Everlast Minerals Raises $6M IPO, Advances Bangladesh Mineral Sands Ambitions

IPO Milestone and Market Debut

Everlast Minerals Ltd marked a significant corporate milestone in the September quarter by successfully completing its initial public offering (IPO), raising the maximum subscription of $6 million at $0.20 per share. The IPO was notably oversubscribed by over $1 million, reflecting strong support from both Australian and international sophisticated investors. This capital raise enabled Everlast to commence trading on the Australian Securities Exchange (ASX) under the ticker EV8, transitioning the company into a publicly listed mineral exploration entity.

Advancing the Gaibandha Mineral Sands Project

With a robust balance sheet now in place, Everlast is focused on advancing its flagship Gaibandha Mineral Sands Project in Bangladesh. The company has successfully navigated the wet season without operational setbacks and continues to progress trial production from both wet and dry processing plants. These pilot operations are critical steps ahead of anticipated first sales, as Everlast works to refine its production processes and product quality.

Strategic Exploration and Development Plans

Looking ahead, Everlast plans to commence metallurgical testing early in calendar year 2026 to optimise processing pathways. The company is also awaiting the grant of exploration licences for its Kurigram and Pabna projects, which would enable further resource expansion. Alongside exploration, scoping and feasibility studies are planned to evaluate development scenarios, while negotiations with strategic offtake partners are progressing to secure initial pilot product sales.

Financial Position and Expenditure

During the quarter, Everlast reported exploration and evaluation expenditure of $144,000, primarily directed towards works planning and pilot production initiatives. The company ended the period with $5.49 million in cash and cash equivalents, underscoring a strong financial position to support its near-term objectives. Notably, the company’s expenditure to date remains well within the budget outlined in its prospectus, with the majority of funds earmarked for future mining equipment, operating expenses, and exploration activities.

Management Perspective and Outlook

Executive Chairman Paul Qian highlighted the progress made, emphasising the successful IPO as a platform for value creation and growth. He noted that Everlast is well positioned to deploy capital towards advancing its mineral sands assets and scaling operations. The company’s immediate focus remains on trial production and refining processing techniques, with a busy work program planned for the coming months. Shareholders and market participants can expect further updates as these developments unfold.