Tuesday, June 4, 2024
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Southern Cross Gold makes rare move to become dual listed in Canada

Southern Cross Gold, known for its recent outstanding gold assay in The Northern Miner’s Drill Down top 10, is planning an uncommon move for an Australia-focused company: a dual listing in Canada.

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The proposed listing, set to launch in the third quarter of this year, aims to tap into the Canadian stock market, home to more than 40% of the world’s public mining companies, as announced by Southern Cross on Tuesday. The company, which holds assets including the Sunday Creek project, Redcastle and Whroo joint ventures in Victoria, and the Mt. Isa project in Queensland, seeks to offer direct exposure to a diverse global investor base through this dual listing.

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Managing Director Michael Hudson stated in a release, “A dual listing in both Australia and Canada will provide direct exposure to a diverse class of global investors. It includes those North American investors who have over the last seven years directly benefited from the huge capital growth that has come from the Victorian goldfields.”

With approximately 70% of its shareholders located outside of Australia, Southern Cross aims to provide a more efficient avenue for Australian and North American investors to participate in the company’s growth and high-grade gold potential. The Sunday Creek project, boasting impressive assay results, including hole SDDSC107 with 0.7 meters at 3,511 grams of gold per tonne from 684.3 meters depth, underscores the company’s promising prospects.

On Tuesday, Southern Cross closed 20% higher in Sydney at A$2.05 apiece ($1.35), with a market valuation of A$184.1 million ($121.6 million). Mawson Gold, focused on Sweden and holding a 51% stake in Southern Cross, also saw gains, closing up 12% at C65¢ apiece in Toronto, with a market capitalization of C$197.5 million ($146.4 million).

Mawson Gold intends to distribute its shares in Southern Cross to its shareholders this year. Additionally, Southern Cross continues to advance its Sunday Creek project, located approximately 60 km north of Melbourne, where extensive drilling has revealed promising high-grade intercepts. The company’s exploration efforts aim to further delineate the extent of this mineralized system within the Melbourne structural zone.

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