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Collective Mining trebles on debut

Colombia-focused Collective Mining, the new venture for the former Continental Gold team, soared 205% on its debut in Toronto on Friday.
Collective Mining trebles on debut Collective Mining trebles on debut Collective Mining trebles on debut Collective Mining trebles on debut Collective Mining trebles on debut

Newly-listed Collective Mining is embarking on an aggressive exploration programme in Colombia

Ngaire McDiarmid

Reporter

"Upon completing the sale of Continental Gold to Zijin Mining [for C$1.4 billion], our team was eager to re-apply our skillsets towards discovering another world-class deposit and advancing it to production," executive chairman Ari Sussman said.

He said Collective had decided to focus on bulk tonnage porphyry-related systems this time, rather than high-grade gold.

It has options on the San Antonio and Guayabales projects, surrounding the Marmato mine.

Sussman said the belt around the "world-famous" mine had never been consolidated under one company before.

Collective Mining has also garnered high-level support from Colombia.

The country's mines minister Diego Mesa said it was great news to have a new Colombian-focused company listed on the TSX Venture Exchange.

"This is yet another endorsement of investors' trust in the Colombian mining sector," he said in a joint statement.

"We are committed to both strengthening our mineral exploration industry and diversifying our production to more types of metals.

"We welcome foreign investments that support the sustainability of the Colombian mining sector."

Collective had raised C$15 million at $1 per subscription receipt as part of its reverse takeover of POCML5. 

"With the funds from our $15 million subscription receipt financing now released from escrow, we are embarking on an aggressive exploration programme and are excited to unlock the potential of our projects over the next 12 months," Sussman said.

Collective Mining shares (TSXV: CNL) closed up 205% to $3.05, valuing it at $30.9 million (US$25.6 million).

Separately, gold streaming and royalty company Triple Flag Precious Metals had a more sedate debut last week after its US$250 million IPO priced at $13 per share.

Its shares (TSX: TFPM) have ranged from C$15.16-$16 and closed up 1.2% on Friday to C$15.50, capitalising it at $2.4 billion (US$2 billion).