WA1 hunts for gold but finds Rare Earths This is an AFR article prior to listing.
Street Talk
Explorer WA1 Resources hunts for gold on the ASX
Sarah Thompson, Anthony Macdonald and Yolanda Redrup
Jul 5, 2021 – 4.29pm
The ASX is looking likely to be called home by another Western Australian explorer, with iron oxide copper-gold explorer WA1 Resources understood to be considering a float.
The company has spent the last year consolidating prospective greenfield projects in remote western Australia.
Another copper explorer is headed for the ASX - WA1 Resources. Bloomberg
Founded by Paul Savich - the brother of Agrimin CEO Mark Savich - who was part of a small team which re-consolidated significant tenure in the Yandal gold belt from 2014, which became Echo Resources (bought by Northern Star Resources in 2019).
The largest shareholder in WA1, according to documents filed with the Australian Securities and Investments Commission, is unlisted Perth-based project generator Tali Resources (in which fertiliser developer Agrimin has a 40 per cent stake).
It is understood that WA1 has acquired Tali’s West Arunta exploration projects.
At this stage no brokers have been appointed, but it has filed to have its status changed to a public company with the Australian Securities and Investments Commission.
It is likely WA1 would raise a sum in the low millions via a float.
Over the past few months Savich has pulled together a board for WA1, which will be chaired by Gary Lethridge (ex-Jubilee Mines chief financial officer) and also includes Paull Parker, who spent 17 years with IGO and headed up its base metals team.
Savich himself has worked in the resources industry for a decade. He was the former general manager of Echo Resources and prior to that was the corporate development officer at Reward Minerals.
WA1’s flagship project is located in the West Arunta region, near Rio Tinto’s recent $58.5 million farm-in with Tali.
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