BROKEN Hill is back on the stock exchange after Broken Hill Mines (BHM) made its debut during the week.
It opened at 47.5c and reaching 51.5c in early trade, a 454 per cent increase on the previous close of predecessor Coolabah Metals with more than 8 million shares exchanged.
“Broken Hill Mines Limited is pleased to confirm it has completed all ASX requirements for its public listing and reinstatement of trading,” the company reported in its stock exchange announcement.
The company also revealed it had initiated its drilling program at the Pinnacles Mine, which is targeting an increase in both the size and grade of the current Mineral Resource Estimate.
“The company has planned an initial 4000m of drilling within the existing Mining Lease at Pinnacles, to be completed prior to the end of 2025.
“In addition, BHM has approximately 3000m of core from historic drilling programs at Pinnacles that it is in the process of being logged and assayed.
“The first batch of results from this drilling is expected to be released in four to six weeks, pending turnaround time from the assay laboratories.”
BHM non-executive director Steve Woodham said it was very exciting news.
“We’re really happy with it,” he said.
“It has been a bit of a bit of a trip, bit of a journey. But we’ve got there in the end, so very, very happy with it. Happy to finally get here.”
Mr Woodham said the listing will mean being able to maximise and grow.
“The company’s now well-funded and now that we are relisted back on the ASX, the assets that had been held in private hands for a long time now are now back in Australian hands,” he said.
“The company is looking to maximise the true value of those assets and grow the resource space bringing together the Pinnacles asset (along with the Rasp mine) as well – it just makes for a very exciting story.”
Mr Woodham said they are looking forward to the results from drilling at the Pinnacles Mine.
“Drilling has started out there, the 4000-metre drilling program and we’re looking forward to the results of that as well.
“We’re just very grateful to the shareholders, stakeholders, employees and everybody involved.
“It’s been a team effort and we’re just looking forward to getting on with business.”
