Leeuwin Metals falls on its ASX debut

Nick Sundich, March 29, 2023

Leeuwin Metals (ASX:LM1) became the ASX’s newest company this morning but it was not the best debut.

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Leeuwin Metals is the latest battery metals stock

Leeuwin Metals is a battery metals explorer that holds the William Lake Nickel Sulphide Project in Canada and the Jenpeg Lithium Project in Canada among others.

The former of these is the company’s flagship asset and lies in the Thompson Nickel Belt in Canada. This area has produced 2.5mt of nickel since the first discovery in 1956.

Leeuwin Metals is 9.97% owned by Glencore, one of the world’s most eminent mining companies.

The company came to the ASX to raise money to explore for critical metals.

A retreat on debut

Leeuwin Metals raised $8m at 25c per share, but shares retreated upon its ASX debut.

Leuuwin Metals (ASX:LM1) share price chart, log scale (Source: TradingView)

It is a difficult time to be a pre-revenue company on the ASX at the moment. But investors with a long-term view may see the current market conditions as a good buying opportunity.

After all, there aren’t too many other explorers partially owned by Glencore.