Narryer enjoys Krakatoa tailwinds on debut

Narryer Metals has enjoyed a strong start to its life as a listed explorer, debuting at a 45 per cent premium.

The Gavin England-led base metals hopeful closed at 29¢ on Thursday, up from its 20¢ issue price after raising $5 million in a heavily oversubscribed initial public offering.

Narryer is focused on its namesake 1900sqkm nickel, copper, platinum-group elements project which sits in an area of growing exploration interest on the western edge of the Yilgarn craton about 120km north-west of Meekatharra.

The company’s strong debut may also have been bolstered by news earlier in the week from Krakatoa Resources, which claimed a rare earths discovery at its Mt Clere project not far from Narryer’s tenements. Chalice Mining and Desert Metals also hold tenements in the area.

The company is planning an airborne electromagnetic survey at both its Mt Nairn and Mt Gould tenement areas at Narryer followed by drilling.

The explorer, which is chaired by former Cassini Resources managing director Richard Bevan, also holds two nickel, copper, PGE projects in South Australia near Ceduna.