Copper-focused exploration company Revolver Resources has started trading on the Australian Securities Exchange (ASX) after raising $12.7 million in its initial public offer.

Revolver managing director Pat Williams described the listing as a significant milestone that would benefit growth plans as copper became an in-demand commodity due to the world’s increasing electrification. 

“World markets need new copper supply and demand is forecast to grow up to 600 per cent, so we have come to the market to fast-track the development of our copper projects in North Queensland,” he said.

“Revolver’s portfolio has been diligently put together since 2016. Multiple drilling programs and geological and geophysical works to date have increased the company’s confidence in its tenure and our planned work is designed to better quantify the already known mineralisation.

“We wish to thank our team of advisers who have assisted us in achieving our successful ASX listing and our shareholders for their continued support, and we look forward to updating the market with our upcoming programs in the coming weeks.” 

Related: Copper boom in Revolver Resources’ sights

Revolver’s assets include the Dianne project – described as a near-term production prospect north-west of Cairns comprising six mining leases and an exploration permit.

It also holds the Osprey project north of Mount Isa, with established prospectivity for Iron Oxide Copper Gold and Mount Isa-style targets covering about 765 sq km.

It said today it had secured a rig to commence resource drilling program at Dianne in preparation of maiden JORC
resource.

The opportunity will also be taken to undertake a first pass of detailed field mapping in the general proximity of the historic mining areas.

Revolver is also undertaking a detailed geological field mapping program at the Osprey project to identify geological trends and outcrops in the southern portion of the project where basement subcrop and outcrop are present.

This will be followed by rock chip sampling to be laboratory tested with multi-element assaying.