The company raised $7 million at 25c, and its shares opened at 29.5c, before peaking at 30.5c in a strong session.

 

Little wonder, as the initial public offer was oversubscribed.

 

Together with pre-IPO cash, Evergreen has $10 million to advance its flagship Bynoe project, adjacent to Core Lithium's Finniss development, the first lithium mine in the Northern Territory.

 

Some of Core's deposits are within 2km of Evergreen's tenement boundary, and past work has suggested there are outcropping pegmatites within Evergreen's tenure.

 

Evergreen also owns the Fortune project in the Top End, and the Kenny project in Western Australia, close to Liontown Resources' undeveloped 15Mt at 0.97% Buldania project.

 

It is believed to host the same geology seen at Buldania and the operating Bald Hill lithium mine. 

 

Fortune is an early-stage project about 100km north-east from Alice Springs, close to Lithium Plus Minerals' Spotted Wonder outcrop where historical surface sampling delivered a 9.63% rock chip sample.

 

Prior to listing Evergreen completed geophysical surveys over four areas within Bynoe, and soon will undertake a geochemical survey.

 

Also pending are the results of a 1731 hole auger drilling program at Kenny that was completed in the December quarter.

 

Evergreen expects the assays within weeks.

 

The company was established by the same team that floated Iris Metals in 2021, initially as a WA gold explorer, but more recently a US-focused lithium hunter: Lill, and directors Chris Connell, Tal Paneth and Peter Marks.

 

Lill is best known as chair of ASX 200 gold concern De Grey Mining.

 

Geologist Jason Ward, who was involved in the discovery of the tier-one Cascabel copper-gold deposit in Ecuador and is Iris' technical consultant, is on board as Evergreen's exploration manager.

 

All are key shareholders, with the largest being UK-based Cadence Minerals. Evergreen is tightly held with the top 20 owning around 81% of the stock.

 

Evergreen shares traded as low as 27c, and after some 3.5 million shares were traded it closed up 18% at 30cc.