PLG - Pearl Gull Iron

[System]

Pearl Gull Iron's main undertaking is the exploration for, and future potential production of, iron ore from its 100% held and operated mining lease M04/235 (Mining Lease) which covers a significant portion of Cockatoo Island in Western Australia. Pearl Gull has developed a geological model which has led to the submission of two programs of works with the Department of Mines, Industry Regulation and Safety to explore for high-grade iron ore.

As part of its work, the Company is investigating the potential for:

• high-grade iron ore mineralisation in commercial quantities;
• economic development of lower grade iron ore mineralisation (beneficiation); and
• quartzite building and ballast material to be quarried from the Mining Lease for use in offshore pipelines and infrastructure.

Cockatoo Island has a long history of hosting a high-grade iron ore deposit which was mined intermittently over many years on a separate tenement which adjoins the Mining Lease and which is subject to separate ownership. Whilst historically producing some of the highest grade direct ship iron ore in the world, this adjoining operation has had a number of historical operational issues and its recent past history does not reflect the potential which remains on the Island.

The Company is currently drilling on the Mining Lease and initial results are expected in the second half of calendar year 2021, subject to laboratory assay turnaround times. Overall the drilling program calls for up to 4,000 meters of diamond drilling which will test targets at each of the Magazine Pit, the Switch Pit and the North Bay prospects on the Mining Lease. The initial part of the program is being funded from the Company’s existing cash resources.

It is anticipated that PLG will list on the ASX during September 2021.

Pearl Gull Iron - Western Australia’s Iron ore Exploration and Development

Boutique, high-grade iron ore exploration and development in Western AustraliaBoutique, high-grade iron ore exploration and development in Western Australia Pearl Gull Iron Pearl Gull’s tenure and key infrastructure located at Cockatoo Island provide the Company with a real time and cost...

www.pearlgulliron.com.au

 

[Dona Ferentes]

Listing date	06 September 2021 11:30AM AEST ##
Company contact details	Pearl Gull Iron - Western Australia’s Iron ore Exploration and Development Boutique, high-grade iron ore exploration and development in Western AustraliaBoutique, high-grade iron ore exploration and development in Western Australia Pearl Gull Iron Pearl Gull’s tenure and key infrastructure located at Cockatoo Island provide the Company with a real time and cost... www.pearlgulliron.com.au Ph: +61 8 9322 7600
Principal Activities	Mineral Exploration
GICS industry group	TBA
Issue Price	$0.20
Issue Type	Ordinary Fully Paid Shares
Security code	PLG
Capital to be Raised	$4,000,000
Expected offer close date	12 August 2021
Underwriter	Not underwritten. Canaccord Genuity (Australia) Limited and Taylor Collison Limited (Joint Lead Managers)

 

[Dona Ferentes]

Two weeks late to make it onto the ASX; I wouldn't have thought the IPO of an iron ore company would be a raging success in the current climate, and so it has proven to be.

The 20c shares opened at 19.5c today, but it has been a slippery slope, down to 17c quite quickly

 

[The Triangle]

Two weeks late to make it onto the ASX; I wouldn't have thought the IPO of an iron ore company would be a raging success in the current climate, and so it has proven to be.

The 20c shares opened at 19.5c today, but it has been a slippery slope, down to 17c quite quickly

And down to 9.9 cents.

I don't quite understand why Pearl doesn't hold all of the leases/tenements for cockatoo island? The actual main mine and port tenements is still owned by the major shareholder of Pearl? And whatever happened with this whole thing falling through with carbine resources last year? Seems like a very odd IPO - why not just IPO the who damn thing? What game is being played here? Typical Western Australia sloppy seconds deals.

I like cockatoo island but I like transparency and simplicity more. Pearl is not looking transparent or simple.

 

[Garpal Gumnut]

I saw that drop since listing.

It seems to follow the POIO.

Let us hope the "sophisticated" have got large pockets until the rest of us decide to have a bite.

And down to 9.9 cents.

I don't quite understand why Pearl doesn't hold all of the leases/tenements for cockatoo island? The actual main mine and port tenements is still owned by the major shareholder of Pearl? And whatever happened with this whole thing falling through with carbine resources last year? Seems like a very odd IPO - why not just IPO the who damn thing? What game is being played here? Typical Western Australia sloppy seconds deals.

I like cockatoo island but I like transparency and simplicity more. Pearl is not looking transparent or simple.

Two weeks late to make it onto the ASX; I wouldn't have thought the IPO of an iron ore company would be a raging success in the current climate, and so it has proven to be.

The 20c shares opened at 19.5c today, but it has been a slippery slope, down to 17c quite quickly

gg

 

[greggles]

Has PLG hit bottom? On of the worst performing IPOs of recent times, PLG hit a low of 3.1c earlier this month after listing at 20c in September last year. It's been a disaster for those who bought into the IPO but the company does have some good drilling results from its Cockatoo Island iron ore project.

There will need to be a capital raising soon, so I'm wondering if the details of that have leaked given that the PLG share price has soared today and hit a high of 6.2c after closing at 3.6c yesterday.