🆕 IPO Listing: Everlast Minerals Ltd (ASX: EV8) – Advancing Mineral Sands in Bangladesh.
- Noel Ong
- Sep 4
- 6 min read
The proposed listing of Everlast Minerals Ltd (ASX: EV8) introduces investors to a company aiming to establish a presence in Bangladesh’s underexplored mineral sands sector. Anchored by the Gaibandha Mineral Sands Project (Figure 1), which already holds three granted mining leases along the Brahmaputra–Jamuna River, Everlast is seeking to build a foundation for trial mining and eventual commercial production. The Company’s portfolio also includes licence applications at Kurigram and Pabna, offering additional exposure to heavy mineral sands prospective for ilmenite, rutile, zircon, garnet and magnetite.
Figure 1: Exploration activities at Gaibandha Mineral Sands Project (source: EV8)
With plans to raise $4–6 million at $0.20 per share, Everlast Minerals will list with a market capitalisation of $24–26 million. The proceeds will support project development and operations in Bangladesh, giving investors speculative exposure to the first wave of mineral sands exploration in the region.
ASX Listing Details
ASX Code: EV8
Listing Date: TBA
Issue Price: AUD 0.20
Issue Type: Ordinary Fully Paid Shares
Capital to be Raised: $8,000,000
Expected Offer Close Date: Thursday, 7 August 2025
Underwriter: Alpine Capital Pty Ltd (Lead Manager)
Industry Group: Materials – Mineral Exploration & Development
Highlights - What A Mineral Sands IPO Looks Like in 2025.
Offer Structure:
Public Offer of 20m–30m shares at $0.20 each.
Secondary Offers include:– 2.7m Performance Rights (Directors & Senior Management).– 19.8m Eligible Shareholder Options (exercise $0.20, 4-year expiry).– Up to 5m Lead Manager Options (exercise $0.30, 3-year expiry).
Projects Portfolio:
🔹Gaibandha Mineral Sands Project (Bangladesh) – The Company’s flagship asset, comprising three granted mining leases along the Brahmaputra–Jamuna River in northern Bangladesh (Figure 2). With confirmed prospectivity for ilmenite, rutile, zircon, garnet and magnetite, Gaibandha has advanced to the stage of an independently prepared JORC Code resource estimate.
The Project is earmarked for initial trial mining and processing, positioning Everlast to potentially transition from exploration to production and establish itself as a first-mover in Bangladesh’s mineral sands sector.
Figure 2: Gaibandha Mineral Sands Project Location (source: EV8)
🔹Kurigram Mineral Sands Project – exploration licence application (Brahmaputra River). The Kurigram Project covers 4,000 hectares of sandbars and river sand bed along the Brahmaputra–Jamuna River Channel in northern Bangladesh. Located in Kurigram District, near the Indian border, the project area extends approximately 17 km in length and 5 km in width, with good access via highways and railways from Dhaka, 350 km to the south (Figure 3). While still at the application stage, Kurigram offers exposure to a prospective stretch of river sands that complements the Company’s broader mineral sands portfolio.
Figure 3: Kurigram Mineral Sands Project Location (source: EV8)
🔹Pabna Mineral Sands Project – exploration licence application (Padma River)The Pabna Project is an exploration licence application covering 4,000 hectares along the Padma (Ganges) River in central Bangladesh (Figure 4). Situated across the districts of Pabna and Rajbari, the project area spans river channels and sand bars that are prospective for heavy mineral sands. The location benefits from proximity to regional infrastructure and is accessible from Dhaka, providing a strategic addition to Everlast’s emerging mineral sands portfolio.
Figure 4: Pabna Mineral Sands Project Location (source: EV8)
All projects are prospective for ilmenite, rutile, zircon, garnet, and magnetite.
Development Focus:
Initial trial production planned at Gaibandha, with commercial production as the long-term goal.
Independent JORC Code resource estimation already completed for Gaibandha.
Mining and trial processing operations ready to progress, subject to successful listing.
Capital Allocation:
Proceeds directed to mining equipment and operating costs at Gaibandha.
Working capital, corporate overheads, and Offer costs covered.
Future funding (equity/debt) anticipated for full-scale mine development and potential expansion to Kurigram and Pabna.
Key Dates:
Offer Opens: 3 July 2025
Offer Closes: 7 August 2025
Expected ASX Listing: 15 August 2025
Company Snapshot:
Incorporated: 2017, Australia (subsidiary in Bangladesh, 99.99% owned).
Business Strategy: Junior mineral sands explorer/developer targeting heavy mineral sands along major rivers in Bangladesh.
Board & Management: Everlast Minerals is led by Executive Chair Paul Qian, supported by a board and executive team with strong corporate, financial, and exploration credentials. The Company’s Bangladesh subsidiary is managed by Delwar Titu and Baharul Biswas, providing essential local expertise. Together, the leadership group combines international resource experience with on-the-ground knowledge to advance Everlast’s mineral sands projects.
Paul Qian — Executive Chairperson
Founder of the company, Executive Chairperson since incorporation in July 2017. He holds a B.Sc. in Chemistry from East China Normal University and serves as a NSW Justice of the Peace. He is also a director of the company's subsidiary and the sole director of Creative Mortgages Pty Ltd, as well as the major shareholder.
George Edwards — Non‑Executive Director
Holds a B.Sc. (Metallurgy) from UNSW, and is a seasoned industry professional with fellowships including FAICD, FAusIMM (Chartered Professional), FIE (UK), and FAIE. Past President of the Australasian Institute of Mining & Metallurgy, former chair of Standards Australia and ASX-listed SAI Global. Over 55 years of experience in mineral and coal sectors, including ownership and operation of export coking coal mines.
Greg Starr — Non‑Executive Director
Brings extensive corporate governance and financial leadership experience—including chair, independent director, managing director, and finance director roles. Experienced in arranging equity, debt, convertible financing, IPOs, mergers and acquisitions, and operational leadership across heavy mineral sands, gold, copper, lead, silver, and silica sand sectors. He has led ASX- and TSX-listed mining operations in Australia, PNG, China, Fiji, and Brazil.
Key Risks
As with all resource IPOs, investors should note the speculative nature of the opportunity:
Exploration and development risk in Bangladesh.
Political, regulatory, and permitting uncertainties.
Offtake arrangements yet to be secured (local demand prioritised under Bangladesh law).
Infrastructure and operational risks given project location.
Requirement for future funding to progress projects to production.
Samso Concluding Comments
The IPO of Everlast Minerals Ltd (ASX: EV8) offers investors early exposure to a frontier mineral sands play in Bangladesh, anchored by the Gaibandha Project. While the potential prize is significant – given the mineral sands suite of ilmenite, rutile, zircon, garnet, and magnetite – the Company faces the usual high-risk factors of jurisdiction, permitting, and financing.
The proposed pathway to trial mining and early production is commonly pushed in the Asian projects. While it sounds great in principal, time is the only judge of success, so it's a serious case of DYOR.
As with all junior listings, this is a speculative opportunity that requires investors to carefully assess risk appetite against the potential for first-mover advantage in an underexplored region.
As always, this is one of those opportunities where the prize is enticing, but the journey will test investor patience and resilience. At #SamsoNews, we continue to stress the importance of independent research #SamsoDYOR. Seek the Research. Do your own due diligence.
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