Written by 12:48 pm Aeramentum Resources, Australia, Mining, Top Stories

Emerging IPO in Battery Minerals Industry – Aeramentum Resources

Emerging IPO in Battery Minerals Industry -Aeramentum Resources
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Copper ore from Aeramentum Resources Mine

A COPPER SAMPLE FROM AT SURFACE, LAXIA

Headquartered in Sydney, Australia, Aeramentum Resources Limited (ASX: AEN) was established to explore critical minerals and metals such as cobalt, nickel, copper, and gold through its ‘Treasure Project’, meeting the demands of the battery minerals market in Europe. The company primarily focuses on exploring battery metals, including copper, nickel, and cobalt. Aeramentum Resources (ASX: AEN) owns tenements in the Republic of Cyprus, EU, a past major copper producer, with a history of copper mining dating back to the 4th millennium BC.

The current focus of the company is to raise maximum funds of up to $6M through the ASX IPO offer to facilitate drilling and exploration projects.

Aeramentum Resources IPO

Aeramentum Resources (ASX: AEN) proposed its Initial Public Offering (IPO) with a minimum of 22,500,000 shares and a maximum of 30,000,000 shares at a price of $0.20 per share. The company aims to raise the cap between a minimum of $4.5M and a maximum of $6M.

  • Minimum Subscription- $4,500,000
  • Maximum Subscription- $6,000,000

The primary intent of Aeramentum Resources IPO is to provide additional funds for exploration activities of the tenements in Cyprus and to facilitate further growth of the company’s business in exploration and mining.

The offer closes on 31 October 2022 (subject to change in accordance with the Corporations Act and ASX Listing Rules). Following the completion of the IPO offer, AEN plans to commence drilling immediately post the IPO to prove up a resource of copper, cobalt, gold and nickel and subject to results, begin preliminary mine planning and feasibility work.

Aeramentum Resources (ASX: AEN) further has plans to enhance the diamond drilling campaign using two diamond drilling rigs at the project(s), provided that the company raises $6M, with the initial shallow holes to be completed at the rate of one every two weeks, providing plenty of newsflows this year and into 2023.

Exploration Planning and Projects Overview

AEN demonstrates comprehensive exploration planning with a team of well-established geologists and support staff with regard to historical as well as recent mining explorations.

Past explorations at the Laxia Project (Black Pine) show historical adits up to 1.5km in strike across Laxia and Pevkos Projects. This was an attempt to explore high-grade Polymetallic Ore in the 1950s however the ore was not considered compatible with the two-stage hydrometallurgical process known as Solvent Extraction and Electro-Winning (SX/EW) process used at the time (they were chasing oxide ore).

Later in 2013-14, BGM Resources completed 13 diamond drill holes out of 20 approved. The drilling, however, was not completed back then and the potentially thicker ore zones (7-8m wide seen at Laxia West) were not drilled, creating an immediate opportunity for Aeramentum.

Copper Mining in Cyprus

In sync with copper in ancient times, the name Cyprus derives from the Latin word Cuprum (copper). In fact, the word ‘Aeramentum’, is believed to be a Latin word that refers to ‘A strip of copper/bronze or bronze/copper vessels’. The Republic of Cyprus was once a major mining centre for copper and gold. Lately, between 1940 and 1976, more than 40 deposits were mined for copper and gold and over 1.3M tonnes of copper were mined over this period.

Aeramentum Resources Growth Chart

VHMS DEPOSITS OF CYPRUS; Cu GRADE, TONNAGE AND CONTAINED Cu

The initial focus of Aeramentum Resources thereby is to drill Western and Northern Laxia, followed by a drill test at Pevkos and other areas of Cyprus and European locations. AEN engaged SRK for an Independent Geologist Report that addresses the geology and perspectivity of the projects of the company.

Along with extensive use of funds raised from the ASX IPO for the growth and development of AEN projects, the initial A$4.5M budget allows for two years of mineral exploration, as well as 6,000m of diamond drilling campaign and other exploration works.

Also Read: Top 6 Spots for Lithium Mining in Australia

The Treasure Project- Towards meeting the European demand for critical metals 

Aeramentum Resources has secured a portfolio of exploration and development assets in central Cyprus that has promising gold and battery metals, including copper, nickel, and cobalt. The company holds a total of 8 tenements: 4 granted Prospecting Permits, 2 Reconnaissance Permits, and has further applied for an additional Prospecting Permit, and Reconnaissance Licence. These tenements are collectively known as the Treasure Project.

The Treasure Project permit areas are as follows:

  1. The Laxia Project– One Prospecting Permit and one Prospecting Permit Application
  2. The Pevkos Project – Three Prospecting Permits
  3. The Apsiou Project– Two Reconnaissance Permits and one application

Aeramentum Resources mining Project Locations

PROSPECTING AND RECONNAISSANCE PERMITS IN CYPRUS

The LAXIA Project (Elevated Au, Cu, Ni and Co grades in the East and West Laxia)

Laxia is currently the priority region for drilling, which commences immediately Post ASX listing. The Laxia project (black pine) is situated in the south of Dierohna village.

