Adyton Resources Corporation will begin trading on the Papua New Guinea stock exchange on Wednesday, giving local investors access to the Canadian-listed company developing gold and copper prospects in the country.
Trading will commence at 10 a.m. September 23 under the code ADY, PNGX Markets Ltd. said in a statement.
Adyton was admitted to the PNGX official list on Sept. 17 as an exempt issuer. Trading will be conducted through PNGX Depository Interests, or PDIs, with each PDI representing one underlying Adyton share.
PNG CSD Nominees Ltd. will hold the underlying Adyton shares on behalf of PDI holders. Adyton is also listed on the TSX Venture Exchange in Canada.
The company operates the Feni Island gold-copper project in New Ireland province and, through a joint venture with East Vision Investment Holdings, the Wapolu and Gameta prospects on Fergusson Island in Milne Bay province.
Feni has an inferred mineral resource of 60.4 million metric tons grading 0.75 grams of gold per ton, containing an estimated 1.46 million ounces of gold, based on a 0.5 g/t cut-off grade, according to an October 2021 NI 43-101 technical report cited by PNGX.
The Fergusson Island Gold Project has an indicated resource of 10.19 million metric tons grading 1.35 g/t gold, containing 441,000 ounces, and an inferred resource of 21.2 million metric tons grading 0.92 g/t gold, containing 626,000 ounces. The resources use a 0.4 g/t cut-off grade, according to technical reports cited by PNGX.
Adyton Chairman Sinton Spence said the secondary listing would provide PNG retail and institutional investors with a simpler way to invest in a company whose assets are wholly located in the country.
PNGX Chairman David Lawrence said the listing would give local investors access to the development of Papua New Guinea’s natural resources industry while broadening the domestic capital market.
PNGX Markets, a wholly owned subsidiary of PNGX Group Ltd., operates Papua New Guinea’s national stock exchange and is regulated and licensed by the Securities Commission of Papua New Guinea.
The mineral resources cited for Feni and Fergusson Island are not mineral reserves and have not demonstrated economic viability, according to the technical reports referenced by PNGX.
