Revolver is about to list on the ASX after raising $15 million in an initial public offering.
Another possible copper float looms with Soul Pattinson’s Brisbane-based Round Oak which has been reported to be considering a path to an IPO.
Revolver’s Pat Williams said the company, which he admits has “flown under the radar”, could have continued with its private funding model, but going public would benefit its growth plans as copper becomes an in-demand commodity in the electrification of industry and transport.
That’s the “double-whammy’’ he says is already emerging. Copper already has an established market, but Goldman Sachs predicts that by 2030, copper demand will grow nearly 600 per cent to 4.9 million tonnes. It is also expected to be the most widely used metal in renewable energy.
Williams said copper now had a dual purpose and a “duplication of support’’.
“Copper supply is the critical red flag at the moment,’’ he said.
“It needs new supply to even meet current demand.
“That’s critical in providing a new impetus to look in these mineral provinces in our own backyard. The easy stuff is gone but we are not throwing darts at a board.”
He said bringing a new set of eyes to the field was important.
“We have come to the market not as a newco. We have been putting this together since 2016. We are coming to the market so we can supercharge and take forward both of our projects in parallel,’’ Williams said.
The company owns the Diane mine, north west of Cairns, and the Osprey project, north of Mt Isa.
Williams said it was early days for Osprey but he was confident there was an ore body there. The company was now “zeroing in’’ on highly prospective targets.
The Osprey tenement stretches over 800 sq km and Williams said the company was looking at Mt Isa style targets.
But Williams said it was important that the company moved because demand was increasing for people on the ground.
“We have an ore body. We don’t want to be disadvantaged by not having the people,’’ Williams said.
The Diane mine was closed in 1983 after producing 63,000 tonnes of high grade copper.Jump to next article