Of the 73 million shares on issue, just seven million were in the hands of minority shareholders, and it opened up 25% at A25c per share. 

 

It had been seeking up to $10 million at 20c, with three underwriters putting in the minimum $7 million, led by AsiaPacific Businesslink, the largest single shareholder with 29%.

 

Taiton issued 35 million shares under its September prospectus to recapitalise the delisted Syngas, which had spent years tinkering with failed oil and gas, coal to liquids and renewable investments, before shifting into the metals space.

 

It unsuccessfully battled Marmota to secure the Jumbuck gold project in South Australia's Gawler Craton, but without those gold resources comes to market with three greenfields projects: Highway and Challenger West in SA, and Lake Barlee in Western Australia.

 

The exploration cash will be primarily directed to its Highway and Challenger West projects in SA, which are essentially nearology plays.

 

Challenger West covers a combined 997sq.km and contains "extensive coverage of gravity ridges" near the Challenger mine, where previous calcrete sampling is said to have artificially sterilised the area, leaving it overlooked and untested.

 

Highway contains conceptual targets that Taiton suggests "has hallmarks of a large-scale molybdenum-enriched polymetallic porphyry" that have been overlooked by past explorers. 

 

The company's zircon geochemistry analysis suggests the potential for an Olympic Dam-style deposit under cover.

 

Taiton has already started heritage surveys for its impending field mapping, surface sampling and geophysical surveys at Highway, with a contractor selected for work over the Merino and Angus prospects, expected in early 2023. 

 

The area may also be prospective for ionic clay rare earth elements given recent drilling nearby by Petratherm.

  

Lake Barlee in WA is 65km southeast of Youanmi and contains a mix of historical and modern gold targets. 

 

Taiton shares closed at 22c, just above its lowest point, 21.5c, during an inaugural session in which around 630,000 shares were traded.