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Kingsland Minerals in hapless ASX debut

Northern Territory-focused explorer Kingsland Minerals has experienced a lamentable ASX debut after listing on the worst day on the local bourse for two years.

Shares in the Mal Randall-chaired company lost a quarter of their initial value closing at 15¢ on Tuesday, following an initial public offering that raised $4.7m at 20¢-a-share.

The price gives the stock a market capitalisation of $5.6m.

Mr Randall was philosophical about the company’s debut, describing it as disappointing, but saying he was confident the shares would rebound given the potential of Kingsland’s landholding.

Kingsland is focused on its Allamber uranium and copper project in the Northern Territory near Pine Creek.

It also holds three other NT projects — Shoobridge, Woolgni and Mt Davis — which are prospective for uranium, gold and base metals.

Mr Randall was a director of the former Thundelarra Exploration, which held some of Kingsland’s NT tenements before surrendering them owing to the weak uranium price at the time.

It also holds the Lake Johnston nickel and cobalt project in WA west of Norseman.

The explorer is backed by winemaker John Casella, corporate finance specialist Bruno Seneque and geologist Nick Revell. Kingsland is led by experienced geologist Richard Maddocks as managing director.

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