Daly Resources Limited (ASX: DLY) has successfully listed on the Australian Securities Exchange, completing an Initial Public Offering (IPO) that raised $12 million. Daly Resources Limited is an Australian exploration company focused on advancing its over 6,300km² highly prospective 100% owned tenure in the Northern Territory, primarily exploring for fluorite, copper, and zinc deposits. The IPO saw the issue of 48 million fully paid ordinary shares to investors at $0.25 per share, with Sandfire Resources (ASX: SFR) noted as a major shareholder. The company commences its ASX journey with a modest $11.5 million enterprise value at IPO.
The newly capitalised company is set to embark on planned exploration activities across its portfolio of prospects within the Northern Territory. Immediate efforts will concentrate on confirming fluorite mineralisation at the Huckitta Fluorite-Copper Project. This project, covering approximately 3,600 km², is strategically positioned adjacent to Tivan Ltd’s (ASX: TVN) Sandover Fluorite Project and shares similar geological characteristics. Historical rock-chip samples from Huckitta have previously indicated high-grade fluorite, reaching up to 95.1% CaF2.
Executive Chairman Mike Edwards expressed gratitude to shareholders for their support, highlighting the company’s vision to develop a significant and leading critical minerals and base metals exploration business. He noted that the proceeds from the IPO capital raise would enable substantial investment across Daly Resources’ project portfolio, beginning with a dedicated fluorite exploration strategy at Huckitta. Mr. Edwards emphasised fluorite’s growing importance, classifying it as a critical mineral with essential applications in AI infrastructure, semiconductor technology, nuclear fuels, defense, and metals production. The company is well-funded to execute its exploration pipeline and anticipate future news flow.
