New silver explorer and developer Sun Silver on Thursday announced the opening of an initial public offering (IPO) on the Australian bourse, bringing to market its silver and gold project in Nevada, US.
The company aims to raise between A$10-million and A$13-million in the IPO.
The cornerstone of Sun Silver is its Maverick Springs project, which boasts an inferred mineral resource of 292-million ounces silver-equivalent at an average grade of 72.4 g/t.
Sun Silver has appointed Wagtail Capital as lead broker for the IPO, with the offering scheduled to close on May 17. The company aims to list on the ASX on June 5.
The timing of Sun Silver's IPO coincides with heightened interest in the silver industry, driven by increasing demand for the metal in various industrial and high-tech applications, particularly in the solar energy sector.
Sun Silver notes that solar energy capacity in the US is projected to grow significantly, with a target for solar energy to provide 30% of all electricity in the US by 2030 and 45% by 2050. The estimated amount of silver required to achieve this target by 2050 represents as much as 98% of the current known global silver reserves.