IPO Watch: Dormant assets come to market as Exultant raises $5m
Exultant Mining has joined the ASX with a $5m oversubscribed IPO to chase silver, copper, gold and lithium targets across NSW and WA.
Exultant Mining lists on the ASX following a $5m IPO and will start trading today
The company’s portfolio of projects includes two in NSW and one in WA
Rock chips, geophysics and first drill holes planned in 2026
Exultant Mining (ASX:10X) will start trading on the ASX today following an oversubscribed $5 million IPO, giving the explorer a runway to test a trio of projects with exposure to silver, copper, gold and lithium across NSW and WA.
The team is backed by an experienced board with a proven track record in discovery including Exultant executive chair Brett Grosvenor, who has been around the mining game for 25 years.
He currently sits on the boards of Carbine Resources (ASX:CRB) and Firebird Metals (ASX:FRB) , and has previously served as director of development at Primero Group, executive chair of Firetail Resources (ASX:FTL) and non-executive director at Perpetual Resources (ASX:PEC).
Exultant also benefits from the experience of senior geologist Seb Hind, winner of the 2019 AMEC Prospector of the Year awards with Peel Mining (ASX:PEX) and non-executive directors Alan Armstrong and Lincoln Ho who bring strong accounting and financial expertise to the board.
The 20c offer opened on October 31 withBay Financial and GBA Capital the lead managers.
Exultant turns dormant assets into ASX-ready growth
Grosvenor told Stockhead that Exultant’s portfolio came to him through his network, via people he’d work alongside and even old school mates, with the result being a package of assets that had been held for years, largely untouched.
“They’ve been sitting in the winds for a couple of years,” Grosvenor said.
“We were able to get them at a really good entry point, put the package together and form Exultant.”
He said the tight structure and early demand reflected a market that was starting to reward low-cost discovery stories supported by proven operators.
“We were oversubscribed, which is really pleasing,” he said.
“Three or four months ago, it wasn’t the right time to list but we could see the market improving and we had strong interest from key investors.
“We’ve got about 400 shareholders and only 37 million shares on issue, so it’s a very tight business that’s well held.”
Exultant’s most immediate focus is Peak View and Black Hammer, two copper-gold projects in NSW’s Lachlan Fold Belt with a long history of mining.
Across its two NSW projects, the company has identified six historic mine sites, none of which have ever been tested with modern exploration or drilling.
Peak View’s century-old ‘10-kilo’ silver hit
Most of the old workings only go down to about 30m but despite that shallow footprint, historical grades such as 14% copper, 26g/t gold and 283g/t silver were returned at the Tuglow copper mine, while early work at Big Badja recorded 9469g/t silver and 10.22g/t gold from old near surface workings.
While these areas once targeted specific commodities like zinc, Grosvenor said the data suggested a broader system that was never properly investigated.
“We saw a report from the 1920s with a ten-kilo hit, we think that was silver,” he said, noting the team has mapped workings on the ground to understand the source.
Peak View, originally discovered by stream sediment sampling in 1971 by Western Mining Corporation, sits within the central Lachlan Orogen including the Tumut Trough, Goulburn Basin and Hill End Trough.
It is surrounded by coeval basin margins such as the Canberra-Yass Shelf, Mulbil Shelf and Capertee Rise which host a significant VMS province containing more than 100 copper-zinc-lead-gold-silver deposits.
The project hasn’t benefited from modern exploration techniques and contains more than 10km of unexplored strike, with additional prospectivity provided by cross-structures that may have played a role in localised mineralised.
Tier-1 address with zero modern drilling
Black Hammer covers 310km2 across two exploration licence, about half of which sits within State Forest land managed by the NSW Forestry Corporation.
Rather than a complication, Grosvenor said the tenements intersecting with state forestry added a major advantage.
“Being on state forestry makes access easier,” he said.
“We’ve done a lot of work in the background leading up to the listing to make sure we can access it, and there are no landholder agreements required to access the forestry which means we can get in there very, very easily, through a simple process.”
The project sits inside the Ordovician Macquarie Arc, the same mineral province that hosts heavyweights like Cadia–Ridgeway, Northparkes, Lake Cowal and Boda.
Yet despite that track record, the Black Hammer ground remains almost untouched by modern exploration, with no systematic work and no drilling in more than two decades.
A forgotten lithium play with untapped gold upside
Then there is the Deep Dykes project in WA’s Yilgarn Craton, which sits in the northernmost extent of the Mt Ida-Ularring greenstone belt.
About 80% of the belt has been systematically explored using soil and auger geochemistry, with the northwestern section historically targeted for magnetite ore.
No gold-focused soil or auger geochemical programs have been carried out, leaving a significant data gap.
“The project was originally pegged for lithium but about twelve months ago, there wasn’t a lot of value in that,” Grosvenor said.
“With lithium you often get a lot of gold along those greenstone belts, so we bought it for the gold opportunities, and we’ve now applied to expand our ground.
“If lithium comes back then it’s definitely something we’d look at again.”
Drills lined up for 2026
Instead of waiting to list before hitting the ground, Exultant has already kicked off work programs.
The first half of 2026 will see rock chips, geophysics and the first drill holes into Peak View and Black Hammer.
“We’ve been in the field during the IPO, which is why we should have announcements commencing in January, once assay results are received” Grosvenor said.
“The WA project is a little more greenfields than New South Wales and we know what we’re getting in NSW because we’ve seen existing hits and historical workings.
“But we plan to kick off field reconnaissance at Deep Dykes within the second quarter.”
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This article was developed in collaboration with Exultant Mining.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
