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ACDC Metals rocks the ASX with fully subscribed $8 million IPO; drilling to start next week

Stock Markets Dec 09, 2022 11:00
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© Reuters. ACDC Metals rocks the ASX with fully subscribed $8 million IPO; drilling to start next week
 
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ACDC Metals Ltd (ASX:ADC) has had a banger of an IPO, fully subscribed to take home $8 million in cash for an initial market capitalisation of $14.5 million.

The heavy minerals company is slated to hit the boards on December 19, under the ticker ‘ADC’.

ACDC’s prospectus laid out the company’s plans to build a mine-to-market critical metals business, leveraging its mineral sand assets and Medallion Resources Ltd’s proprietary rare earth element (REE) processing technology to deliver heavy mineral sand products and REEs to the market.

Three underexplored Victorian projects

ACDC holds three heavy mineral sands assets in Victoria: the Goschen Central Project, Douglas Project and Watchem Project.

Goschen Central will take centre stage to start, with drilling on the project expected to begin next week.

Located some 50 kilometres southwest of Swan Hill, the granted exploration licence is prospective for heavy mineral sand deposits prospective for zircon, leucoxene, rutile and monazite mineralisation.

The company will be headlining monazite in Wimmera-style (WIM) mineralisation first, the presence of which was identified by a former explorer’s drilling efforts.

At present, ACDC’s projects hold no JORC-compliant resources, but a large WIM-style heavy minerals deposit has been defined in the south-west quadrant of the Goschen Central Project’s exploration licence.

Why the monazite focus?

Monazite is of particular interest to ACDC as the core feedstock for its exclusively licensed REE extraction technology, which the company describes as an “updated and modernised version of the commercially established caustic crack and acid leach process employed to recover REE from monazite sand”.

Moreover, Medallion Resources has agreed to work alongside ACDC to develop its ‘Ligand Assisted Displacement Chromatography Process technology’ (LAD Technology), a method for separating REEs from almost all raw material feed stocks.

Poised to list in ten days, the company directors have urged all interested investors to bid for any late applications via the prospectus or the company website.

Read more on Proactive Investors AU

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ACDC Metals rocks the ASX with fully subscribed $8 million IPO; drilling to start next week
 

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