The Pantera Minerals Ltd (ASX: PFE) share price made its ASX debut at 11:30 am on Thursday, opening at 26 cents.
By 11:36 am, the company’s shares had already doubled, briefly hitting 56 cents.
At the time of writing, shares in the iron ore explorer have retreated back to 45 cents.
Let’s take a closer look Pantera Minerals and its red hot initial public offering.
About the Pantera Minerals IPO
Pantera Minerals successfully raised $7 million at an issue price of 20 cents per share.
The company owns a number of prospectus iron ore, manganese and polymetallic projects in Western Australia.
This includes the Yampi iron ore, Yampi copper and Yampi extension project, Weelarrana manganese project and Frederick polymetallic project.
Pantera Minerals’ has stated that its primary objective “is to focus on mineral exploration of resource opportunities that have the potential to deliver growth to the company for the benefit of its shareholders”.
“The results of the exploration and development programs will determine the economic viability and possible timing for the commencement of mining operations at the Projects.”
Near term catalysts for the Pantera Minerals share price
Pantera Minerals has a busy schedule ahead, with a proposed work programme budget of at least $4.3 million over the next two years to drive its exploration and development activities.
According to the prospectus work program, the company aims to invest $2 million in the first year for sampling, geophysics and drilling activities across its Yampi, Frederick and Weelaranna projects.
This means that investors can look forward to a steady stream of announcements such as sampling results, the commencement of drilling activities and drilling results.