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Artemis hopes London listing will result in Australian gold

Junior Australian gold and copper resources company Artemis Resources was set to be listed on the London Stock Exchange’s sub-market AIM, with commitments to raise £5 million to support drilling campaigns near Newcrest’s Havieron. 
Artemis hopes London listing will result in Australian gold Artemis hopes London listing will result in Australian gold Artemis hopes London listing will result in Australian gold Artemis hopes London listing will result in Australian gold Artemis hopes London listing will result in Australian gold

Nathan Richardson

Artemis said it received firm commitments to raise the £5 million, or A$9.5 million, at 3.75 pence per share from institutional and sophisticated investors to gain the dual listing.

Artemis was focused on deposits in Western Australia's West and East Pilbara, through the development of its two projects in the region - the Greater Carlow gold-copper-cobalt project and the Paterson Central exploration project. The company's treasury would have about A$12.5 million in cash and liquid stocks to fund a restart of drill programmes. 

The Perth-based company touted that the Paterson project was adjacent to the London-based Greatland Gold/Melbourne-based Newcrest Havieron joint venture. Havieron has an initial inferred mineral resource estimate of 3.4 million ounces of gold and 160,000 tonnes of copper, Newcrest announced in December 2020. 

"It is an historical quirk that the discovery of what I believe to be one of the most important Australian gold-copper discoveries of the last 25 years at Havieron was made by an AIM-listed UK explorer," Artemis executive director Alastair Clayton said. 

Artemis said it believed the "deep understanding" of the Havieron gold-copper deposit in the UK will be of "significant advantage" as the company progressed drilling of its nearby targets this year. 

The first day of dealing in London for Artemis was set to be February 7, with the shares listed under the ticker ARV. 

On January 27, Artemis closed trading on the ASX at A$0.072/share. Its 52-week range was A$0.051-A$0.125. 

The issue price for the AIM listing represented no discount to the ASX price. 

"That we have successfully raised the maximum amount approved by the board at zero discount to the last traded price in Australia, is, I believe, testimony to the opportunity and value proposition presented by our Paterson Central and Greater Carlow/Radio Hill gold-copper projects," Clayton said. 

Artemis's market capitalisation was A$90.35 million.