Ann: First Hole Intersects Visible Copper and Zinc Sulphides, page-5

This came out yesterday

After IPOing in January with $6m at $0.20, BRX’s share price has surged 360%, now trading at over $0.92 per share.

This makes it one of the best performing ASX IPOs for 2022.

The stock, which has started drilling around its historical Belara copper-zinc project in NSW, puts the share price rise down to the soaring zinc price.

“Zinc is over $4,000 a tonne, I can’t remember ever seeing that,” BRX Chief technical consultant Greg Partington says.

“Lead is doing the same sort of thing, and so is copper.”

“Zinc is the main driver of the value at Belara – so if you just correlated the share price rise with the rise of metal prices, then that’s what you’re seeing.”

Belara includes two historical copper-zinc mines, Belara and Native Bee, where ~5,600m of drilling kicked off towards the end of February.

A resource update is mid-year. Non-executive chairman Neil Warburton expects it will be “sizeable”.