Case Study

Lykos Metals Limited



Industry Resources



RFC Ambrian was the co-founder, corporate advisor and lead manager to the successful initial public offering (IPO) and listing of Lykos Metals Limited on the ASX in October 2021.

We were introduced to the Lykos portfolio of assets through Milos Bosnjakovic, a successful entrepreneur and businessman based in the Balkans. RFC Ambrian had conducted business with Mr Bosnjakovic in the past, and in mid-2021 he sought us out to partner with him to establish a mineral exploration company with a focus on some highly prospective areas he had secured in Bosnia and Herzegovina.

Lykos’ portfolio is a mixture of early-stage brownfields and greenfields exploration assets with some very encouraging historical indicators of nickel, copper, cobalt, gold and silver mineralisation – metals that are going to be very important in the ongoing transition to mass electrification of transport and industry, particularly in Europe.

We incorporated Lykos Metals in May 2021 and conducted a small seed funding raise to fund the company’s corporate activities in advance of the IPO process, together with firming up the ultimate proposed capital structure and board of directors.

Our role as corporate advisor was to work with the proposed management team to establish the exploration plan and budget, arrange the corporate budget, establish the corporate structure, and coordinate the listing process including attending to the regulatory aspects of listing (ASX application, prospectus drafting and lodgement and quotation on ASX). In order to complete the various workstreams we appointed a trusted group of legal, technical and accounting consultants. The outcome was a prospectus which was lodged on time and a subsequent listing date which was able to be brought forward a number of weeks, a significant achievement in itself at a time when ASX listings were routinely delayed by weeks if not months.

In order to fund the listing and planned two-year technical work program, Lykos resolved to target a raising of A$12m for which RFC Ambrian was appointed as lead manager. Distilling the equity story and growth opportunity inherent in Lykos, we approached a number of well-regarded and active specialist mining investors within our network, and secured cornerstone investments from recognised resource sector investors with whom we have had long term relationships. This was supported by a number of investments from high-net-worth investors and syndication with some retail stockbrokers. The resultant fund raising was a heavily over-subscribed.

Lykos Metals listed on the ASX on 21 October 2021 and immediately began trading at a substantial premium to capital raising price. Its shares have continued to trade strongly and the technical program being undertaken has delivered significant high grade surface anomalies for nickel, cobalt, gold, copper, silver, lead and zinc. A maiden drilling campaign is planned for early 2022.

The successful formation, funding and listing of Lykos Metals is a testament to the strength of RFC Ambrian’s network and ability to partner with a range of complementary third parties.