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Axiant starts trading on ASX after Core Lithium completes spinout

The IPO raised A$8.0 million via 40 million shares at A$0.20 each, with Core retaining a 33% stake in Axiant.

Reported · Written up by our desk · Mining

Axiant Resources began trading on the ASX on Wednesday after Core Lithium completed a spinout of its gold and non-lithium assets, allowing Core to focus on its Finniss lithium operation, Mining.com reports. Axiant raised A$8.0 million in its initial public offering by issuing 40 million shares priced at A$0.20 each. The offering included A$6.4 million from a priority component for eligible Core shareholders, following the lodging of Axiant’s prospectus in July.

Core manages the transition by keeping exposure to Axiant’s gold-linked performance. Core owns 20 million Axiant shares and holds another 20 million performance rights tied to resource growth and share price milestones, representing a 33% interest in Axiant.

Under the deal structure, Axiant receives its own public market platform and $8 million of fresh capital, while Core’s ordinary shares and performance rights are escrowed for 24 months. Core also reiterated its Finniss focus, where the company expects annual copper production of 550,000 tons once the second phase is completed.

Latest closeGold $4,431.70 ▲1.9%|Copper $6.606 ▲1.5%

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