IPO expectations ?

Low EV of $4.5M and small number of shares on issue so hopefully it will do well despite the lack of discussion on HotCopper!

Initial Public Offer at $0.20 to raise $5 million

Company Overview

Narryer Metals Ltd is an exploration company focused on the Narryer Project located approximately 120km northwest of Meekathara in Western Australia.

The Narryer Project is situated on the edge of the Yilgarn craton with 1,900km²prospective for nickel/copper mineralisation.

Investment Highlights

Nickel-Copper explorer in Narryer Terrane, Western Australia

• 1,900km²tenement package in the Narryer Terrain located on the edge of the Yilgarn Craton where a number of major discoveries have occurred.
• Narryer tenure surrounded by well known names Chalice (CHN), Desert Metals (DM1) and others (see below)

Gawler Craton Projects, South Australia

• Projects are prospective for nickel and copper with similar geological structures to South West Yilgarn which hosts Julimah (Chalice) and Nova Bollinger (IGO) major discoveries.
• Previous exploration identifying anomalous nickel sulphides and remains inadequately tested.

Substantial leverage to exploration success

• Multiple opportunities to re-rate with numerous drill ready targets to be drilled following the IPO.
• Attractive valuation compared to peers with $4.5m EV and $5m cash on listing.

Experienced board and technical team

• Team with a proven track record of valuation creation - Cassini Resources, Caspin Resources and Kili Resources
• Backed by prominent mining entrepreneurs with a very tight capital structure

Key Offer Statistics

.20

1		Offer price
2	Offer price	$0.20
3	Current Shares on issue	22.5m
4	New Shares offered to investors under the Offer	25.0m
5	Total number of Shares on issue on Completion of the Offer	47.5m
6	Market capitalisation at the Offer Price	$9.5m
7	Enterprise Value	$4.5m

*Undiluted, excludes cost of the offer

Source & Uses of Funds

$m

%

Funds raised from the Offer

5.0

100%

Total

$5.0

100%

Allocation of Funds

Exploration expenditure

3.5

69%

General and administrative

0.53

11%

Expenses of the Offer

0.63

13%

Working capital

0.38

8%

Total

$5.0

100%