- NC1 shares gain over 82.49% on its ASX debut.
- Nico Resources is a battery metal focused demerged entity of Metals X Limited
- Nico Resources had completed an oversubscribed Initial Public Offer (IPO).
Metals X Limited (ASX:MLX) demerged battery metals entity, Nico Resources Limited (ASX:NC1) has gained whopping 82.49% on its debut trade day on ASX. NC1 shares saw high buying interest in the three hours of trade from 12 to 3 PM AEDT. NC1 finally closed trade at AU$0.365 each.
What does Nico Resources do?
- Nico Resources derives its name from its operational focus area, Nickel and Cobalt metal exploration.
- Nico is thus a battery metals focused entity that has taken over Metals X Limited’s Central Musgrave Project having Nickel and Cobalt prospects
- Nico Resources Limited raised around AU$12 million from its’ IPO, backed by investment from Metals X Limited, Blue Ocean Equities, Mining Corporate and others.
- Even ASX listed mineral explorer Blackstone Minerals Limited (ASX:BSX) has made a strategic investment in Nico's nickel
- Wingellina however is NC1’s largest undeveloped nickel deposits.
- The funds raised by NC1 in its oversubscribed are to be used primarily for advancing its’ Wingellina project to development stage and for other exploration programs.
- Nico’s board also believes that the demand for both Nickel and Cobalt will be increasing as it is associated with eco-friendly battery sector.
- Nico Resources claims to be is well placed to partner as a supplier with global EV sector end users.
The peaked interest from ASX investors on NC1’s first trade day seems to be backed by the demand for its business’ produce- Nickel and Cobalt. However, the stock performance on first day cannot determine the pace of the share in future.
More from Mining- Minotaur Exploration (ASX:MEP) shares were trading flat. Here’s why