The Killi Resources (ASX: KLI) share price had an astonishing first day on the ASX. It rocketed 160% higher.
It has just gone through an initial public offer (IPO) process to raise $6 million to provide funds to enact its business strategy. The offer price was $0.20 and it finished today at $0.52.
What is Killi Resources?
This company is a new gold and copper explorer in Australia.
It has key projects are located in the Tanami region of Western Australia and Charters Towers/Ravenswood region in Queensland.
The West Tanami Project covers a 1,600 square kilometre land holding. The tenements cover a 100km strike length of the "well-endowed" Tanami Fault System which has several mines already including: The Granites, Dead Bullock Soak, Buccaneer and Coyote. The company revealed that technical evaluations of the prospects provide similar analogous gold signatures to those gold mines along strike to the south-east.
The Balfour Project is a copper exploration project in WA covering 350 square kilometres of the Proterozoic Rift boundary of the Pilbara. Multiple base metals targets have been identified, and remain untested.
The Mt Rawdon West project is situated next to the Mt Rawdon Mine owned by Evolution Mining Limited (ASX: EVN).
Finally, the Ravenswood North project covers a large tenement package in Queensland, inland from Townsville, covering 590 square kilometres and is along the strike of the Ravenswood Mine.
Killi's operational plans
Killi says that the projects present large-scale exploration opportunities, located in low-risk jurisdictions with excellent access.
These projects are "relatively underexplored" and the ASX share is looking to use "world-class" exploration practices to realise value for stakeholders.
Killi boasts that its board has significant expertise and experience in the mining industry and will aim to ensure that funds raised will be used in a cost-effective way to advance the assets.
Richard Bevan is the non-executive Chair of Killi. He has been involved in a number of business areas. He has been the managing director CEO and chair of several listed and unlisted companies.
Mr Bevan was the founding managing director of Cassini Resources, which was acquired by OZ Minerals Limited (ASX: OZL). He is currently the non-executive Chair of Nimy Resources Ltd (ASX: NYM), as well as the non-executive director of Cannon Resources Ltd (ASX: CNR).
Greg Miles is a non-executive director and has 25 years of experience in the exploration and delineation of mineral resources.
Killi Resources' CEO, Kathryn Cutler, is a geologist and has 15 years in the resource industry in Australia. For the past five years, Ms Cutler has held the position of exploration manager for two ASX gold miners – Saturn Metals Ltd (ASX: STN) and Aruma Resources Ltd (ASX: AAJ).
Killi Resources share price snapshot
After the explosive start to listed life, the undiluted market capitalisation of the business has increased from $10.4 million to $27 million.