Laxia Project

GEOLOGY OF THE LAXIA PROJECT AREA

Adits in the central section of Laxia show massive sulphides rich in pyrrhotite, with copper sulphides such as chalcopyrite. The dominant phases overall include pyrrhotite, troilite, valleriite, maucherite, chalcopyrite and pentlandite, while the minor phases include mackinawite, molybdenite, sphalerite, gersdorffite, Ni-cobaltite and gold.

Along with previous assays and adits, mineralisation has been observed up to 7m wide by AEN. Preliminary evaluations suggest an enriched Cu+Ni+Co+Au content of Laxia deposit sections with Cu and Au being dominant minerals. One theory is the nickel-cobalt grades may improve with depth, something AEN is keen to test in 2023 as deeper drilling is undertaken.

Recent exploration uncovered potential bimodal mineralisation styles with massive sulphides. Laxia West adit face sampling results show elevated Au, Cu, Ni and Co grades. Drilling is planned from November 2022 to extend the ore body following the BMG 2013 drilling.

The PEVKOS Project (8.4% Cu and 11.5% nickel grades reported)

Pevkos is the second priority region of the Aeramentum Resources project suite. The Pevkos Project drilling is said to commence prior to the commencement of drilling in Laxia.

PEVKOS project

GEOLOGY OF THE PEVKOS PROJECT AREA

The five-hole drill, as well as the RC drill program conducted in 2014 by BMG, showed potential mineralisation at Pevkos, including 2m @ 3.03% Ni, 3.0g/t Au, 0.16% Co and 0.33% Cu from 94M (PEVRC-4).

Current exploration at Pevkos is focused on locating mining infrastructure and identifying gossanous outcrops and potential mineralisation. A recent sampling at Pevkos showed high Cu grades of 8.4% Cu and 0.2g/t Au yielded from a gossanous clast. Further exploration and in-depth testing and sampling are planned.

The APSIOU Project (copper, chromite, magnesite and other minerals) 

The Western (Apsiou) Project shows historic mining for copper and chrome ores.

APSIOU Project

GEOLOGY OF APSIOU PROJECT AREA

Western Recon (Apsiou) shows mineralisation potential similar to those found in the Laxia and Pevkos regions. Cu-workings, prevalent Cu-staining, and gossan outcrop observed from results indicate that exploration can be done similar to other projects of AEN. The only difference, though, is the observation of chromite prospects and magnesite workings. Further exploration is to be taken by AEN to confirm the additional minerals, including drilling once the permits reclassified.

Also Read: Top 3 Rare Earth Stocks in Australia to invest in Considering Market Growth in 2022

Aeramentum Resources’ Managing Director and Geologist Geoff Muers

Managing Director Geoff Muers is an accomplished director with 20+ years of experience in Geology, Finance, and valuation of mineral resources. In his 20-year experience, Geoff has worked as an analyst in Sydney for both local and international firms. He has also worked in investment firms guiding investors on mining and exploration opportunities.

MANAGING DIRECTOR GEOFF MUERS

MANAGING DIRECTOR GEOFF MUERS

Geoff did his graduate diploma in Finance and Financial Management Services at the Securities Institute of Australia and holds a BSc in Geology, majoring in economics and engineering geology.

As Aeramentum Resources’ MD, Geoff has played a significant role in the acquisition and ASX listing of the company. As a versatile person, he has contributed to the planning and development of the Treasure Project of AEN. He has special consideration for the environment that a company is operating in during project exploration or mining. Both Geoff and Chairman Rob Thomson were involved with the recent successful IPO of Southern Palladium (ASX: SPD) now trading at more than double the A$0.50/share issue price at IPO. Rob is a non-exec director of SPD.

Speaking of the importance of the environment to Mining Projects, Geoff said-

“I think with any mining project, or exploration project, the environment that includes the plants, rocks, and other natural aspects, you’re operating in has to be the number one consideration.” From an investor perspective, this sort of a consideration is very important.

Cyprus Management & Contractors

The Cyprus management and contractors are actively involved in project management and other geological services. Upon successful capital raising with the ASX IPO offer, the board members will be formally appointed to their roles.

Corporate Governance – Aeramentum Resources shows the company is committed to corporate policies and code of conduct.

What Investors Need to Know

Speaking of the ASX IPO offer, Rob Thomson, the Non-executive Chairman of Aeramentum Resources says,

“Europe is one of the fastest globally growing markets for electric vehicles, leading to increasing (EU) demand for raw materials such as nickel, copper, cobalt and other rare earth minerals”.

AEN functions with a primary focus on mineral exploration of areas ‘in Cyprus and Europe broadly’ that have the potential to deliver growth to the company for the benefit of Shareholders.

The strategic and operational focus of Aeramentum Resources is to supply the European battery metals manufacturers. The drill-ready Treasure Project of AEN provides an opportunity to potentially supply the increasing European demand for copper, nickel, and cobalt (along with gold).

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