Mount Hope Mining Limited (MHM.ASX) INITIAL PUBLIC OFFER (IPO)

Mount Hope Mining Limited (MHM.ASX) INITIAL PUBLIC OFFER (IPO)

Mount Hope
Mount Hope Mining Limited (Proposed ASX code: MHM)
Initial Public Offer (Offer)

Mount Hope Mining Limited (ACN 677 683 055) (Company) is pleased to present this opportunity to investors to invest in the Company.

The Company is seeking to list on the Australian Securities Exchange (ASX) through an offer of its fully paid ordinary shares. The Company lodged a prospectus with the Australian Securities and Investments Commission (ASIC) on 22 October 2024 (Prospectus) in relation to the offers of:
  • 25,000,000 Shares at a price of $0.20 each to raise $5,000,000 (before costs), with the ability to accept oversubscriptions of up to a further 5,000,000 Shares at an issue price of $0.20 each to raise up to an additional $1,000,000 (before costs) (Public Offer);
  • 3,100,000 New Options to the participants in the Founders Raising (or their nominees) (Founder Offer);
  • 2,525,000 New Options to the participants in the Seed Raising (or their nominees) (Seed Offer);
  • 2,000,000 New Options to the Joint Lead Managers or their nominees (who may be related parties or associates of the Joint Lead Managers or its personnel) at an issue price of $0.00001 each (Lead Manager Offer);
  • 2,000,000 New Options to the Directors (Management Offer); and
  • 5,000,000 Shares to the Vendor (or its nominee) as consideration for the Acquisition under the terms of the Acquisition Agreement (Vendor Offer).

Company Overview
On 20 June 2024, the Company, Unico, the Vendor (a wholly owned subsidiary of Unico) and Fisher Resources (a wholly owned subsidiary of the Vendor) entered into a share purchase agreement (Acquisition Agreement) pursuant to which the Company agreed to acquire, and the vendor agreed to sell, 100% of the issued capital of Fisher Resources with all accrued rights and free from any encumbrances from the Vendor (Acquisition). On completion of the Acquisition Agreement, the Company has agreed to issue to the Vendor (or its nominees) 5,000,000 Shares (to be issued under the Vendor Offer) as consideration for the Acquisition. Fisher Resources is the 100% legal and beneficial owner of the 4 granted Tenements (being EL6837, EL8058, EL8290 and EL8654), which together comprise the Mount Hope Project, located in the southern Cobar basin of central New South Wales. The Company will not acquire interests in the Mount Hope Project unless and until completion of the Acquisition Agreement occurs, which is proposed to occur contemporaneously with the completion of the Offers subject to the satisfaction of various conditions. Refer to section 7.2 for a summary of the material terms and conditions of the Acquisition Agreement and the conditions to its completion. 

On completion of the Acquisition, the Company will hold a 100% legal and beneficial interest in the Mount Hope Project via its wholly owned subsidiary, Fisher Resources Pty Ltd (Fisher Resources).

The Mount Hope Project is located in the southern region of the Cobar basin in New South Wales (Basin). The Basin has been one of the oldest centres for mining in New South Wales with small-scale operations commencing in the 1870’s. The Basin has produced in excess of 3 million tonnes of copper metal and over 2 million ounces of gold plus significant volumes of lead, zinc and silver throughout the 140 years of various operations. This long and continuous association with mining operations has continued to demonstrate the region as a preeminent potential mining and exploration investment location.

Bids for the Offer should be lodged by 12.00pm (AEDT) on Tuesday 19 November 2024. The Company reserves the right to close the offer early subject to demand.


Prospectus and Presentation attached below.  Please review the Prospectus before placing any bid.


For your convenience, an interview with Managing Director, Fergus Kiley, is available in the Focus platform now.


Mount Hope Project Overview
The Mount Hope Project is located in the southern Cobar basin approximately 220km westnorthwest of Parkes in the central west of New South Wales (refer to Figure 1 below). The underlying geology is the early Devonian Broken Range Group comprised of laminated sandstone with minor embedded siltstone. These rocks form part of a turbidite sequence deposited in the Mount Hope/Rast Trough and are part of the Cobar Super Group of the central Lachlan Fold Belt. 



