Cobalt developer Global Energy Metals (TSXV:GEMC) has revealed plans to pursue a dual-listing in London. The Toronto-listed business said it expects the listing to support its large existing UK shareholder base and enhance its market exposure by providing access to British investors on a domestic exchange.
In an update on Thursday, Global Energy said it has been discussing a dual-listing of its securities on a ‘recognised investment exchange in London’ for many months now. It has hired Peterhouse Capital to act as it lead adviser and manager throughout the process.
Global Energy’s chief executive and director Mitchell Smith said the timing for a UK co-listing is currently ‘ideal’ because it will complement the recent progress made by the company across its portfolio.
‘A UK co-listing will allow European investors to participate in the increased demand for battery minerals brought on by the aggressive growth and continued global adoption of electric vehicles that our cobalt projects in safe, stable, top-tier mining jurisdictions offer,’ Smith added.
As Smith highlights, the last few months have seen Global Energy take significant steps forward at several of its critical assets. Critically, last November saw the business execute final agreements to take a 100pc interest in the Millennium Project, located in the world-renowned Mt. Isa region of Queensland, Australia.
The growth-stage site is a multi-zone, near-surface cobalt-copper sulphide system with several kilometres of potential strike length. It contains a defined zone of mineralisation where a 2016 JORC Resource estimate identified 3.1MMts of inferred resources containing 0.14pc cobalt and 0.34pc copper with gold credits. Global Energy is now looking at ways to increase the size of this deposit.
As part of the Millennium deal, Global Energy has also acquired two additional, unexploited Mt.Isa discovery sites called Mt. Dorothy and Cobalt Ridge. It has lined up numerous targets at the projects for investigation and test work to define a resource.
Beyond Millennium, last month saw Global Energy secure an option to take an 85pc position in two highly prospective cobalt projects in Nevada. The Lovelock cobalt mine and Treasure Box project in Churchill County are based just c.150km east of Tesla’s Gigafactory. Finally, the business owns 70pc of the Werner Lake cobalt mine in Ontario Canada where partner Marquee Resources is currently completing an exploration campaign.
Elsewhere on Thursday, Global Energy announced the resignation of its VP projects Paul Sarjeant, who leaves to pursue a leadership position within the resource sector. He will remain a member of Global Energy’s board.
‘I would like to take this opportunity to thank Paul for his hard work and commitment having played a critical role in the building and growing of Global Energy Metals into what it is today,’ said Smith. ‘On behalf of the Board and the Management of GEMC I would like to wish Paul all the very best in his new role and appreciate his continued support of our company as director and a qualified person.’
Author: Daniel Flynn
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