Ordell Minerals debuts on ASX following $6m IPO

Australia’s newest exploration company Ordell Minerals (ASX: ORD) has debuted on the ASX following a $6m initial public offering (IPO).

Ordell’s key asset is an 80% interest in the Barimaia gold project which is located in the Murchison region of WA. Barimaia is an advanced exploration project with significant drilling results of 15m @ 11.4g/t gold from 74m and 5m @4g/t gold from 43m.

Exploration by previous owner Genesis Minerals (ASX: GMD) identified an extensive gold system with historical reverse circulation drilling highlighting shallow open pit potential.

In addition to Barimaia, Ordell holds the Goodia lithium project and the Fisher South gold project, both of which are also in WA.

The Goodie project hosts confirmed pegmatites which are yet to be tested for lithium, while Fisher South is an early-stage exploration project that is highly prospective for gold, nickel and base metals.

Ordell managing director Michael Fowler commented on the company’s ASX listing.

“Having previously been closely explored in the exploration of the Barimaia project in my past role as managing director of Genesis Minerals, I am looking forward to getting back on the ground at Barimaia,” he said.

“I would like to thank everyone involved in Ordell’s IPO process. In what is still a tough IPO market but with strong support from our shareholders, we were able to successfully complete the offer.”

Ordell’s board comprises of non-executive chair Tommy McKeith, managing director Michael Fowler and non-executive director Darren Gordon.

The $6m was raised via the issue of 30m shares at an issue price of 20¢ each and Ordell will use the money to undertake exploration across its project, evaluate acquisition opportunities and for general working capital.