Mount Hope Project 
The Mount Hope Project is a 175km2 landholding in the prolific Cobar Super basin in central New South Wales. The tenements comprising the Mount Hope Project are located on the eastern margin of the Silurian to early Devonian Mt Hope Trough (refer to Figure 2 below). There is currently no JORC Code compliant resource within the Mount Hope Project area. 

The Mount Hope Project benefits from its strategic location. It's well-connected to essential infrastructure, including power, water, and transport links such as the NSW major state highway B87, the “Kidman Way”. The southern tenement EL8290 is cross-cut by the Broken Hill rail line and tenement EL8654 is 800m north of the Matakana Rail siding via the Kidman Way. The Broken Hill rail line provides the Mount Hope Project with access links to all seaports in New South Wales. 

The Mount Hope Project is located 148km south of the regional centre of Cobar where mining has been a primary industry for over 100 years. There is access to exploration services such as drilling contractors, staff and suppliers. The Mount Hope Project is also on the doorstep of the historic town of Mount Hope providing amenities such as accommodation, meals and 5G phone service. The Mount Hope Project also enjoys proximity to the Moomba to Sydney gas line. 

The region is prospective for ‘Cobar-style’ gold-polymetallic mineralisation. The Company’s focus will be on exploring its multiple prospects which are nearly all near-surface or outcropping.  
The Mount Hope Project hosts the historical mining centres for copper and gold in the southern part of the Cobar Basin. These centres are:  
  1. the Mount Hope, Comet and Great Central copper mines located on the western side of the tenement package, straddle the western margin of the Mount Hope Trough and are proximal to the basin bounding Sugar Loaf fault; and 
  2. the Mount Solitary and Solar gold mines located on the eastern side of the tenement package and are adjacent to the east-bounding Scotts Craig fault.
Mineralisation across the trough appears to be hosted within the north to north-north-east fault zones that run sub-parallel to the Sugar Loaf and Scott Craig faults. Ore shoots are localised within intersections of these faults and cross-cutting northwest or northeast faults. Elsewhere in Cobar, structure (faults and folds) coupled with the interaction of different geological units is a primary control of mineralisation.

These historic mines demonstrate the project's fertility whilst providing direct evidence of ‘Cobarstyle’ gold-polymetallic mineralisation. The Company considers an understanding of the Mount Hope Trough’s structural architecture is key to unlocking further mineralisation extending along strike from these mines and under shallow cover where limited modern exploration has ever occurred.  

Capital Structure


Proposed Timetable


Acknowledgement

By clicking “Submit Bid” on the website form, you acknowledge and agree that:

  • You have read and understood the terms and conditions to access the electronic version of the Prospectus; 
  • You are an Australian resident and you are requesting a copy of the Prospectus from within Australia;
    OR
    If you are a non-Australian resident, you have consulted your professional adviser as to whether any governmental or other consents are required or whether any other formalities need to be considered and followed before accessing the Prospectus.
Marketech clients can bid for the offer by clicking the link below and including account number and bid amount/shares.

In order to be eligible for this allocation, you need to have:
  1. a current subscription to the Marketech Focus platform;
  2. a Marketech trading account number and HIN;
  3. a Macquarie CMA linked to your trading account;
  4. read and understood the Prospectus;
  5. Bids under the Offer must be for a minimum of $2,000 worth of Shares (8,000 Shares) and thereafter, in multiples of $500 worth of Shares (2,000 Shares).
Please note:
  1. The Company and Lead Manager reserve the right to close the book early and to deem any bid invalid;
  2. All bids which have not been withdrawn by the closing time of the offer will represent irrevocable commitments  to subscribe for a number of Securities up to the maximum amount for which a bid is made and will be capable of acceptance in full or in part by the Lead Manager, at its discretion;
  3. Marketech will be paid a fee on amounts raised under this offer.