamersley was originally pegged by Robe River in the 1980s, but limited work was completed. 

Equinox's focus is to get the project into production, with a feasibility study the first main goal.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining News Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining News Intelligence team.

editions

MiningNews.net Research Report 2024

Access a multi-pronged tool to identify critical risks and opportunities in Australia’s mining industry.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.

editions

Mining Journal Intelligence Mining Equities Report 2023

Access an exclusive, inside look on the quarterly mining IPOs and secondary raisings data and mining equities performance tables with an annual Stock Exchange Comparisons supplement.

editions

Mining Journal Intelligence World Risk Report 2023 (feat. MineHutte ratings)

A detailed analysis of mining investment risks across 121 jurisdictions globally, built on 11 ‘hard risk’ metrics and an industrywide survey.