Emerging resources company Everest Metals Corporation (EMC) has announced the expansion of its uranium portfolio with the acquisition of the Mukinbudin project, in Western Australia.
The Mark Caruso-led company will acquire the Mukinbudin project from Crucible Resources. It will then transfer the new project, as well as its two Northern Territory uranium projects – Amadeus and Georgina – to unlisted Cobold Metals.
Cobold, backed by Henslow as lead manager, plans to list on the ASX in the fourth quarter of 2024 through a $5-million initial public offering (IPO). Post-listing, EMC will retain a 22.8% equity stake in Cobold, valued at about A$2.6-million.
Greg Duncan, CEO of Cobold Metals, highlighted the team's extensive experience in the mining sector, particularly in uranium exploration and project evaluation. The team includes industry veterans such as Warren Edney and Peter Mullens, bringing decades of expertise to Cobold's strategic initiatives.
The core team behind Cobold has been behind the growth of ASX-listed Alligator Energy.
“Cobold, together with its experienced management team, provides a great home for EMC’s uranium development aspirations. This transaction allows EMC to continue to focus on its core gold and critical mineral assets whilst giving shareholders maximum upside to its uranium strategy,” said EMC CEO and chairperson Mark Caruso.
Once the IPO and listing are complete, Cobold will start exploration at Mukinbudin. Held by Crucible Resources from 2016 onwards, the project has the potential for several multimillion-pound uranium deposits.