Canadian-listed resources company Adyton Resources Corporation has joined PNGX, giving Papua New Guinean investors more direct access to a company whose exploration and development assets are entirely based in Papua New Guinea.
Adyton Resources Corporation has been admitted to the Official List of PNGX Markets, with trading commencing on 23 September under the code ADY.
The company, which is also listed on Canada’s TSX Venture Exchange, will trade on PNGX through PETS Depository Interests, with each PDI representing one underlying Adyton share.
Adyton’s Papua New Guinea portfolio includes the Feni Island gold-copper project in New Ireland Province and the Wapolu and Gameta gold projects on Fergusson Island in Milne Bay Province, which it is progressing through a joint venture with East Vision Investment Holdings.
Feni Island currently has an inferred mineral resource of 60.4 million tonnes grading 0.75 grams per tonne of gold, representing about 1.46 million ounces of contained gold. Adyton has also been carrying out further drilling at Feni as part of work aimed at expanding the known resource and assessing the broader gold-copper system.
On Fergusson Island, the combined Wapolu and Gameta resource currently stands at approximately 441,000 ounces of indicated gold and 626,000 ounces of inferred gold. Adyton says its development pathway is focused initially on progressing Wapolu towards production, subject to permitting and regulatory approvals.
Adyton Chairman Sinton Spence said the PNGX listing would provide both retail and institutional investors in Papua New Guinea with a simpler pathway to invest in a resources company whose assets are wholly located in the country.
He said the listing would also strengthen Adyton’s connection with local communities and government.
PNGX Chairman David Lawrence said the listing would give Papua New Guineans greater opportunity to participate in the potential value created from the development of the country’s natural resources.
He said local listings could also help broaden and deepen Papua New Guinea’s domestic capital market while increasing the visibility and accountability of companies operating in the country.
For Adyton, the PNGX listing comes as the company steps up development activity across its Papua New Guinea portfolio, including drilling at Feni and work towards regulatory approvals and development at Fergusson Island.
