Download the Prospectus
Pre Money Equity Valuation
$12,690,332
Min Raise
$7,000,000
Max Raise
$10,000,000
Estimated Close
2020-12-04
Issue Type
IPO
Lead Manager
Taylor Collison Ltd
Type of Securities
Shares
Date First Lodged
13/11/2020
Offer Costs $
$845,000
Market Cap Max
$22,690,332
Key Executives
William Bloking (NEC), Steve Shedden (MD), Michael Collings (NED), Richard Grauaug (NED)
Company Address
Level 11, 216 St Georges Terrace Perth WA 6000
Exchange
ASX

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Chairman's Letter

Dear Investor
On behalf of the board of Torrens Mining Limited (Company), I am pleased to present this Prospectus and
to invite you to become a Shareholder in the Company.
The Company is focused on exploration for gold, copper and cobalt and has positioned itself for growth
through its positions in the Victorian Goldfields, the advanced and active Elizabeth Creek Copper-Cobalt
Project in South Australia, and, if an exploration licence application is granted, at the formerly producing
high-grade copper-gold Laloki Project in Papua New Guinea.
The Company’s Victorian gold portfolio is built around two
strategically significant, 100%-owned, projects in Central and
Eastern Victoria. The Central Victorian position (Mount Piper)
covers about 1,609 km2
and includes a granted exploration
licence and five exploration licence applications (one of
which is pending acceptance) which are proceeding through
the regulatory approval process. The Eastern Victoria acreage
(Club Terrace) covers about 383 km2
and is comprised of
a granted exploration licence and an exploration licence
application.
At Mount Piper in Central Victoria, exploration is focused on
structurally-controlled gold-antimony mineralisation similar
to that being successfully mined at the nearby Fosterville and
Costerfield mines. Previous exploration has generated several
targets for follow-up, including the exciting Northwood Hill
gold prospect (presently an exploration licence application),
where previous drilling results suggest potentially economic
gold intersections.
The Club Terrace Project in Eastern Victoria covers some 50
km of the Combienbar Fault Zone, where historical mining
and exploration activities have generated targets that are
yet to be drill-tested. The main target at Club Terrace is gold
mineralisation associated with regional-scale fault structures.
The Elizabeth Creek Copper-Cobalt Project in South Australia
covers an area of approximately 739 km2
in the Olympic
Copper Province, which is Australia’s most productive copper
province. The Company presently holds a 49% in this project
(further reducing) which is subject to a Farm-in Agreement
with recently ASX-listed Coda Minerals Limited. The project
includes established copper-cobalt Mineral Resources at
Windabout and MG14 as well as the Emmie Bluff Exploration
Target. Following completion of seismic geophysical surveys
and drilling carried out in 2019 and 2020, a further drilling
program by Coda to test the extent of the Emmie Bluff
mineralisation has commenced.
The proximity of BHP’s Olympic Dam copper-gold-uranium
mine 100km north of Elizabeth Creek, and its recent
discovery of high grade copper mineralisation at its Oak Dam
Prospect just a few kilometres north of Elizabeth Creek, has
stimulated a renewal of exploration interest within the project
area for iron oxide copper gold (IOCG) mineralisation. The
recent development of OZ Minerals Limited’s Carrapateena
IOCG mine, which is located about 30km to the north-east of
Elizabeth Creek, further underlines the potential for discovery
of new IOCG deposits in the region.
Subject to an exploration licence application being granted,
the Company also intends to explore high-grade coppergold Volcanogenic Massive Sulphide (VMS) mineralisation
at Laloki, located about 15 km from Port Moresby, the
capital of Papua New Guinea (PNG).
During the 1920s and 1930s, significant mining and
smelting of high-grade copper-gold ores were undertaken at
Laloki. Drilling and feasibility studies were also undertaken
during the 1980s, but the property has been largely
neglected since then.
Laloki, if granted, represents a unique opportunity to
discover additional high-grade copper-gold mineralisation,
building on significant known bodies of copper-gold
sulphide mineralisation. The Company is currently awaiting
the grant of its exploration licence application by the PNG
Minister for Mining, and has commenced legal proceedings
for the grant.
The purpose of the Offer is to raise up to $10 million (before
associated costs) by the issue of up to 50 million Shares at
an issue price of $0.20 per share. The Lead Manager of the
Offer is Taylor Collison Limited (see Section 6.6 for further
details).
The proceeds of the Offer will be utilised to enable the
Company to systematically explore across its wholly owned
projects, fund anticipated joint venture expenditure at
Elizabeth Creek and pay for the costs of the Offer.
This Prospectus contains detailed information about the
Offer and the current and proposed operations of the
Company, as well as the risks pertaining to an investment
in the Company. Potential investors in the Company should
carefully consider those risks (detailed in Section 3).
We look forward to welcoming you as a Shareholder should
you decide to take up Shares pursuant to the Offer.
Yours faithfully
William Bloking
Non-Executive Chairman